Waseda Organizational and Financial Economics Seminar:
“Mandatory financial reporting frequency and external finance: Evidence from a quasi-natural experiment” (October 28)
講演者 / Speaker
FUJITANI, Ryosuke （Hitotsubashi University）
- Field of Research Interests
Real effects of corporate disclosure, Stock listing, Insider trading, Economic Policy Uncertainty
日 時 / Date & Time
Monday, 28 October 2019, 13:00 – 14:30
会 場 / Venue
Room 1111, 11F, Building 11, Waseda University
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 Opening Remarks （MIYAJIMA, Hideaki (Advisor, WIAS / Professor, Waseda University)）
13:05～14:05 Presentation
14:05～14:25 Question-and-answer session
14:25～14:30 Concluding Remarks（MIYAJIMA, Hideaki ）
対 象 / Prospected Audience
Faculty and staff members of a university, grad students, undergraduates, the general public
主 催 / Organizer
Research Institute of Business Administration, Waseda University
Waseda Institute for Advanced Study, Waseda University
申込み / Registration
Free of charge. Please come to the event venue directly.
