2016 Fiscal Year Final Research Report
Equity finance and analyst's information production
| Project/Area Number |
15H06400
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| Research Category |
Grant-in-Aid for Research Activity Start-up
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| Allocation Type | Single-year Grants |
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| Research Field |
Management
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| Research Institution | Kobe University |
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Principal Investigator |
Kato Masahito 神戸大学, 経済学研究科, 講師 (60755536)
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|---|
| Project Period (FY) |
2015-08-28 – 2017-03-31
|
| Keywords | エクイティファイナンス / 公募増資 / 証券アナリスト |
|---|
| Outline of Final Research Achievements |
I empirically examine about the role of sell-side security analyst of seasoned equity offering (SEO) in Japan. Especially, I focus on the effect of sell-side security analyst coverage on (1) the determinant of SEO costs, (2) the problem of management earnings forecast bias around the SEO.
Empirical results show that (1) analyst coverage reduces SEO costs, (2) analyst coverage reduces management earnings forecast bias around the SEO.
During my research period, I have one non-refereed journal, two discussion papers, and two times presentation of conference.
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| Free Research Field |
経営学
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