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高等研究所セミナーシリーズ【政治・経済・法の計量分析】
Waseda Organizational and Financial Economics Seminar
(高等研究所訪問研究者 濵尾泰教授 セミナー)


セミナー1 ‘Selective Disclosure: The Case of Nikkei Preview Articles’
登壇者
濵尾 泰 
Professor, Finance and Business Economics Department, Marshall School of Business, University of Southern California Visiting Scholar, Columbia Business School, Columbia University U.S.A.
日 時 11月16日(月) 13:00-14:30
会 場 早稲田大学早稲田キャンパス11号館 11階 1111教室新規ウィンドウが開きます
要 旨 Nihon Keizai Shinbun (Nikkei for short) is a leading Japanese daily newspaper specializing in economy and business. It is also the largest vendor of Japanese financial and economic databases. During earnings announcement season, the Nikkei morning edition often publishes “preview” articles that are about companies’ sales and earnings. However, these pre-date the actual company announcements, and forecast more accurately the actual results than the existing forecasts, making the Nikkei forecasts value-relevant information. We identify 2,835 preview articles in the newspaper from 2000 to 2010. We examine the circumstances under which these preview articles are written and the impact they have on the market. Our findings show that stock price reacts positively to positive news but it does not react negatively to negative news. The market reacts to the information even before the preview articles are printed, suggesting some leakage of the information to market participants. The costs and benefits (or incentives) for companies, Nikkei, and investors are investigated using changes in returns and information content around the events. We find a positive correlation between previewing and positive news sentiment.
プログラム
13:00
開会の挨拶 (宮島英昭 高等研究所長/商学学術院教授)
13:05
講演
14:05
質疑応答
14:25
閉会の挨拶(宮島英昭)
セミナー2 ‘Nice to be on the A-List’
登壇者
濵尾 泰 
Professor, Finance and Business Economics Department, Marshall School of Business, University of Southern California Visiting Scholar, Columbia Business School, Columbia University U.S.A.
日 時 11月23日(月) 13:00-14:30
会 場 早稲田大学早稲田キャンパス 11号館 11階 1111教室新規ウィンドウが開きます
要 旨 This study addresses an important shortcoming of the literature on credit availability by including a set of unlisted firms, the firms most likely to be bank dependent. Strikingly, banks appear to be much less willing to engage in evergreening behavior toward smaller, unlisted firms than toward listed firms. Moreover, the evergreening effect appears to be stronger for those firms listed on the more prestigious Tokyo Stock Exchange; that is, being on the list (being listed) matters, and being on the A-list matters even more, consistent with a Too Connected To Fail phenomenon for nonfinancial firms in Japan.
プログラム
13:00
開会の挨拶 (宮島英昭 高等研究所長/商学学術院教授)
13:05
講演
14:05
質疑応答
14:25
閉会の挨拶(宮島英昭)
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