WIAS Research Project Seminar Series: Waseda Organizational and Financial Economics Seminar
“Selective Disclosure: The Case of Nikkei Preview Articles”
by Dr. Yasushi Hamao (Professor, FBE Dept., University of Southern California) (11/16)
| タイトル Title |
‘Selective Disclosure: The Case of Nikkei Preview Articles’ |
|---|---|
| 講演者 Speaker |
Yasushi Hamao 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 Date & Time |
Monday, 16 November 2015, 13:00 – 14:30 |
| 会 場 Venue |
Rm. 1111 on the 11th floor, Building #11, Waseda University |
| 主 旨 Outline |
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 Schedule |
13：00 Opening Remarks （Hideaki Miyajima (Waseda University)） 13：05 Presentation 14：05 Question-and-answer session 14：25 Concluding Remarks（Hideaki Miyajima (Waseda University)） |
| 主 催 Organizer |
Waseda Institute for Advanced Study,Waseda University |
| 共 催 Co-organizer |
Research Institute of Business Administration,Waseda University |
| 申込み Registration |
No Pre-Registration Required. |
