| Budget Amount *help |
¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2012: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2011: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2010: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2009: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
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| Research Abstract |
The purpose of this research is to investigate the relationshipbetween accounting earnings quality, cost of equity capital, and cost of debt. As a result of analyses, I find the following evidences.
(1) Firms with higher earnings volatility, that is low earnings quality, experience higher cost of equity capital.
(2)General proxies for earnings quality, that is, accruals quality, earnings persistence, earnings predictability, and earnings smoothness have negatively correlated with bond yield spread.
(3) Proxies for earnings quality, that is, accruals quality, earnings predictability, and earnings smoothness have negatively correlated with idiosyncratic risk.
(4) Quality of management forecast earnings measured by management forecasterrors have negative correlations with idiosyncratic risk.
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