Empirical Research of Voluntary Disclosures

本研究的目的是实证检验日本公司自愿披露的经济效应。为了研究这些问题，我们构建了一些数据库并进行了分析。我们从研究中发现了以下事实。首先，大披露公司可以获得较低的资金成本或较低的市场贝塔值。第二，大披露公司可以通过披露来传递无形资产。第三，信息披露大的公司管理层的盈利预测比其他公司更准确。

The objective of this research is to empirically examine economic effects of voluntary disclosures in Japanese firms. To study these, we constructed some databases and analyzed them. We found the following facts from our research. First, great disclosure corporations can get the low cost of capital or low value of market beta. Second, great disclosure corporations can convey their intangible assets through disclosures. Third, great disclosure corporations make earnings forecasts by management more accurate than others.