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2017 Fiscal Year Final Research Report

The Impact of Huge Disasters on Capital Markets and Accounting Disclosure: Theory and Empirical Evidence

Research Project

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Project/Area Number 15H03402
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field Accounting
Research InstitutionWaseda University

Principal Investigator

USUI Akira  早稲田大学, 商学学術院(経営管理研究科), 教授 (90193870)

Co-Investigator(Kenkyū-buntansha) 池田 昌幸  早稲田大学, 商学学術院, 教授 (20222903)
奥村 雅史  早稲田大学, 商学学術院, 教授 (30247241)
大鹿 智基  早稲田大学, 商学学術院, 教授 (90329160)
浅野 敬志  首都大学東京, 社会科学研究科, 教授 (30329833)
海老原 崇  武蔵大学, 経済学部, 教授 (00367129)
坂上 学  法政大学, 経営学部, 教授 (50264792)
吉田 靖  東京経済大学, 経営学部, 教授 (10383192)
Project Period (FY) 2015-04-01 – 2018-03-31
Keywords会計学
Outline of Final Research Achievements

This study explains the impact of the Great East Japan Earthquake and the subsequent Fukushima-Daiichi Nuclear Power Plant accident, which occurred on March 11, 2011, on asset pricing and firm’s disclosure behavior in Japan. We investigate stock returns after the disasters, and post-earnings-announcement drift. Moreover, we also analyze the properties of management earnings forecasts and timely information disclosure after the disasters. Furthermore, we derive the pricing kernel, assuming that the probability of huge disasters occurring follows an extreme value distribution.

Free Research Field

会計学

URL: 

Published: 2019-03-29  

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