| Project/Area Number |
24530380
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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 |
Public finance/Monetary economics
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| Research Institution | Fukuyama University |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
TSUKAHARA Ichiroyoshiharu 県立広島大学, 経営情報学部, 准教授 (80550996)
FURUICHI Yuuichiro 大原大学院大学, 准教授 (40551065)
HISAMATSU Taro 神戸大学, 経済学研究科, 准教授 (60550986)
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| Project Period (FY) |
2012-04-01 – 2016-03-31
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| Project Status |
Completed (Fiscal Year 2015)
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| Budget Amount *help |
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2014: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2013: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2012: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
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| Keywords | ファイナス / 投資意思決定 / ファイナンス / 証券市場 |
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| Outline of Final Research Achievements |
We employ an analysis using dynamic panel models. The obtained results indicate as follows.
(1) In both Japan and the US, the disclosure of information has a positive effect on the values of firms which are estimated by their stock prices and there is no significant difference between the countries in the effects. (2) The disclosed information of environmental risks may increase the values of firms: it is thus confirmed that such environmental information has the value as information. (3) It is possible that Investors’ performances depend on the solution of asymmetry which might be generated by the future risks, rather than on the present cost of disclosing information and that they emphasize information based on outside evaluations of a firm more than information disclosed by the firm.
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