2015 Fiscal Year Final Research Report
The Effect of Corporate Governance on Stock Price Volatility
| Project/Area Number |
24530369
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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 | Waseda University |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
MITSUSADA Yosuke 産業能率大学, 経営学部, 教授 (40460258)
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| Project Period (FY) |
2012-04-01 – 2016-03-31
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| Keywords | コーポレートガバナンス |
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| Outline of Final Research Achievements |
This study investigates the relationship between the firm level disclosure, ownership structure and stock price informativeness.First, we find that stock price informativeness, as measured by firm-specific stock return variation, increases with the quality of a firms' disclosure level. The better firm disclosure leads to the higher price informativeness.
We also argue about the role of foreign investors as the informed trader on the relationship between stock price and stock price informativeness. We find that the effect of information disclosure on the stock price informativeness is larger when foreign shareholders have more share. The results indicate that the significant levels of ownership by foreign shareholders as the informed trader should be associated with greater monitoring and increased access to firm-specific information, possibly facilitating information transfers.
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| Free Research Field |
企業の経済学、コーポレートガバナンス、コーポレートファイナンス
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