Damage disclosures by listed companies and stock market after the Great East Japan Earthquake
| Project/Area Number |
25516012
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Multi-year Fund |
|---|
| Section | 一般 |
|---|
| Research Field |
震災問題と人文学・社会科学
|
|---|
| Research Institution | Tokyo Keizai University |
|---|
Principal Investigator |
|
|---|
| Project Period (FY) |
2013-04-01 – 2016-03-31
|
| Project Status |
Completed (Fiscal Year 2015)
|
| Budget Amount *help |
¥2,860,000 (Direct Cost: ¥2,200,000、Indirect Cost: ¥660,000)
Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2014: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
|
|---|
| Keywords | 東日本大震災 / イベントスタディー / ディスクロージャー / 伝染効果 / ネガティブ情報 / 情報の非対称性 / 適時開示 / 株式リターン / イベント・スタディ / 震災による損失 / 累積異常収益率 / 売買スプレッド / 企業価値 / 東京証券取引所 / 震災 / リスクマネジメント / ファイナンス / 株式市場 / 銀行株式 / 有価証券報告書 |
|---|
| Outline of Final Research Achievements |
We collected 6,911 disclosures from listed companies within 16weeks after the Great East Japan Earthquake. These disclosures suggest a possibility that many companies attempt to disclose important information for shareholder.
This study find that negative returns within 1 weeks after the earthquake are the biggest within 3 weeks. Especially, the disclosure “damage exists” induce negative reaction followed by positive return in stock market after several days. And the disclosures “under investigation” trigger longer negative returns. Finally, the market estimated the losses on the disaster by the ratio of important business facilities in main damage area. These effects are consistent with the economic theory of information effect rather than the pure contagion effect.
|
Report
(4 results)
Research Products
(26 results)
