{"id":1332,"date":"2015-11-16T17:30:09","date_gmt":"2015-11-16T08:30:09","guid":{"rendered":"http:\/\/www.waseda.jp\/inst\/wias\/?p=1332"},"modified":"2016-12-15T16:15:11","modified_gmt":"2016-12-15T07:15:11","slug":"wias-research-project-seminar-serieswaseda-organizational-and-financial-economics-seminarselective-disclosure-the-case-of-nikkei-preview-articlesby-dr-yasushi-hamao-professor-fbe-dept-univer","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/inst\/wias\/news-en\/2015\/11\/16\/1332\/","title":{"rendered":"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)"},"content":{"rendered":"

WIAS Research Project Seminar Series: Waseda Organizational and Financial Economics Seminar<\/h3>\n

“Selective Disclosure: The Case of Nikkei Preview Articles”<\/h3>\n

by Dr. Yasushi Hamao (Professor, FBE Dept., University of Southern California) (11\/16)<\/h3>\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0\u00a0\u30bf\u30a4\u30c8\u30eb
\nTitle<\/th>\n		\u2018Selective Disclosure: The Case of Nikkei Preview Articles\u2019<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005
\nSpeaker<\/th>\n		Yasushi Hamao<\/a>
\nProfessor, Finance and Business Economics Department, Marshall School of Business, University of Southern California Visiting Scholar, Columbia Business School, Columbia University U.S.A.<\/td>\n<\/tr>\n
\u65e5\u3000\u6642
\nDate & Time<\/th>\n		Monday,\u00a016 November 2015, 13:00 – 14:30<\/td>\n<\/tr>\n
\u4f1a\u3000\u5834
\nVenue<\/th>\n		Rm. 1111 on the 11th floor, Building #11, Waseda University<\/a><\/td>\n<\/tr>\n
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\nOutline<\/th>\n		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 \u201cpreview\u201d articles that are about companies\u2019 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.<\/td>\n<\/tr>\n
\u30d7\u30ed\u30b0\u30e9\u30e0
\nSchedule<\/th>\n		13\uff1a00 Opening Remarks \uff08Hideaki Miyajima (Waseda University)\uff09
\n13\uff1a05 Presentation
\n14\uff1a05 Question-and-answer session
\n14\uff1a25 Concluding Remarks\uff08Hideaki Miyajima (Waseda University)\uff09<\/td>\n<\/tr>\n
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\nOrganizer<\/th>\n		Waseda Institute for Advanced Study,Waseda University<\/td>\n<\/tr>\n
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\nCo-organizer<\/th>\n		Research Institute of Business Administration,Waseda University<\/td>\n<\/tr>\n
\u7533\u8fbc\u307f
\nRegistration<\/th>\n		No Pre-Registration Required.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

WIAS Research Project Seminar Series: Waseda Organizational and Financial Economics Seminar “Selective D […]<\/p>\n","protected":false},"author":1,"featured_media":2762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[95],"tags":[82,94,73],"class_list":["post-1332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-events-en","tag-general-en","tag-research-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/1332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/comments?post=1332"}],"version-history":[{"count":3,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/1332\/revisions"}],"predecessor-version":[{"id":2578,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/1332\/revisions\/2578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media\/2762"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media?parent=1332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/categories?post=1332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/tags?post=1332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}