2015 Fiscal Year Final Research Report
Damage disclosures by listed companies and stock market after the Great East Japan Earthquake
| Project/Area Number |
25516012
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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 |
震災問題と人文学・社会科学
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| Research Institution | Tokyo Keizai University |
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Principal Investigator |
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| Project Period (FY) |
2013-04-01 – 2016-03-31
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| Keywords | 東日本大震災 / イベントスタディー / ディスクロージャー / 伝染効果 / ネガティブ情報 / 情報の非対称性 / 適時開示 / 株式リターン |
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| Outline of Final Research Achievements |
We collected 6,911 disclosures from listed companies within 16weeks after the Great East Japan Earthquake. These disclosures suggest a possibility that many companies attempt to disclose important information for shareholder.
This study find that negative returns within 1 weeks after the earthquake are the biggest within 3 weeks. Especially, the disclosure “damage exists” induce negative reaction followed by positive return in stock market after several days. And the disclosures “under investigation” trigger longer negative returns. Finally, the market estimated the losses on the disaster by the ratio of important business facilities in main damage area. These effects are consistent with the economic theory of information effect rather than the pure contagion effect.
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| Free Research Field |
ファイナンス
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