News and the stock market reactions: a comparative study of investor types

• Project/Area Number: 26380415
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Money/ Finance
• Research Institution: Kwansei Gakuin University
• Principal Investigator: AMAN Hiroyuki 関西学院大学, 商学部, 教授 (70346906)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Project Status: Completed (Fiscal Year 2016)
• Budget Amount: ¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000); Fiscal Year 2016: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2015: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000); Fiscal Year 2014: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
• Keywords: 投資家行動 / 情報伝達 / 株価形成 / マスメディア / 投資家認知度 / 投資行動 / 株式市場 / ニュース / 市場流動性

Outline of Final Research Achievements

This program examined stock market responses to various types of information flows to clarify differences of investment behaviors across investor types. Primarily we found that information flows via television broadcasting and corporate advertisings is significantly associated with more trading, consistent with the investor attention effect. This suggests that, in addition to hard corporate information as earnings, soft information targeting a broad scope of audience affects decision makings of investors.

Research Products

• [Int'l Joint Research] University of Western Australia(オーストラリア)
• [Int'l Joint Research] Lancaster University(英国)
• [Int'l Joint Research] 西オーストラリア大学(オーストラリア)
• [Int'l Joint Research] ランカスター大学(英国)
• [Journal Article] Takeover premiums and controlling shareholders: evidence from Japanese firms (2016)
  • Author(s): Hiroyuki Aman
  • Journal Title: International Review of Business Volume: 7 Pages: 1-26
  • NAID: 120005998494
  • Acknowledgement Compliant
• [Journal Article] Effects of Regional Ban Merger on Small Business Borrowing: Evidence from Japan (2015)
  • Author(s): Hironobu Miyazaki, Hiroyuki Aman
  • Journal Title: International Journal of Economics and Finance Volume: 7 Issue: 11 Pages: 62-75
  • DOI: 10.5539/ijef.v7n11p62
  • Peer Reviewed / Open Access
• [Presentation] Corporate Advertisements and the Investor Attention Effect: Evidence from the Television Commercials (2016)
  • Author(s): Hiroyuki Aman
  • Organizer: 日本ファイナンス学会
  • Place of Presentation: 横浜国立大学(神奈川県横浜市)
  • Year and Date: 2016-05-21
• [Presentation] Corporate Advertisements and the Investor Attention Effect: Evidence from the Television Commercials (2015)
  • Author(s): Hiroyuki Aman, Norihiro Kasuga, Hiroshi Moriyasu
  • Organizer: 28th Australasian Finance and Banking Conference 2015
  • Place of Presentation: Sydney, Australia
  • Year and Date: 2015-12-16
  • Int'l Joint Research
• [Presentation] DISCLOSURE INFORMATION, PRESS COVERAGE, AND THEIR INFLUENCE ON MARKET LIQUIDITY: EVIDENCE FROM JAPAN (2015)
  • Author(s): Hiroyuki Aman, Hiroshi Moriyasu
  • Organizer: 27th Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Gold Coast, Australia
  • Year and Date: 2015-11-01
  • Int'l Joint Research
• [Presentation] 情報公開と株価 (2014)
  • Author(s): 阿萬弘行
  • Organizer: 日本応用経済学会
  • Place of Presentation: 中央大学, 東京都
  • Year and Date: 2014-11-15 – 2014-11-16
• [Presentation] Disclosure Information, Press Coverage, and Their Influence on Market Liquidity: Evidence from Japan (2014)
  • Author(s): Hiroyuki Aman, Hiroshi Moriyasu
  • Organizer: Asian Finance Association
  • Place of Presentation: Bali, Indonesia
  • Year and Date: 2014-06-24 – 2014-06-27
• [Book] 「15章 企業情報の伝達プロセスと株式市場」『トピックス応用経済学Ⅰ 貿易, 地域, 産業, 企業』 (2015)
  • Author(s): 内田・多和田・成生・山田編 阿萬弘行
  • Total Pages: 275
  • Publisher: 勁草書房
• [Book] 『スマート化する放送-ICTの革新と放送の変容』 (2014)
  • Author(s): 日本民間放送連盟・研究所編 春日教測定・阿萬弘行・森保洋
  • Total Pages: 256
  • Publisher: 三省堂