Influence of the difference of governance on the earnings forecast information

• Project/Area Number: 25780280
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Accounting
• Research Institution: Meiji University
• Principal Investigator: Nara Saori 明治大学, 商学部, 講師 (40642880)
• Project Period (FY): 2013-04-01 – 2016-03-31
• Project Status: Completed (Fiscal Year 2015)
• Budget Amount: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000); Fiscal Year 2015: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2014: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2013: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
• Keywords: 経営者予想 / アナリスト予想 / 価値関連性 / 業績予想精度 / 業績修正 / アナリスト / ディスクロージャー / 自主開示

Outline of Final Research Achievements

This study investigates the impact of the difference in governance on earnings forecasts information such as management and analyst forecasts. The main results are follows. Low level of maturity of firm leads optimism in management forecasts and the accuracy become low. Also, we show that dependence on bank loan increase management and analyst forecast error and dispersion of analyst forecasts but decrease analyst coverage. In addition, we find that dependence on bank loan decrease value relevance of management and analyst forecasts.

Research Products

• [Journal Article] 企業の成熟度と経営者予想の楽観性および予想精度 (2015)
  • Author(s): 奈良沙織
  • Journal Title: 明治大学商学研究所『明大商学論叢』 Volume: 97 Pages: 173-187
  • Peer Reviewed / Acknowledgement Compliant
• [Journal Article] 経営者予想の公表がアナリスト・コンセンサスに与える影響－企業規模の観点から－ (2014)
  • Author(s): 奈良沙織、野間幹晴
  • Journal Title: 経営財務研究 Volume: 34 Pages: 2-19
  • NAID: 40020475477
  • Peer Reviewed / Acknowledgement Compliant
• [Journal Article] アナリスト予想の価値関連性－アナリスト数の観点から－ (2013)
  • Author(s): 奈良沙織、野間幹晴
  • Journal Title: 會計 Volume: 184 Pages: 234-247
  • NAID: 40019706719
• [Journal Article] 経営者予想公表後のアナリストのハーディングとアナリスト予想の有用性－企業規模の観点から－ (2013)
  • Author(s): 奈良沙織、野間幹晴
  • Journal Title: 証券アナリストジャーナル Volume: 51 Pages: 88-98
  • NAID: 40019769678
  • Peer Reviewed
• [Journal Article] QUICK 予想とIFIS 予想の予想精度と価値関連性 (2013)
  • Author(s): 奈良沙織、野間幹晴
  • Journal Title: 明大商学論叢 Volume: 96 Pages: 11-25
  • Peer Reviewed
• [Journal Article] Are Japanese Acquisitions Efficient Investments? (2013)
  • Author(s): INOUE Kotaro, NARA Saori, YAMASAKI Takashi
  • Journal Title: RIETIディスカッション・ペーパー Volume: 13-E-085
  • Peer Reviewed
• [Presentation] Forecast Accuracy and Value Relevance by Firm Size - A Comparison of Management and Analyst Forecasts (2015)
  • Author(s): Saori Nara, Mikiharu Noma
  • Organizer: 28th Australasian Finance and Banking Conference 2015
  • Place of Presentation: Sydney, Australia
  • Year and Date: 2015-12-18
  • Int'l Joint Research
• [Presentation] The Effect of Loan Dependence on Management and Analyst Forecasts (2014)
  • Author(s): Saori Nara, Mikiharu Noma
  • Organizer: American Accounting Association Annual Meeting 2014
  • Place of Presentation: Atlanta, Georgia, The U.S.
  • Year and Date: 2014-08-05
• [Presentation] Are Japanese Acquisitions Efficient Investments?
  • Author(s): 井上光太郎、奈良沙織、山崎尚志
  • Organizer: 日本ファイナンス学会，第21回大会
  • Place of Presentation: 武蔵大学