| Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2015: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2014: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2013: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
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| Outline of Final Research Achievements |
This study explored the functions of the issuer corporation liability system. I presumed that there are two functions of the liability system; to deter misleading statement or dishonest omission and; to compensate to investors who suffered from misleading statement or dishonest omission in order to enhance the integrity of the financial market. But, in this study, I suggested that there are some difficulties in the recent situation of implementation of the liability system and in the interpretation of provisions in Financial Instruments and Exchange Act because interests of many judges and scholars have overly focused on the problem of investor's damages from the misrepresentation. Finally, I concluded that we need to study about wide variety of the relating laws and systems around the issuer liability including D&O insurance, accounting system and auditing system in the future.
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