2010 Fiscal Year Final Research Report
The empirical study on investor behavior to financial reporting under the Companies Act and the Financial Instruments and Exchange Act
| Project/Area Number |
20530409
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Kobe University |
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Principal Investigator |
OTOGAWA Kazuhisa Kobe University, 経営学研究科, 教授 (90295733)
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| Project Period (FY) |
2008 – 2010
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| Keywords | 会計学 / 財務報告 / 投資家行動 / 大量保有報告 / 四半期報告 |
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| Research Abstract |
I use a market microstructure approach to empirically examine investor behavior in the situation that the Companies Act and the Financial Instruments and Exchange Act became effective, and that financial reporting and corporate governance structure in Japan have been changed drastically. I then obtain many valuable results about trading behavior of different groups of investors such as (i) ones who submit market orders, (ii) ones who submit limit orders, (iii) large stockholders, and (iv) short sellers.
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