Waseda Organizational and Financial Economics Seminar:
“Mandatory financial reporting frequency and external finance: Evidence from a quasi-natural experiment” (10/28)
講演者 / Speaker
藤谷 涼佑 （一橋大学 大学院経営管理研究科 博士後期課程）
- 研究分野 関心領域
Real effects of corporate disclosure, Stock listing, Insider trading, Economic Policy Uncertainty
日 時 / Date & Time
2019年10月28日（月） 13:00～14:30
会 場 / Venue
早稲田大学 早稲田キャンパス 11号館 11階 1111教室
主 旨 / Outline
“Mandatory financial reporting frequency and external finance: Evidence from a quasi-natural experiment”
Using the unique institutional background of Japan, this study first examines the effects of the increase in the reporting frequency on corporate capital finance. Taking a Difference-in-Difference (DiD) approach, the study shows that the increase in the reporting frequency increases external finance but not bank loans. Second, the study finds that the positive effects of the increase in the reporting frequency are stronger in firms with a) financial constraints, b) ex-ante information asymmetry, and c) more external capital demand. The study also finds that the firms a) do not change the cash holding intensity, b) invest more, and c) payout more. Unlike prior literature, these findings suggest that the increase in the reporting frequency enhances firm activities. The study sheds light on the bright side of frequent financial reporting in Japan.
プログラム / Schedule
13:00～13:05 開会の挨拶（宮島 英昭 早稲田大学高等研究所 顧問 ／ 商学学術院 教授）
13:05～14:05 講演
14:05～14:25 質疑応答
14:25～14:30 閉会の挨拶（宮島 英昭）
対 象 / Prospected Audience
学部生・大学院生・教職員・一般
主 催 / Organizer
早稲田大学 産業経営研究所
早稲田大学 高等研究所
申込み / Registration
事前申込み不要です。直接会場にお越しください。
