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- 2026年６月１日(月) に産研講演会「Waseda Organizational and Financial Economics Seminar ： Why do firms prefer after-hours disclosure? Evidence from Japan」が開催されます。
2026年６月１日(月) に産研講演会「Waseda Organizational and Financial Economics Seminar ： Why do firms prefer after-hours disclosure? Evidence from Japan」が開催されます。
Dates
カレンダーに追加0601
MON 2026- Place
- ハイフレックス開催
- Time
- 13:10～14:50
- Posted
- Thu, 14 May 2026
「Why do firms prefer after-hours disclosure? Evidence from Japan」
| 日時 | 2026年6月1日（月）13:10~14:50 |
|---|---|
| 開催方法 | ①対面 ＊11号館 12階 1212教室 ②Zoom＊お申込み完了の自動返信メールにて、参加用URLをお知らせいたします。 |
| 対象 | 学生・教職員・一般 |
| 講演者 | 内田 交謹 氏 （早稲田大学商学学術院 教授） |
| 要旨 | We exploit the Tokyo Stock Exchange’s (TSE’s) extension of its closing time from 3:00 p.m. to 3:30 p.m. in November 2024 to examine whether firms deliberately announce earnings after market close. The extension reduces the proportion of after-hours announcements by approximately 15%, indicating that operational constraints significantly influence announcement timing. Importantly, about 40% of firms announce earnings immediately after market close in both the pre- and post-extension periods, implying that many firms deliberately choose after-hours disclosure. We find that firms with more volatile stock returns consistently make after-hours announcements around the trading hours extension. These consistent after-hours announcements are also associated with lower ownership by relationship-based shareholders. Moreover, these factors are related to the likelihood that firms choose after-hours announcements for all earnings releases during the sample period. Finally, the market-to-book ratio—particularly its misvaluation component—is positively associated with the likelihood of making after-hours announcements. |
| 世話人 | 谷川 寧彦（早稲田大学商学学術院 教授） |
| 参加申し込み方法 | 参加はこちらからお申込みください。※5月28日（木）17:00締切 |
| 共催 | 早稲田大学商学部・産業経営研究所・谷川寧彦分科会 |
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