2015 Fiscal Year Final Research Report
An Empirical Study on the Usefulness of Investment Forecasts
| Project/Area Number |
26885004
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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 |
Accounting
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| Research Institution | Iwate University |
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Principal Investigator |
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| Project Period (FY) |
2014-08-29 – 2016-03-31
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| Keywords | 財務会計 / 予想情報 / 設備投資 / 研究開発投資 / 価値関連性 / 資本コスト |
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| Outline of Final Research Achievements |
This study focuses on investment forecast information. I empirically examine (1) the value-relevance of investment forecasts, (2)the disclosure effect of investment forecasts, and (3) the association between the quality of investment forecasts and its economic consequences.
Empirical analyses show the following results. (1) The future change in investment forecasts is positively related to the stock prices and investment forecast information is value-relevant. (2) Firms initiating investment forecast disclosure can enjoy a lower cost of equity capital than firms that do not disclose. (3) For firms with characteristics to enhance the reliability of future investment, investment forecasts are more value-relevant, and high-quality of investment forecasts are negatively related to the cost of equity capital when the corporate governance system is likely to be poorly built.
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| Free Research Field |
会計学
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