An Empirical Research on the Effectiveness of Accounting Information in the Capital Market

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1. The Object of ResearchThis research aims to test whether accounting information such as financial statements published by the firms is effectively used to evaluate those firms in the capital market. We accomplished it by analyzing statistical correlations between announcement of accounting information by the firms listed on the Tokyo Stock Exchange and stock price changes of these firms.2. The Research DesignWe studied according to the following process.(1) Selection of the research methodology(2) Design of the research model(3) Sampling of the experimental firms(4) Collecting the relevent data(5) Data processing by computer(6) Interpretation and evaluation of the results3. The Composition of this ResearchThis research has the following composition.chapter 1. Accounting Information Effect of Financial Reports2. The Information Effect of Financial Reports3. The Information Content of Accounting Income Numbers4. The Information Effect of the Business Performance5. Income Forecast Information and the Stock Market6. Single Firms' Financial Statements vs Consolidated Financial Statements7. Stock Market Reaction to Changes in Accounting Methods