論文 - 武田　史子

Asset Pricing with Liquidity Risk: A Replication and Out-of-Sample Tests with the Recent US and the Japanese Market Data

Eiichiro Kazumori, Fei Fang, Raj Sharman, Fumiko Takeda, Hong Yu

Critical Finance Review （Now Publishers）  8 （ 1-2 ） 73 - 110 2019年12月

研究論文（学術雑誌）, 共著, 査読有り,  ISSN  2164-5744

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Corporate Responses to Internet Flaming: Evidence from Japan

Mori K., Takeda F.

2019 IEEE INTERNATIONAL CONFERENCE ON INDUSTRIAL ENGINEERING AND ENGINEERING MANAGEMENT (IEEM) （IEEE）     359 - 363 2019年12月

研究論文（学術雑誌）, 共著, 筆頭著者, 最終著者, 責任著者, 査読有り,  ISSN  2157-3611

　概要を見る

© 2019 IEEE. This study examines how target companies react to the Internet flaming and how the reactions affect their stock prices, based on the 154 flaming events targeting Japanese listed companies from 2009 to 2018. Among 154 flaming events, target companies ignored the flaming and did not take any actions in 80 cases while actions were taken in 74 events. These actions include 49 official apologies, 18 objections, and 7 deletions of comments without appropriate apologies. Using a probit model, we demonstrate that flamed companies are more likely to take actions if their stock prices drop immediately after the flaming, the incident is published in the newspaper, or they have higher PBR or sales growth. We also show whether the effect dies down in the short term depends on responses of the flamed companies. When a company apologizes or deletes comments, its stock price tends to decrease significantly immediately after the outbreak of the flaming, but this decrease does not continue after a few days. In contrast, when the company objects to the flaming, its stock price starts to decline a few days after the flaming outbreak and continues to further decline.

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Investor attention and Google Search Volume Index: Evidence from an emerging market using quantile regression analysis

Vighneswara Swamy, M. Dharani, Fumiko Takeda

Research in International Business and Finance （Elsevier BV）  50   1 - 17 2019年12月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  0275-5319

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Does IFRS Adoption Accelerate M&A? The Consequences of Different Goodwill Accounting in Japan

Reiko Kashiwazaki, Shun Sato, Fumiko Takeda

International Advances in Economic Research （Springer Science and Business Media LLC）  25 （ 4 ） 399 - 415 2019年11月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  1083-0898

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Nowcasting of the U.S. unemployment rate using Google Trends

Shintaro Nagao, Fumiko Takeda, Riku Tanaka

Finance Research Letters （Elsevier BV）  30   103 - 109 2019年09月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  1544-6123

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Market reactions to stock rating and target price changes in analyst reports: Evidence from Japan

Shohei Ishigami, Fumiko Takeda

Journal of International Financial Markets, Institutions and Money （Elsevier BV）  52   134 - 151 2018年01月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  1042-4431

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インターネット上での評判と企業価値

武田史子

証券アナリストジャーナル  56 （ 7 ） 37 - 44 2018年

単著, 責任著者

Google search intensity and its relationship to the returns and liquidity of Japanese startup stocks

Yuta Adachi, Motoki Masuda, Fumiko Takeda

Pacific-Basin Finance Journal （Elsevier BV）  46   243 - 257 2017年12月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  0927-538X

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IFRS Adoption and Stock Prices of Japanese Firms in Governance System Transition

Shun Sato, Fumiko Takeda

The International Journal of Accounting （World Scientific Pub Co Pte Lt）  52 （ 4 ） 319 - 337 2017年12月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  0020-7063

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監査の失敗が企業価値に与える影響—実証研究から得られる教訓と示唆

武田史子

企業会計  69 （ 2 ）  2017年

単著, 責任著者

Characteristics and stock prices of firms flamed on the Internet: The evidence from Japan

Yuta Adachi, Fumiko Takeda

Electronic Commerce Research and Applications （Elsevier BV）  17   49 - 61 2016年05月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  1567-4223

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CROSS-BORDER M&As AND FIRM VALUE: A COMPARISON OF CHINA- AND US-JAPAN M&As

Keisuke Chikamoto, Fumiko Takeda, Ai Yokoyama

Contemporary Economic Policy （Wiley）  34 （ 2 ） 352 - 368 2016年04月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  1074-3529

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Global Audit Firm Networks and Their Reputation Risk

Yoshie Saito, Fumiko Takeda

Journal of Accounting, Auditing & Finance （SAGE Publications）  29 （ 3 ） 203 - 237 2014年07月

研究論文（学術雑誌）, 共著, 筆頭著者, 最終著者, 責任著者, 査読有り,  ISSN  0148-558X

　概要を見る

The globalization of audit markets not only provides an opportunity for the U.S. Big 4 auditors to establish international expertise through global networks, but it also exposes them to reputation risk arising from the acts of their local partners. We analyze the audit failure of ChuoAoyama, one of the Japanese Big 4 audit firms, and find that its credibility impairment reduced security prices of not only the clients of PricewaterhouseCoopers (PwC), their U.S. affiliate, but also the American clients of all other Big 4 auditors affiliated with the Japanese Big 4. Because the quality of the U.S. audit firms is perceived as superior to that of auditors in other countries, we also analyze the premiums arising from the affiliation with the U.S.-led global audit firm networks. We compare the effect of Andersen’s audit failure with ChuoAoyama’s in Japanese capital markets and find that the magnitude of negative market reactions is larger for Andersen’s failure than for ChuoAoyama’s. Together, these results suggest that global audit firm networks have created a network-wide reputation for their services that is susceptible not only to audit failures of the U.S. Big 4 but also to those of non-U.S. affiliates and that there is a quality premium for the U.S. Big 4 in Japanese markets. Our results provide a rational explanation for PwC’s aggressive efforts to temper the negative impact of ChuoAoyama’s failure on their reputation.

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Google search intensity and its relationship with returns and trading volume of Japanese stocks

Fumiko Takeda, Takumi Wakao

Pacific-Basin Finance Journal （Elsevier BV）  27   1 - 18 2014年04月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  0927-538X

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Information Content of Internal Control Weaknesses: The Evidence from Japan

Riku Nishizaki, Yudai Takano, Fumiko Takeda

The International Journal of Accounting （World Scientific Pub Co Pte Lt）  49 （ 1 ） 1 - 26 2014年03月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  0020-7063

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The Impact of XBRL Adoption on theInformation Environment: Evidence from Japan

Zhenyang Bai, Manabu Sakaue, Fumiko Takeda

The Japanese Accounting Review （Research Institute for Economics and Business Administration - Kobe University）  4 （ 2014 ） 49 - 74 2014年

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  2185-4785

　概要を見る

This article investigates whether and how the Japanese Financial Services Agency's mandatory use of XBRL affects investors in assessing financial information. Although regulators expect the introduction of XBRL to enhance the transparency and quality of business reporting, given the non-trivial implementation and learning costs, whether the XBRL-based disclosure reduces the information asymmetry between sophisticated and less-sophisticated investors remains an empirical question. As prior studies in other countries employing mandatory XBRL adoption provide mixed results, our analysis of the Japanese case should be somewhat insightful because Japan is one of the few countries where thousands of listed firms were forced to use the XBRL format all at once. By examining various measures in the pre- and post-XBRL periods, we provide evidence consistent with the notion that the adoption of XBRL has helped to improve the information environment, as indicated by the reduction of event returns volatility, absolute cumulative abnormal returns, changes in the standard deviation of returns, and the abnormal bid-ask spread.

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Cross-border M&A and firm value: Evidence from Chinese acquisitions of Japanese firms

Keisuke Chikamoto, Cheng Lu, Fumiko Takeda, Mariko Watanabe

Corporate Ownership and Control （Virtus Interpress）  10 （ 3 ） 8 - 29 2013年

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  1727-9232

　概要を見る

We study the effect of mergers and acquisitions by Chinese acquirers of Japanese targets (China-Japan M&As) on the firm value. Using the data on China-Japan M&As in 1990-2009, we find that China- Japan M&As show a greater positive effect on stock prices for the targets than for the acquirers. We also observe the following tendencies: 1) the lower the management efficiency of the target is, the greater the market reactions are; 2) a bailout M&A generates greater market reactions for targets than does a non-bailout M&A; 3) capital participation imparts greater market reactions for the target than occur with other forms of M&A; and 4) targets experience smaller market reactions from the subsidiary sales than occur with other forms of M&A.

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Effects of oral intervention on fluctuations in exchange rates: Evidence from Japan 1995-2011

S Sakata, F Takeda

Journal of Reviews on Global Economics  2 （ 60 ）  2013年

研究論文（学術雑誌）, 単著, 責任著者, 査読有り

Market Reactions to the Reform of Shareholder Derivative Litigation in Japan

S Kawashima, F Takeda

Journal of Forensic & Investigative Accounting  5 （ 2 ）  2013年

研究論文（学術雑誌）, 共著, 責任著者, 査読有り

Reputation of low-quality big 4 and non-big 4 auditors: evidence from auditor switches of former Chuoaoyama clients

Hikaru Murase, Shingo Numata, Fumiko Takeda

Journal of Governance and Regulation （Virtus Interpress）  2 （ 2 ） 7 - 23 2013年

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  2220-9352

　概要を見る

We examine how an auditor’s reputation for audit quality affects the selection of new auditors in a unique setting. Specifically, we investigate forced auditor switches after the collapse of ChuoAoyama and its successor, Misuzu, in a low litigation country, Japan, where the insurance value of auditing is minimal. We find that former ChuoAoyama clients with greater reputation concerns tended to switch away from Misuzu, a low-quality Big 4 audit firm. Our results also indicate that auditors’ sensitivity to reputation decreased after the collapse of Misuzu, perhaps because of intensified capacity constraints and decreased differences in perceived audit quality between Big 4 and Non-Big 4 auditors after the audit scandal and the introduction of the J-SOX.

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