A Comarison of Causes and Economic Impacts of Financial Restatements between Japan and the U.S.

我调查了日本上市公司的财务报表更正情况，并将其与美国上市公司的财务报表更正情况进行了比较。特别是，我深入分析了报告收益的修正。从这些分析中，我展示了以下事实。(1)日本股市对修正信息反应有效。(2)纠正发生的概率受公司治理特征的影响。(3)账面税收一致性规则提高了日本收益修正的可能性。(4)公司治理信息有助于预测盈余修正。

I surveyed corrections in financial statements of the Japanese listed firms, compared it with financial restatements of the american listed firms. And especially I analyzed deeply corrections of reported earnings. From the analyses, I showed the facts as follow. (1) The Japanese stock market reacted efficiently to the information of correction. (2) The probability of occurrence of correction is affected by the characteristics of corporate governance. (3) The book-tax conformity rule heightened the probability of corrections of earnings in Japan. (4) The information about corporate governance is useful to predict the correction of earnings.