| Budget Amount *help |
¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000)
Fiscal Year 2012: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2011: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2010: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
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| Research Abstract |
I investigate how the management of Japanese firms makes earnings forecasts, and analysts and the market will react these forecasts. I find
(1) management in Japan makes initial forecasts, taking into account the comparison with earnings in thisyear;
(2) the management prefer conservative initial forecasts, because the market positively reacts the firms which meet or beat management and/or analysts forecasts;
(3) analysts and the market judge the accuracy of management initial forecasts to some extent, but do not react completely.
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