| Project/Area Number |
19K13866
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| Research Category |
Grant-in-Aid for Early-Career Scientists
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| Allocation Type | Multi-year Fund |
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| Review Section |
Basic Section 07100:Accounting-related
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| Research Institution | Waseda University |
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Principal Investigator |
Lau David 早稲田大学, 商学学術院(経営管理研究科), 准教授 (70835214)
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| Project Period (FY) |
2019-04-01 – 2023-03-31
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| Project Status |
Completed (Fiscal Year 2022)
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| Budget Amount *help |
¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2021: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2020: ¥390,000 (Direct Cost: ¥300,000、Indirect Cost: ¥90,000)
Fiscal Year 2019: ¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
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| Keywords | Accounting / Finance / Auditing / Management forecasts / Share buybacks / Corporate Finance / Reputation / Spillover effect / Stock market reaction / Share repurchases / Share Repurchases / Voluntary Disclosures / Financial Accounting |
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| Outline of Research at the Start |
We develop models based on Bonaime (2012) to investigate our research question. Data are both manually and electronically obtained for the research and statistical regressions such as Tobit and OLS are both used to analyze the data.
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| Outline of Final Research Achievements |
This above research project titled "Does Reputation Matter? Evidence from Share Repurchases" was undertaken with the aim of determining whether the Japanese stock market considers the firm's reputation established through a history of management earnings forecasting when it evaluates open market repurchase announcements made by the Japanese firms. With the financial support of KAKENHI, we were able to procure important data to undertake this research. The research project has been successfully completed and the journal article from this research project is published in one of the most prestigious international finance journals, namely, Journal of Corporate Finance. In addition to this achievement, I have had many research achievements. These include six major publications in A-ranking international accounting and finance journals (Web of Science, Scopus).
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| Academic Significance and Societal Importance of the Research Achievements |
Our study contributes to the literature on the effect of firms' reputation on stock market reaction to new corporate announcements. This study fills the gap in the literature by providing evidence that firms establish a reputation through multiple sources of announcements.
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