2016 Fiscal Year Final Research Report
The empirical research on usefulness of accounting information using big data
| Project/Area Number |
26380609
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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 |
Accounting
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| Research Institution | Kobe University |
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Principal Investigator |
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| Project Period (FY) |
2014-04-01 – 2017-03-31
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| Keywords | 会計情報の有用性 / ビッグデータ / 資本市場研究 |
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| Outline of Final Research Achievements |
The financial reporting environment has been dramatically changing as electronic disclosure system was introduced and high frequency trades have been becoming popular in the stock market. When accounting earnings is announced during stock market trading hours, investors can instantaneously acquire earnings news to buy and sell stocks. I accurately identify the time at which a firm releases annual accounting earnings, and then investigate the usefulness of accounting information using intraday stock market data. I find that trading volume significantly increases just after earnings announcements, and that annual accounting information, especially management earnings forecast for the next year, is priced very quickly.
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| Free Research Field |
社会科学
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