| Budget Amount *help |
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2012: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2011: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Research Abstract |
We examined the effects of diverse information transmissions on stock price formation. First, we find that corporate disclosure information tends to enhance return volatility while information flows from press media reduce volatility. Second, for the effect of television broadcasting on market liquidity, we find that information from TV widens bid-ask spread, consistent with the increased information asymmetry. TV information is likely to enhance depth measure, suggesting investor recognition effect for corporate information.
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