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Comprehensive studies on share repurchase

Research Project

Project/Area Number 19K01768
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Review Section Basic Section 07060:Money and finance-related
Research InstitutionKansai University

Principal Investigator

Ota Koji  関西大学, 商学部, 教授 (70366839)

Project Period (FY) 2019-04-01 – 2023-03-31
Project Status Completed (Fiscal Year 2022)
Budget Amount *help
¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2021: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
Fiscal Year 2020: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2019: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Keywords自社株買い / ToSTNeT買付 / シグナリング強度調整仮説 / シグナル強度調整仮説 / 情報内容 / シグナリング / 利害相反 / 相対取引 / 取引の公平性 / レピュテーション効果 / 株価ドリフト / Offset仮説 / 内部者取引
Outline of Research at the Start

本研究では、日本独自の自社株買い開示制度や買付制度を利用することによって、自社株買いの新たな側面を解明することを目的としている。具体的には、自社株買いの終了が市場に与える影響、自社株買いの公表が同時に公表されるBad Newsの影響を緩和する役割を果たしているかについての調査、そしてToSTNeT取引と内部者との間の倫理的問題の3点について実証的に検証を行う予定である。

Outline of Final Research Achievements

During the 2019-2022 period of this research grant, I published a total of seven papers, including four papers on share repurchase and three papers on accounting information.
In particular, the four papers on share repurchase investigated 1) the reputation effects concerning repurchase program completion rates in Japan; 2) the reality of share buybacks via ToSTNeT, which is a unique method of acquiring own shares in Japan; 3) questionable share buyback transactions exploiting the time constraints of ToSTNeT buybacks and the inadequacies in the current system; and 4) the signaling strength adjustment behavior of managers who are announcing share buybacks by Open Market Repurchase and buyback-unrelated bad news simultaneously. Through the investigation of these studies, I have found some evidence that is unique to Japanese firms.

Academic Significance and Societal Importance of the Research Achievements

本申請研究から生み出された自社株買いに関する一連の研究により,わが国企業の実施する自社株買いの実態の一端を明らかにすることができた。具体的には,わが国独自の自己株式取得方法であるToSTNeT買付による自社株買いには制度にループホールがあるということや,Open Market Repurchaseを公表する企業の経営者はシグナリングの強度を調整することによって市場に正しい情報を伝達しようとしているということが明らかになった。

Report

(5 results)
  • 2022 Annual Research Report   Final Research Report ( PDF )
  • 2021 Research-status Report
  • 2020 Research-status Report
  • 2019 Research-status Report
  • Research Products

    (10 results)

All 2022 2021 2020 2019 Other

All Int'l Joint Research (1 results) Journal Article (7 results) (of which Int'l Joint Research: 3 results,  Peer Reviewed: 5 results,  Open Access: 5 results) Presentation (2 results) (of which Invited: 1 results)

  • [Int'l Joint Research] The University of Auckland(ニュージーランド)

    • Related Report
      2022 Annual Research Report
  • [Journal Article] Signal strength adjustment behavior: Evidence from share repurchases2022

    • Author(s)
      Ota Koji、Lau David、Kawase Hironori
    • Journal Title

      Journal of Banking & Finance

      Volume: 143 Pages: 106545-106545

    • DOI

      10.1016/j.jbankfin.2022.106545

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] The need for speed: an intuitive approach to understanding the relationship between audit quality and management earnings forecasts2022

    • Author(s)
      Lau David、Ota Koji、Wong Norman
    • Journal Title

      Meditari Accountancy Research

      Volume: 30 Issue: 7 Pages: 185-212

    • DOI

      10.1108/medar-11-2020-1071

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] 無形資産調整済み簿価時価比率(iB/M)の有用性2022

    • Author(s)
      太田浩司
    • Journal Title

      企業会計

      Volume: 74 Pages: 29-37

    • Related Report
      2022 Annual Research Report
  • [Journal Article] Share repurchases on the Tokyo Stock Exchange Trading Network2021

    • Author(s)
      Ota Koji、Lau David
    • Journal Title

      Journal of the Japanese and International Economies

      Volume: 61 Pages: 1-17

    • DOI

      10.1016/j.jjie.2021.101148

    • Related Report
      2021 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] 女性役員が負債コストに与える影響の実証研究2021

    • Author(s)
      太田浩司・向真央
    • Journal Title

      証券経済学会年報

      Volume: 56 Pages: 3-30

    • NAID

      40022811030

    • Related Report
      2021 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] ToSTNeT買付による自社株買いの実態2020

    • Author(s)
      太田浩司
    • Journal Title

      関西大学商学論集

      Volume: 65(3) Pages: 43-67

    • NAID

      120006949505

    • Related Report
      2020 Research-status Report
  • [Journal Article] Does reputation matter? Evidence from share repurchases2019

    • Author(s)
      Ota Koji、Kawase Hironori、Lau David
    • Journal Title

      Journal of Corporate Finance

      Volume: 58 Pages: 287-306

    • DOI

      10.1016/j.jcorpfin.2019.05.006

    • Related Report
      2019 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Presentation] 無形資産調整済み簿価時価比率(iB/M)の有用性について2022

    • Author(s)
      太田浩司
    • Organizer
      日本経済会計学会第39回年次大会,大阪大学
    • Related Report
      2022 Annual Research Report
    • Invited
  • [Presentation] 女性役員が負債コストに与える影響の実証研究2019

    • Author(s)
      太田浩司,向真央
    • Organizer
      第4回日本ディスクロージャー研究学会Workshop
    • Related Report
      2019 Research-status Report

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Published: 2019-04-18   Modified: 2024-01-30  

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