| 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)
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| 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.
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