Post earnings announcement drift after management forecasts

管理层预测后盈利公告后的偏差

• 批准号: 21530485
• 负责人: KATO Kazuo
• 金额: $ 1.66万
• 依托单位: Osaka University of Economics
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2009
• 资助国家: 日本
• 起止时间: 2009 至 2011
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-21530485/
• 关键词: 業績予想; 市場メカニズム; パニック行動; 特別気配値; ストップ値; 東北大震災; PEAD; 経営者予想

14 : 46 on March 11, 2011, Tohoku earthquake hit northeast coast of Japan and caused enormous damage on the economy. Closely focusing on the post-earthquake days, we evaluates the efficacy of circuit breakers on a turbulent market through exploration of a unique trading mechanism combined with price limit and trading halt rule. Even in the stormy market, we find little evidence to support effectiveness of trading halt : halted stocks are suffered from inefficient price discovery process and higher volatility over post-shock days. The results suggest in the midst of panic, trading in open market is the solution to resolve uncertainty.

2011年3月11日14:46，日本东北海岸发生东北地震，给经济造成巨大损失。我们紧扣地震后的日子，通过探索结合涨跌停板规则的独特交易机制，评估熔断机制在动荡市场中的有效性。即使在风雨飘摇的市场中，我们也几乎找不到证据支持停牌的有效性：停牌股票的价格发现过程效率低下，而且在震荡后的日子里波动性更大。结果表明，在恐慌之中，公开市场交易是解决不确定性的解决方案。

项目成果

Is Japan Really a "Buy"? The Corporate Governance, Cash Holdings and Economic Performance of Japanese Companies

• DOI: 10.1111/jbfa.12235
• 发表时间: 2017-03-01
• 期刊: JOURNAL OF BUSINESS FINANCE & ACCOUNTING
• 影响因子: 2.9
• 作者: Kato, Kazuo;Li, Meng;Skinner, Douglas J.
• 通讯作者: Skinner, Douglas J.

Price limits, trading halts and a turbulent market : A case of Tohoku earthquake in 2011

价格限制、交易暂停和市场动荡：以 2011 年东北地震为例

• 发表时间: 2012
• 期刊: Osaka University of Economics Working Paper
• 作者: 歌代豊含め;85名;Chikako Ozu and Sid Gray;加藤達彦;向伊知郎;Chikako Ozu;Kazuo Kato
• 通讯作者: Kazuo Kato