| Project/Area Number |
24530369
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Waseda University |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
MITSUSADA Yosuke 産業能率大学, 経営学部, 教授 (40460258)
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| Project Period (FY) |
2012-04-01 – 2016-03-31
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| Project Status |
Completed (Fiscal Year 2015)
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| Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2012: ¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
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| Keywords | コーポレートガバナンス / 株式所有構造 / 株価の情報効率性 / 情報開示 |
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| Outline of Final Research Achievements |
This study investigates the relationship between the firm level disclosure, ownership structure and stock price informativeness.First, we find that stock price informativeness, as measured by firm-specific stock return variation, increases with the quality of a firms' disclosure level. The better firm disclosure leads to the higher price informativeness.
We also argue about the role of foreign investors as the informed trader on the relationship between stock price and stock price informativeness. We find that the effect of information disclosure on the stock price informativeness is larger when foreign shareholders have more share. The results indicate that the significant levels of ownership by foreign shareholders as the informed trader should be associated with greater monitoring and increased access to firm-specific information, possibly facilitating information transfers.
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