Preparation of De-listed company Database in the 1950-60ies and Research on features of Disclosure.

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The underlying research project is based on an investigation of about 650 companies delisted from the stock market between 1949 and 1999. The history and development of many of these companies, especially in the early 50ies are unclear. Many of these companies tried to continue their businesses after the war, even under stressful economic conditions fighting chaos, recession and inflation. It is very difficult to investigate these happenings in greater detail, because there very little material on this topic available. Annual company reports of this time are not existing anymore.The initial reasons for these companies to delist were lack of capital, bankruptcy or company dissolution. In the research process all official government reports on bankruptcy, company dissolutions and mergers, capital increase or decrease of these companies starting from Mai 1949 were analysed. I also investigated the financial statements of these companies, but they do not clarify the financial situations of these companies. For example, dividend rate and sales figures of the companies were not entirely available.The main aim of this research project is to create a database of the financial background of 650 de-listed companies starting with the reopening of the stock exchange in 1949 until the year 1999. By documenting the managerial actions of these companies lessons for the future can be learned.Based on the research plan 106 company reports were published by Prof. Hiroshi Oyachi. Finally there are continous publications of the results of this project in the scientific journals of the faculty of Management at Kyushu Sangyo University. So far reports about 450 companies were completed.