{"id":6380,"date":"2026-06-16T15:12:12","date_gmt":"2026-06-16T06:12:12","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=6380"},"modified":"2026-06-16T15:12:12","modified_gmt":"2026-06-16T06:12:12","slug":"2026%e5%b9%b47%e6%9c%8817%e6%97%a5%e9%87%91-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a%e3%80%8cfocal-point-replacement-under-a-non-binding-disclosure-recommendation-%e3%80%8d%e3%81%8c","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/6380","title":{"rendered":"2026\u5e747\u670817\u65e5(\u91d1) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a\u300cFocal-Point Replacement under a Non-Binding Disclosure Recommendation \u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cFocal-Point Replacement under a Non-Binding Disclosure Recommendation \u300d\u203b\u82f1\u8a9e\u3067\u306e\u3054\u5831\u544a<\/span><\/h3>\n
\n\n\n\n\n\n\n\n\n\n
\u65e5\u6642<\/th>\n2026\u5e747\u670817\u65e5\uff08\u91d1\uff0917:00~18:40<\/td>\n<\/tr>\n
\u958b\u50ac\u65b9\u6cd5<\/th>\n\u5bfe\u9762 \uff0a11\u53f7\u9928\u3000812\u6559\u5ba4<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/th>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/th>\n\u85e4\u8c37\u3000\u6dbc\u4f51 \u6c0f\uff08\u4e00\u6a4b\u5927\u5b66\u5927\u5b66\u9662 \u7d4c\u55b6\u7ba1\u7406\u7814\u7a76\u79d1 \u8b1b\u5e2b\uff09<\/td>\n<\/tr>\n
\u8981\u65e8<\/th>\nHow does a soft-law disclosure recommendation carrying no statutory penalty reshape corporate disclosure behavior? I study Japan\u2019s 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\u2019s 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 \u201cfaster-is-better\u201d 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.<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/th>\n\u6cb3\u5185\u5c71\u3000\u62d3\u78e8\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u51c6\u6559\u6388\uff09<\/td>\n<\/tr>\n
\u53c2\u52a0\u7533\u3057\u8fbc\u307f\u65b9\u6cd5<\/th>\n\u53c2\u52a0\u306f\u3053\u3061\u3089<\/a>\u304b\u3089\u304a\u7533\u8fbc\u307f\u304f\u3060\u3055\u3044\u3002\u203b7\u670815\u65e5\uff08\u6c34\uff0917:00\u7de0\u5207<\/td>\n<\/tr>\n
\u5171\u50ac<\/th>\n\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u90e8\u30fb\u7523\u696d\u7d4c\u55b6\u7814\u7a76\u6240\u30fb\u91d1\u5b50 \u826f\u592a\u5206\u79d1\u4f1a<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u300cFocal-Point Replacement under a Non-Binding Disclosure Recommendation \u300d\u203b\u82f1\u8a9e\u3067\u306e\u3054\u5831\u544a \u65e5\u6642 2026\u5e747\u670817\u65e5\uff08\u91d1\uff0917:00~18:40 \u958b […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24],"class_list":["post-6380","post","type-post","status-publish","format-standard","hentry","category-news","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/comments?post=6380"}],"version-history":[{"count":1,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6380\/revisions"}],"predecessor-version":[{"id":6382,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6380\/revisions\/6382"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/media?parent=6380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/categories?post=6380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/tags?post=6380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}