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- 2026年7月17日(金) に産研講演会「Focal-Point Replacement under a Non-Binding Disclosure Recommendation 」が開催されます。
2026年7月17日(金) に産研講演会「Focal-Point Replacement under a Non-Binding Disclosure Recommendation 」が開催されます。
Dates
カレンダーに追加0717
FRI 2026- Place
- 対面
- Time
- 17:00～18:40
- Posted
- Tue, 16 Jun 2026
「Focal-Point Replacement under a Non-Binding Disclosure Recommendation 」※英語でのご報告
| 日時 | 2026年7月17日（金）17:00~18:40 |
|---|---|
| 開催方法 | 対面 ＊11号館 812教室 |
| 対象 | 学生・教職員・一般 |
| 講演者 | 藤谷 涼佑 氏（一橋大学大学院 経営管理研究科 講師） |
| 要旨 | How does a soft-law disclosure recommendation carrying no statutory penalty reshape corporate disclosure behavior? I study Japan’s 45-Day Rule, a 2006 Tokyo Stock Exchange recommendation enforced only by a comply-or-explain provision above 50 days. The rule operates through a compound revelation-coordination mechanism. The regulator’s announcement reveals 45 days as the socially appropriate target, and firms condition their behavior on this named threshold as a self-fulfilling coordination point. After the rule, the reporting-lag distribution undergoes a focal-point replacement. The pre-existing 50-day peak dissolves while a sharper peak emerges at exactly 45 days; bunching concentrates at the named threshold rather than at the 50-day comply-or0explain threshold; and firms that reach the target decelerate rather than continuing toward 30, consistent with a coordination target rather than a “faster-is-better” norm. Adjustment is gradual, with a partial-adjustment half-life of approximately two years and a distinctive post-rule asymmetry around the named threshold (a pattern that reverses in the pre-rule placebo); cross-sectional heterogeneity points to resource slack (firm size, cash holdings) as the dominant moderator of adjustment speed. |
| 世話人 | 河内山 拓磨（早稲田大学商学学術院 准教授） |
| 参加申し込み方法 | 参加はこちらからお申込みください。※7月15日（水）17:00締切 |
| 共催 | 早稲田大学商学部・産業経営研究所・金子 良太分科会 |
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