論文 - 武田　史子

Does Twitter happiness predict bullish markets? A study of the US stock markets

Swamy V., Dharani M., Takeda F.

IIMB Management Review 36 （ 4 ） 309 - 321 2024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  09703896

　概要を見る

The evolving literature on using Twitter to capture investor sentiment suggests that stock market performance is linearly associated with Twitter's public mood. We investigate whether investor sentiment determined by the Twitter sentiment index (TSI) has a nonlinear predictive power for stock market behaviour. Using a dataset of seven US stock markets, we apply the cointegration techniques to show the relationship between Twitter sentiment and stock market behaviour. The results suggest a dynamic nonlinear cointegrating relationship. During the short run, Twitter happiness has a substantial effect on stock market indices, while in the long run, it has a moderating effect. Twitter happiness has a dominant effect on the US stock market indices than unhappy Twitter. These results highlight Twitter's growing role in predicting the stock market behaviour and show that the TSI acts as a better predictor of investor sentiment.

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Empirical study on voting results and proxy advisor recommendations in Japan

Miyachi H., Takeda F.

Journal of International Financial Markets, Institutions and Money （Journal of International Financial Markets, Institutions and Money）  92   101973 - 101973 2024年04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  10424431

　概要を見る

This study examines the relationship between proxy advisory firms’ recommendations and investors’ voting behavior in Japan, where corporate governance has been under transition. Based on 1,025 shareholder meeting proposals and recommendations by proxy advisory firms in Japan between March 2010 and March 2022, multivariate regression analyses reveal that the dissenting recommendations of the two main proxy advisory firms are negatively correlated with the approval rate of proposals, as well as the percentage of affirmative votes cast by institutional investors. Furthermore, the institutional investors’ behavior is more consistent with the recommendations of proxy advisory firms than that of other investors.

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Stock Price Reactions to Research and Development News on Pharmaceutical Companies in Japan

Imai T., Takeda F.

IEEE International Conference on Industrial Engineering and Engineering Management （IEEE）     1119 - 1123 2024年

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  21573611

　概要を見る

This study examines the effects of research and development (R&D) on the market value of Japanese pharmaceutical companies. Based on 1,345 news articles, our event study analysis of 74 Japanese pharmaceutical companies from 1 January 2010 to 31 December 2021 revealed three key findings. First, the stock prices of the aforementioned companies generally respond positively to the business news, and more specifically, R&D-related news. Second, the impact on the share price is more pronounced as the R&D progress to more advanced stages. Lastly, the stock price responses to R&D news tend to diminish as the size of pharmaceutical companies increases.

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Effects of shareholder proposals on the market value of Japanese firms

Sato R., Takeda F.

International Review of Economics and Finance （International Review of Economics and Finance）  86   320 - 333 2023年07月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  10590560

　概要を見る

This study investigates the effect of shareholder proposals on the market value of Japanese firms in the second wave of activism from 2017 to 2021. While announcements of receiving a shareholder proposal positively affect stock prices of investee companies, rejection of a shareholder's proposal has a negative impact. Unlike the first wave of activism, proposals related to the election and dismissal of directors are no different from those of other proposals, which may become more important as shareholder proposals diversify. Similar to the first wave, market responses become larger when the large shareholders made the proposals.

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Effects of the COVID-19 pandemic on the market value of Japanese gaming companies

Feng C., Takeda F.

Applied Economics （Applied Economics）  forthcoming （ 40 ） 4849 - 4860 2023年05月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  00036846

　概要を見る

In this study, we examine the short-term stock price reactions of Japanese gaming companies to events related to the coronavirus disease 2019 (COVID-19) pandemic. Using the event study method, we first estimate stock price reactions to the outbreak of the pandemic and the declaration of a state of emergency. We then perform multivariate regressions to investigate the factors affecting market responses. Our results demonstrate that the stock prices of Japanese gaming companies reacted negatively to the outbreak of the COVID-19 pandemic, and the initial negative effects were greater for mobile gaming companies and for companies with small sizes or low Tobin’s Q. By contrast, the market has reacted positively to the declaration of the state of emergency, which perhaps drove more people to play games at home.

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Employing string similarity metrics of partners to estimate audit team continuity: determinant and its effects on audit outcomes and pricing

Frendy; Takeda, F

JOURNAL OF ACCOUNTING LITERATURE （Emerald）  45 （ 2 ） 314 - 339 2023年

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  0737-4607

　概要を見る

<jats:sec><jats:title content-type="abstract-subheading">Purpose</jats:title><jats:p>Partners are responsible for allocating audit tasks and facilitating knowledge sharing among team members. This study considers changes in the composition of partners to proxy for the continuity of the audit team. This study examines the effect of audit team continuity on audit outcomes (audit quality and report lags), pricing and its determinant (lead partner experience), which have not been thoroughly examined in previous studies.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Design/methodology/approach</jats:title><jats:p>This study employs string similarity metrics to measure audit team continuity. The study employs multivariate panel data regression empirical models to estimate a sample of 26,007 firm-years of listed Japanese companies from 2008 to 2019.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Findings</jats:title><jats:p>The study reveals that audit team continuity is negatively associated with audit fees, regardless of the auditor’s size. This finding contributes to the existing literature by showing that audit team continuity represents one of the determinant factors of audit fee. For clients of large audit firms, companies with higher (lower) audit team continuity issue audit reports in less (more) time. The experience of lead partners is a strong predictor of audit team continuity, irrespective of audit firm size. Audit quality is not associated with audit team continuity for either large or small audit firms.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Originality/value</jats:title><jats:p>This study proposes and examines audit team continuity measures that employ string similarity metrics to quantify changes in the composition of partners in consecutive audit engagements. Audit team continuity expands upon the tenure of individual audit partners, which is commonly used in prior literature as a measure of client–partner relationships.</jats:p></jats:sec>

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The Impact of the Covid-19 Pandemic on Japanese Stock Markets, Revisited

K Mori, F Takeda

慶應経営論集 （慶應義塾経営管理学会）  39 （ 1 ）  2023年

研究論文（大学，研究機関等紀要）, 共著, 責任著者

Market Reactions to eSports Sponsorship Announcements in Japan: Before and After the COVID-19 Outbreak

Maki N., Takeda F.

2023 IEEE International Conference on Industrial Engineering and Engineering Management, IEEM 2023 （2023 IEEE International Conference on Industrial Engineering and Engineering Management, IEEM 2023）     118 - 122 2023年

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

　概要を見る

This study investigated the effects of eSports sponsorship announcements on the market value of Japanese sponsoring companies and changes in such effects since the COVID-19 outbreak. We calculated the buy-and-hold abnormal returns around the release date of the sponsorship agreements and performed a multivariate regression analysis to examine what factors affect market reactions to eSports sponsorships. Results indicated that market reactions to eSports sponsorship announcements were not significantly different from zero, based on 72 eSports sponsorship contracts announced in Japanese newspapers from 2015 to 2021. However, investors reacted more positively to eSports sponsorship announcements during the COVID-19 pandemic, leading more people to play eSports at home and pay attention to in-game advertising. The positive effects are intensified when sponsors are engaged in eSports-related businesses. Whereas previous studies employed surveys and experiments, this study examined the economic effects of sponsorship contracts on eSports using objective quantitative indicators.

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Hedge Fund Activism in Japan: A Comparison between the First and Second Waves

K Kikuchi, H Miyachi, F Takeda

慶應経営論集= Keio business forum/慶應義塾経営管理学会 編 39 (1), 1-22 2023年

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

Market reactions to proxy advisory companies’ recommendations in Japan

Kazuhide Masumoto, Fumiko Takeda

Finance Research Letters （Elsevier BV）  50   103331 2022年12月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  15446123

　概要を見る

This study investigates how proxy advisory companies’ recommendations affect the stock prices of target companies in Japan, whose governance system has been under transition from relationship-based to more market-based. Based on 125 voting recommendations reported in newspapers between 2003 and 2022, we find that stock prices respond to recommendations inconsistent with the board's policy more largely than to those consistent. The market reactions become larger when firms are smaller and/or have a higher shareholding ratio of foreign investors, when recommendations are against takeover defense measures, and when the firms’ name attracts investor attention.

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Do sentiment indices always improve the prediction accuracy of exchange rates? +

Takumi Ito, Fumiko Takeda

Journal of Forecasting （Wiley）  41 （ 4 ） 840 - 852 2022年07月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  02776693

　概要を見る

This study aims to improve the prediction accuracy of the exchange rate model by changing how indices that capture market sentiment are constructed. We construct the sentiment indices (SIs) for the Japanese and American markets using the Google search volume index (SVI) for financial terms listed in the Japanese dictionary. For these SVIs, we select keywords based on the correlation between weekly changes in the yen–dollar rate and the SVI. We use 30, 20, and 10 keywords that are replaced at three different frequencies: 3 months, 6 weeks, and weekly. The training period is from January 2013 to June 2015, and the forecast period is from July 2015 to December 2017. We perform a rolling regression, which keeps the length of the reference period constant at 2 and a half years, based on the interest rate parity and autoregressive models for the predictions. We compare the prediction accuracy using the mean squared prediction error, Clark and West's tests of equal predictive accuracy, and the direction of change test. When the SIs are updated every 3 months and 6 weeks, neither the interest rate parity model nor the autoregressive model shows improved prediction accuracy, even if the SI is added. However, when the SIs are updated weekly, prediction accuracy improves in both the interest rate parity and the autoregressive models as the number of words used to construct theSI increases. We conclude that frequently updated SIs can improve the short-term prediction accuracy, while SIs updated less frequently may not.

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Do Sport Sponsorship Announcements Help Or Hurt Rival Sponsors’ Market Values?

Fumiko Takeda

Journal of Advertising Research （WARC Limited）  62 （ 2 ） 167 - 175 2022年

研究論文（学術雑誌）, 単著, 筆頭著者, 責任著者, 査読有り,  ISSN  00218499

　概要を見る

This study compares the effect of sports sponsorship announcements on the stock returns of sponsors and their rivals between Japan and the United States. Event study analyses reveal that, whereas stock market reactions for Japanese sponsors were significantly positive during 1999-2010, those for their rivals were significantly negative. In the United States, however, both sponsors and rivals experienced increased market value. Sports sponsorships thus might be useful for sponsors to establish a competitive advantage over rivals in Japan, but not in the United States.

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Application of Google Trends‐based sentiment index in exchange rate prediction

Takumi Ito, Motoki Masuda, Ayaka Naito, Fumiko Takeda

Journal of Forecasting （Wiley）  40 （ 7 ） 1154 - 1178 2021年11月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  02776693

　概要を見る

This study explores the possibilities of applying Google Trends to exchange rate forecasting. Specifically, we construct a sentiment index by using Google Trends to capture market sentiment in Japan and the United States. We forecast the USD/JPY rates using three structural models and two autoregressive models and examine whether our sentiment index can improve the predictive power of these models. We also check the robustness of the main results using the Taylor rule-based model and rolling regression methodology. The data we use run from January 2004 to August 2018, treating January 2004 to February 2011 as the training sample and March 2011 to August 2018 as the forecast sample. We find that the addition of the sentiment index into these models decreases the mean squared prediction error. We also test the sentiment indices of different word numbers and find that the 25- and 30-word indices perform best; in particular, the 30-word index improves all the models tested in this study.

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The Impact of Postponing the Olympics on Stock Markets

Yuki Suenaga, Fumiko Takeda

International Advances in Economic Research （Springer Science and Business Media LLC）  27 （ 3 ） 219 - 232 2021年08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  10830898

　概要を見る

his study investigates how stock markets reacted to the postponement of the Tokyo Olympic Games, which were scheduled to be held in 2020. After the outbreak of the COVID-19 pandemic, the decision to postpone the Games was made on March 24, 2020. However, even before this decision was made, various news outlets had already reported the possibility of cancellation. Although Olympic Games had previously been cancelled five times, they had never been postponed. This event study based on the Fama French factor models provides no evidence that sponsor stock prices reacted differently from their matched firms to news related to the cancellation of the Tokyo Olympic Games. However, they reacted more positively to news of postponement, although the increase in stock returns did not compensate for the drop following the earlier news suggesting the possible cancellation of the Tokyo Olympic Games. Additionally, a cross-sectional regression shows that positive market responses to news of postponement were intensified for Worldwide Olympic Partners and sponsors with a high ratio of individual and foreign shareholders. Because investors did not believe that postponement of the Olympics would have paid off all of the sponsors’ costs, future sponsors will need to place more emphasis on potential deferral risk when making investment decisions.

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The impact of information technology investment announcements on the market value of the Japanese regional banks

Fumiko Takeda, Koichi Takeda, Toshihiko Takemura, Ryota Ueda

Finance Research Letters （Elsevier BV）  41   101811 - 101811 2021年07月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  15446123

　概要を見る

The business conditions surrounding Japanese regional banks have deteriorated for decades amid continuing ultra-low interest rates. We examine stock price reactions of regional banks to information technology (IT) investment announcements and analyze the factors that affect market responses. We provide three main findings. First, regional banks’ stock prices as a whole do not respond significantly to IT investment announcements. Second, stock price responses to IT investment announcements are more positively correlated with the regional banks’ size and with the individual shareholders’ ratio. Third, regional banks’ stock prices respond more negatively when there's news regarding equity investments to FinTech companies.

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Hedge Fund Activism in Japan under the Stewardship and Corporate Governance Codes

Hiroaki Miyachi, Fumiko Takeda

International Advances in Economic Research （Springer Science and Business Media LLC）  27 （ 2 ） 119 - 130 2021年05月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  10830898

　概要を見る

This study focuses on activist funds during the second wave of activism after the implementation of the Stewardship and Corporate Governance Codes in Japan. Based on reports of large-scale shareholdings (acquisitions of 5% shares or more) submitted by activist funds between 2014 and 2019, this study finds that the stock returns of target firms react positively to the intervention of activist funds. The positive correlation intensifies for funds classified as hostile or domestic. Unlike in the first wave of activism, activist funds do not necessarily target low-margin or undervalued firms in the second wave of activism. Comparing financial indicators of the targets of the pre- and post-acquisition periods of large blocks of shares by activist funds, return on assets tends to decline more than that of their matching peer control firms, while the dividend payout ratio tends to rise more. This study contributes to the related research in three ways. First, this study adds empirical evidence on hedge fund activism outside the U.S., which is still somewhat scant. Second, this study is the first in the English or Japanese language literature to focus on the second wave of activism in Japan. Third, this study presents empirical results that are distinct from those in prior studies focusing on the first wave, perhaps because institutional changes forced activist funds to focus more on engagement rather than selecting cheap firms.

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Does Athletes’ Performance Influence A Sponsor’s Stock-Market Value?

KEIYA MORI, TATSUAKI MORINO, FUMIKO TAKEDA

Journal of Advertising Research （WARC Limited）  60 （ 4 ） 439 - 451 2020年12月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  0021-8499

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Market reactions to sport sponsorship announcements: Comparison between sponsors and their rivals

Yuta Hino, Fumiko Takeda

Sport Management Review （Taylor & Francis）  23 （ 3 ） 401 - 413 2020年07月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  1441-3523

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IFRS Adoption and Accounting Conservatism of Japanese Firms with Governance System Transition

Konosuke Shimamoto, Fumiko Takeda

International Advances in Economic Research （Springer Science and Business Media LLC）  26 （ 2 ） 161 - 173 2020年05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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Does Japanese Business Group Membership Improve Post-Merger Performance?

Kentaro Kaneko, Reiko Kashiwazaki, Fumiko Takeda

International Advances in Economic Research （Springer Science and Business Media LLC）  26 （ 1 ） 45 - 57 2020年02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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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&amp;As) on the firm value. Using the data on China-Japan M&amp;As in 1990-2009, we find that China- Japan M&amp;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&amp;A generates greater market reactions for targets than does a non-bailout M&amp;A; 3) capital participation imparts greater market reactions for the target than occur with other forms of M&amp;A; and 4) targets experience smaller market reactions from the subsidiary sales than occur with other forms of M&amp;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

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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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The effect of the Fukushima nuclear accident on stock prices of electric power utilities in Japan

Shingo Kawashima, Fumiko Takeda

Energy Economics （Elsevier BV）  34 （ 6 ） 2029 - 2038 2012年11月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  0140-9883

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The Economic Impact of Herd Behavior in the Japanese Loan Market

Ryuichi Nakagawa, Hidekazu Oiwa, Fumiko Takeda

Pacific-Basin Finance Journal （Elsevier BV）  20 （ 4 ） 600 - 613 2012年09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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Stock market reactions to audit failure in Japan: The case of Kanebo and ChuoAoyama

Shingo Numata, Fumiko Takeda

The International Journal of Accounting （World Scientific Pub Co Pte Lt）  45 （ 2 ） 175 - 199 2010年06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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Price movements in the Japanese online home electronics market

Tomonari Akimoto, Fumiko Takeda

Electronic Commerce Research and Applications （Elsevier BV）  8 （ 1 ） 28 - 36 2009年01月

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

　概要を見る

This article investigates the price movements of home electronics products listed on a Japanese price comparison site. Our findings are as follows. (1) Price dispersion increases at earlier stages of the product life cycle and decreases at later stages. (2) The size of the price changes is larger in earlier stages than in the later stages. (3) The lowest prices change very frequently. (4) The lowest price decreases outnumber the lowest price increases. (5) The size of the lowest price changes is very small and is smaller when decreases occur than when increases occur. © 2008 Elsevier B.V. All rights reserved.

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Stock market reactions to the Japanese Sarbanes-Oxley act of 2006

Kosuke Seino, Fumiko Takeda

Corporate Ownership and Control （Virtus Interpress）  7 （ 2 ） 126 - 136 2009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

This article investigates stock market reactions to announcements related to the introduction of the Financial Instruments and Exchange Law or the so-called Japanese Sarbanes-Oxley Act (J-SOX), which was enacted to reinforce corporate accountability and responsibility. We find that the announcements leading to the passage of the J-SOX raised stock prices of firms listed on the First Section of the Tokyo Stock Exchange. Another finding is that firms with a high ratio of foreign shareholders or leverage experienced more positive stock price reactions. By contrast, whether the firm was audited by Big 4 audit firms did not seem to matter to investors. In addition, large firms tended to have more negative stock price reactions than small firms.

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A change in market responses to the environmental management ranking in Japan

Fumiko Takeda, Takanori Tomozawa

Ecological Economics （Elsevier BV）  67 （ 3 ） 465 - 472 2008年10月

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  0921-8009

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How large creditors affect corporate bond prices through creditor coordination

F Takeda, K Takeda

The Institute of Comparative Economic Studies, Hosei University 2008年

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

Mergers and Acquisitions and Corporate Performance in Japan.

R Kawahara, F Takeda

4 （ 3 ）  2007年

研究論文（学術雑誌）, 共著, 責任著者, 査読有り

Trade and the Environment in East Asia: Examining the Linkages with Japan and the USA

F Takeda, K Matsuura

Journal of the Korean Economy 7 （ 1 ） 33 - 56 2006年

研究論文（学術雑誌）, 共著, 責任著者, 査読有り

Stock price reactions to public TV programs on listed Japanese companies

Fumiko Takeda, Hiroaki Yamazaki

Economics Bulletin 13 （ 1 ）  2006年

研究論文（学術雑誌）, 共著, 責任著者, 査読有り

　概要を見る

This paper investigates stock price reactions to Japan fs popular TV program gProject X,h which was broadcast on NHK between 2000 and 2005. @By using a standard event study methodology, we found that stock prices of these companies increased on average after the broadcast. In particular, the programs focusing on product development and marketing tended to raise stock prices.

Trade and the environment in Latin America: Examining the linkage with the USA

Fumiko Takeda, Katsumi Matsuura

Economics Bulletin 6 （ 1 ）  2005年

研究論文（学術雑誌）, 共著, 責任著者, 査読有り

　概要を見る

This paper investigates how trade of "dirty" goods with the USA can affect the environmental pollution in Latin American (LA). By controlling for trade openness, the share of manufacturing in GDP, and the trade of pollution-intensive products with USA, CO2 emissions are estimated for 14 LA countries between 1986 and 1999. Our results show that increasing exports of "dirty" products to the USA tends to raise CO2 emissions in LA countries, while the opposite results occur for growing imports of those goods from the USA. Since the effect of "dirty" imports from the USA is larger than the effect of "dirty" exports to the USA, our results indicate that the trade of "dirty" products with the USA on the whole reduces CO2 emissions in LA countries during the estimation period.

Refinancing and coordination among multiple creditors and a debtor firm

Fumiko Takeda, Koichi Takeda

Global Business and Economics Review 7 （ 2-3 ） 234 - 246 2005年

研究論文（学術雑誌）, 共著, 責任著者, 査読有り,  ISSN  1097-4954

　概要を見る

This paper investigates the conditions under which a large creditor offers refinancing to a debtor firm and examines how that refinancing affects the decisions of the debtor firm and other creditors. We develop a model of a coordination game in which the actions of multiple creditors and the debtor firm are determined interdependently of each other. We find that refinancing can be beneficial for the large creditor only when the debtor firm faces a substantial, but not hopeless, risk of default. Whether the refinancing succeeds in preventing the default caused by the coordination failure, or gives rise to moral hazards of the debtor firm, depends on how poor the fundamentals of the debtor firm are. Another finding is that the size of the refinancing tends to be larger in cases where prior lending by a large creditor was greater, resulting in more serious debtor moral hazard. © 2005 Inderscience Enterprises Ltd.

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A twin crisis model with incomplete information

F Takeda

Journal of the Japanese and International Economies  18 （ 1 ） 38 - 56 2004年03月

研究論文（学術雑誌）, 単著, 責任著者, 査読有り,  ISSN  0889-1583

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Bank runs and international financial instability revisited

Fumiko Takeda

Economics Letters 73 （ 2 ） 187 - 194 2001年11月

研究論文（学術雑誌）, 単著, 責任著者, 査読有り,  ISSN  0165-1765

　概要を見る

This paper examines how an increase in international borrowing changes the probability of bank runs or currency crises under the fixed exchange rate regime. Capital inflows with a negative cross-border return differential may increase the probability of runs. © Elsevier Science B.V.

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