| Budget Amount *help |
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2016: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2015: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2014: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
|
|---|
| Outline of Final Research Achievements |
The financial reporting environment has been dramatically changing as electronic disclosure system was introduced and high frequency trades have been becoming popular in the stock market. When accounting earnings is announced during stock market trading hours, investors can instantaneously acquire earnings news to buy and sell stocks. I accurately identify the time at which a firm releases annual accounting earnings, and then investigate the usefulness of accounting information using intraday stock market data. I find that trading volume significantly increases just after earnings announcements, and that annual accounting information, especially management earnings forecast for the next year, is priced very quickly.
|
