Corporate Groups and Stock Pricing in Japan –Information Transfer Effects of Earnings Forecast Revision-
In this study we empirically examine whether the earnings forecast revisions released by the membership firms within Japanese corporate groups have information transfer effects over other membership firms in order to analyze the extent to which the horizontal and vertical corporate groups are functioning effectively in the Japanese economy. We find evidence confirming the existence information transfer effects for both horizontal and vertical corporate groups. In the case of horizontal groups, we also show that earnings forecast revisions involving bad news have information transfer effects, while those involving good news do not..
Volume (Year): 51 (2007)
Issue (Month): (February)
|Contact details of provider:|| Postal: Rokkodai 2-1, Nada, Kobe 657-8501|
Phone: +81-(0)78 803 7036
Web page: http://www.rieb.kobe-u.ac.jp/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:kob:review:feb2007::v:51:p:11-31. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Office of Promoting Research Collaboration, Research Institute for Economics & Business Administration, Kobe University)
If references are entirely missing, you can add them using this form.