• Search Research Projects
  • Search Researchers
  • How to Use
  1. Back to previous page

An Empirical Study on the Usefulness of Investment Forecasts

Research Project

Project/Area Number 26885004
Research Category

Grant-in-Aid for Research Activity Start-up

Allocation TypeSingle-year Grants
Research Field Accounting
Research InstitutionIwate University

Principal Investigator

SHIMADA Yoshinori  岩手大学, 人文社会科学部, 准教授 (70733351)

Project Period (FY) 2014-08-29 – 2016-03-31
Project Status Completed (Fiscal Year 2015)
Budget Amount *help
¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Fiscal Year 2015: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2014: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Keywords財務会計 / 予想情報 / 設備投資 / 研究開発投資 / 価値関連性 / 資本コスト / 自発的情報開示
Outline of Final Research Achievements

This study focuses on investment forecast information. I empirically examine (1) the value-relevance of investment forecasts, (2)the disclosure effect of investment forecasts, and (3) the association between the quality of investment forecasts and its economic consequences.
Empirical analyses show the following results. (1) The future change in investment forecasts is positively related to the stock prices and investment forecast information is value-relevant. (2) Firms initiating investment forecast disclosure can enjoy a lower cost of equity capital than firms that do not disclose. (3) For firms with characteristics to enhance the reliability of future investment, investment forecasts are more value-relevant, and high-quality of investment forecasts are negatively related to the cost of equity capital when the corporate governance system is likely to be poorly built.

Report

(3 results)
  • 2015 Annual Research Report   Final Research Report ( PDF )
  • 2014 Annual Research Report
  • Research Products

    (4 results)

All 2015 2014

All Presentation (4 results) (of which Int'l Joint Research: 2 results)

  • [Presentation] Investment Forecast Disclosure and the Cost of Equity Capital: Evidence from the Treatment Effect Estimations2015

    • Author(s)
      Yoshinori SHIMADA
    • Organizer
      27th Asian-Pacific Conference on International Accounting Issues
    • Place of Presentation
      Gold Coast, Australia
    • Year and Date
      2015-11-01
    • Related Report
      2015 Annual Research Report
    • Int'l Joint Research
  • [Presentation] 投資に関する予想情報の精度,コーポレート・ガバナンス,内在株主資本コストの関連性2015

    • Author(s)
      島田佳憲
    • Organizer
      日本経営財務研究学会第39回全国大会
    • Place of Presentation
      九州大学(福岡市西区)
    • Year and Date
      2015-10-03
    • Related Report
      2015 Annual Research Report
  • [Presentation] Value-relevance of Investment Forecasts and Reliability of Forecast Information2015

    • Author(s)
      Yoshinori SHIMADA
    • Organizer
      European Accounting Association 38th Annual Congress
    • Place of Presentation
      Glasgow, UK
    • Year and Date
      2015-04-28
    • Related Report
      2015 Annual Research Report
    • Int'l Joint Research
  • [Presentation] 投資予想情報の価値関連性に関する実証的研究2014

    • Author(s)
      島田佳憲
    • Organizer
      日本会計研究学会第73回大会
    • Place of Presentation
      横浜国立大学
    • Year and Date
      2014-09-03 – 2014-09-06
    • Related Report
      2014 Annual Research Report

URL: 

Published: 2014-09-09   Modified: 2017-05-10  

Information User Guide FAQ News Terms of Use Attribution of KAKENHI

Powered by NII kakenhi