Research leader:

Yukinori, FUJIHARA, Professor, Osaka University of Economics and Law

 

Research outline:

A revision of the quarterly disclosure system, aimed at encouraging short-term profit orientation, is an important part of Japan’s “New Capitalism” policy. The Financial System Council announced its intention to unify the quarterly disclosure system with the financial statements, and is planning to compile concrete items to be revised within this year. Such a revision necessitates thorough discussions based on sufficient empirical evidence, as well as weighing the pros and cons of abolishing mandatory disclosure. We conduct an empirical analysis using data on Japanese listed companies, and we provide evidence on the impact of the revision of the quarterly disclosure system.