| Project/Area Number |
24530581
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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 |
Accounting
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| Research Institution | Waseda University |
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Principal Investigator |
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| Project Period (FY) |
2012-04-01 – 2015-03-31
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| Project Status |
Completed (Fiscal Year 2014)
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| Budget Amount *help |
¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2013: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2012: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
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| Keywords | 情報開示 / マーケットマイクロストラクチャー / 利益調整行動 / 同族企業 / CSR / 資本コスト / 実証会計学 / 株式所有構造 / 情報の非対称性 / 流動性 / 非財務情報 / ティックデータ / 会計の保守主義 / 経営者予想開示 / 国際情報交換 |
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| Outline of Final Research Achievements |
This project investigates how the accounting information is impounded into stock price and how it affects investors’ decision making. We use two market microstructure variables, the probability of information-based trades and the probability of symmetric order-flow shocks, both of them are estimated by using high frequency data. Then, we conduct several empirical studies and confirmed important findings. Most relevant results are as follows:
(1) The firms with lower information asymmetry and higher liquidity had a higher tendency to disclose their quarterly financial statements. Thus, the new disclosure requirement did not necessarily improve the information asymmetry and liquidity of firms. (2) Shares held by founding family is positively associated with information asymmetry, which may affects cost of equity. Family firms in Japan conduct more voluntary and timely disclosure for the sake of minority stockholders and increase leverage to reduce the level of WACC.
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