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Information Asymmetry and Quarterly Disclosure Decisions by Firms: Evidence From the Tokyo Stock Exchange

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  • Keiichi Kubota
  • Hitoshi Takehara

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  • Keiichi Kubota & Hitoshi Takehara, 2016. "Information Asymmetry and Quarterly Disclosure Decisions by Firms: Evidence From the Tokyo Stock Exchange," International Review of Finance, International Review of Finance Ltd., vol. 16(1), pages 127-159, March.
    • Handle: RePEc:bla:irvfin:v:16:y:2016:i:1:p:127-159
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    File URL: http://hdl.handle.net/10.1111/irfi.12068
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    References listed on IDEAS

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    1. Foucault, Thierry, 1998. "Order Flow Composition and Trading Costs in Dynamic Limit Order Markets," CEPR Discussion Papers 1817, C.E.P.R. Discussion Papers.
    2. Kubota, Keiichi & Takehara, Hitoshi, 2009. "Information based trade, the PIN variable, and portfolio style differences: Evidence from Tokyo stock exchange firms," Pacific-Basin Finance Journal, Elsevier, vol. 17(3), pages 319-337, June.
    3. Butler, Marty & Kraft, Arthur & Weiss, Ira S., 2007. "The effect of reporting frequency on the timeliness of earnings: The cases of voluntary and mandatory interim reports," Journal of Accounting and Economics, Elsevier, vol. 43(2-3), pages 181-217, July.
    4. Philip Brown & Victor Niederhoffer, 1968. "The Predictive Content of Quarterly Earnings," The Journal of Business, University of Chicago Press, vol. 41, pages 488-488.
    5. Duarte, Jefferson & Young, Lance, 2009. "Why is PIN priced?," Journal of Financial Economics, Elsevier, vol. 91(2), pages 119-138, February.
    6. David Easley & Soeren Hvidkjaer & Maureen O'Hara, 2002. "Is Information Risk a Determinant of Asset Returns?," Journal of Finance, American Finance Association, vol. 57(5), pages 2185-2221, October.
    7. Fu, Renhui & Kraft, Arthur & Zhang, Huai, 2012. "Financial reporting frequency, information asymmetry, and the cost of equity," Journal of Accounting and Economics, Elsevier, vol. 54(2), pages 132-149.
    8. Lechner, Michael, 2011. "The Estimation of Causal Effects by Difference-in-Difference Methods," Foundations and Trends(R) in Econometrics, now publishers, vol. 4(3), pages 165-224, November.
    9. Chordia, Tarun & Subrahmanyam, Avanidhar & Tong, Qing, 2014. "Have capital market anomalies attenuated in the recent era of high liquidity and trading activity?," Journal of Accounting and Economics, Elsevier, vol. 58(1), pages 41-58.
    10. Leftwich, Rw & Watts, Rl & Zimmerman, Jl, 1981. "Voluntary Corporate Disclosure - The Case Of Interim Reporting," Journal of Accounting Research, Wiley Blackwell, vol. 19, pages 50-77.
    11. Amihud, Yakov, 2002. "Illiquidity and stock returns: cross-section and time-series effects," Journal of Financial Markets, Elsevier, vol. 5(1), pages 31-56, January.
    12. David A. Matsa & Amalia R. Miller, 2013. "A Female Style in Corporate Leadership? Evidence from Quotas," American Economic Journal: Applied Economics, American Economic Association, vol. 5(3), pages 136-169, July.
    13. Kenton K. Yee, 2004. "Interim Reporting Frequency and Financial Analysts' Expenditures," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(1‐2), pages 167-198, January.
    14. Yaw Mensah & Robert Werner, 2008. "The capital market implications of the frequency of interim financial reporting: an international analysis," Review of Quantitative Finance and Accounting, Springer, vol. 31(1), pages 71-104, July.
    15. Kenton K. yee, 2004. "Interim Reporting Frequency and Financial Analysts' Expenditures," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(1-2), pages 167-198.
    16. Doron Avramov & Tarun Chordia & Amit Goyal, 2006. "Liquidity and Autocorrelations in Individual Stock Returns," Journal of Finance, American Finance Association, vol. 61(5), pages 2365-2394, October.
    17. Jeffrey M Wooldridge, 2010. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232588, April.
    18. Leuz, C & Verrecchia, RE, 2000. "The economic consequences of increased disclosure," Journal of Accounting Research, Wiley Blackwell, vol. 38, pages 91-124.
    19. Mitchell A. Petersen, 2009. "Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches," The Review of Financial Studies, Society for Financial Studies, vol. 22(1), pages 435-480, January.
    20. Christensen, Hans B. & Hail, Luzi & Leuz, Christian, 2013. "Mandatory IFRS reporting and changes in enforcement," Journal of Accounting and Economics, Elsevier, vol. 56(2), pages 147-177.
    21. Foucault, Thierry, 1999. "Order flow composition and trading costs in a dynamic limit order market1," Journal of Financial Markets, Elsevier, vol. 2(2), pages 99-134, May.
    22. Easley, David, et al, 1996. "Liquidity, Information, and Infrequently Traded Stocks," Journal of Finance, American Finance Association, vol. 51(4), pages 1405-1436, September.
    23. Ahmed, Anwer S. & Schneible Jr., Richard A., 2007. "The impact of regulation Fair Disclosure on investors' prior information quality -- Evidence from an analysis of changes in trading volume and stock price reactions to earnings announcements," Journal of Corporate Finance, Elsevier, vol. 13(2-3), pages 282-299, June.
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    25. Tang, Ya, 2014. "Information disclosure and price discovery," Journal of Financial Markets, Elsevier, vol. 19(C), pages 39-61.
    26. Duarte, Jefferson & Han, Xi & Harford, Jarrad & Young, Lance, 2008. "Information asymmetry, information dissemination and the effect of regulation FD on the cost of capital," Journal of Financial Economics, Elsevier, vol. 87(1), pages 24-44, January.
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    Cited by:

    1. Wenjun Kuang, 2023. "Accounting comparability and the accuracy of management earnings forecasts in Japan," Discussion Papers in Economics and Business 23-07, Osaka University, Graduate School of Economics.
    2. Millicent Chang & Andrew B. Jackson & Marvin Wee, 2018. "A review of research on regulation changes in the Asia‐Pacific region," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(3), pages 635-667, September.

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