This paper investigates whether inefficient herd behavior of Japanese financial institutions in the domestic loan market affected the real economy during the period between 1975 and 1999. By using Japanese loan data, arranged by geographical area, we show that the loans that stem from...

The purpose of this study is to investigate the effect of the accident at the Fukushima Daiichi nuclear power station, which is owned by Tokyo Electric Power Co. (TEPCO), on the stock prices of the other electric power utilities in Japan. Because the other utilities were not directly damaged by...

We aim to perform a comprehensive analysis of the effects of stock ratings and target prices published in the Japanese markets using a large number of analyst reports. Our study is the first to cover reports published by six domestic brokerage firms and ten foreign brokerage firms. In addition...

This study investigates how the gap in goodwill accounting between the Japanese local accounting standards (Japanese Generally Accepted Accounting Principles) and international accounting standards (International Financial Reporting Standards) is related to the likelihood of firms adopting...

This study examines how sponsored athletes' performance affects a sponsor's stock price reaction in 170 sport events between 1991 and 2017 by using Japanese data. The results show that regardless of the sporting results, stock prices react positively to the participation of athletes selected as...

This study examines firms' decision to voluntarily adopt IFRS in a setting where there are changes to the governance system in a traditionally code law country and how market responses to such decisions. We find the probability of voluntary IFRS adoption to be higher among firms that have a high...

In this study, we investigate the economic impact of flaming on the Internet using Japanese data. In examining the data on firms that experienced flaming between 2006 and September 2013, we establish the following three main findings. First, large firms and ones with negative net income are more...

This paper examines the relationship between online search intensity and stock-trading behavior in the Japanese market. The search intensity is measured by the search volume of company names on Google, which is expected to be related to the aggregate stock purchasing behavior of individual...