Security Price Response to Accounting Information in the Financial Crisis

2016 Fiscal Year Final Research Report

• Project/Area Number: 26780263
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Accounting
• Research Institution: Nagoya University of Foreign Studies
• Principal Investigator: manabe kazuhiro 名古屋外国語大学, 現代国際学部, 准教授 (40509915)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Keywords: 会計情報 / 金融危機

Outline of Final Research Achievements

This research examines the usefulness and limitation of accounting standards in the financial crisis. This research has quite positive results from three-year research work. (1)the rapid changes in the value-relevance of earnings and book value, (2)the shift in valuation factor from profitability to financial condition, (3)the change in function form of relation between unexpected return and unexpected earnings, (4)the positive effect of corporate governance on the time-series behavior of earnings, (5)the statistical problem of empirical models which many accounting studies have used to examine the value-relevance of accounting information.

Free Research Field

財務会計