2014 Fiscal Year Final Research Report
Empirical study on stockholder privilege impact on value relevancy of financial reporting
| Project/Area Number |
24530562
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Yamaguchi University |
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Principal Investigator |
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| Project Period (FY) |
2012-04-01 – 2015-03-31
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| Keywords | 株主優待 / 個人投資家 / ファンダメンタル分析 / 資本市場 |
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| Outline of Final Research Achievements |
This study investigates value relevancy of stockholder privilege (SP) from multi-dimensions including cognition of SP individual investors. It first explains why valuation model providing current accounting practice for stockholder privilege may systematically cause undervaluation of SP offering firms. Then it reports perceived utility of SP among individual investors differs from that of dividend and earnings and suggests excessive SP does not increase utility. Third, it finds SP adjusted valuation model better explains small cap stocks.
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| Free Research Field |
財務会計
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