The research objective of this paper is to investigate when the adoption of International Financial Reporting Standards (IFRS) is beneficial to capital market participants. In particular, I specify the conditions in which IFRS is superior to domestic accounting standards from cost of capital and...

The research objective of this paper is to investigate when the adoption of International Financial Reporting Standards (IFRS) is beneficial to capital market participants. In particular, I specify the conditions in which firms' managers and investors prefer IFRS to domestic accounting...

It is thought to be increasingly important for firms to be engaged in extensive disclosure in Japan, which subsumes information about firms' economic, social, and environmental aspects. Our research aims to investigate why firms voluntarily disclose such extensive information to various external...

Studies have identified an increase in the level of average stock return volatility. In this paper, we use the management forecast error as a proxy for disclosure quality to investigate the relationship between management forecast errors and idiosyncratic risk, as management forecasts are...

Using stock price data drawn from the 1990s in Japan, this paper empirically shows that bank risk is negatively associated with discretionary accruals, indicating that investors misinterpreted high reported earnings as favorable information about bank financial health. We also show that the...