Author
Hiroyuki Aman
Other affiliations: Konan University
Bio: Hiroyuki Aman is an academic researcher from Kwansei Gakuin University. The author has contributed to research in topics: Corporate governance & Stock market. The author has an hindex of 6, co-authored 14 publications receiving 161 citations. Previous affiliations of Hiroyuki Aman include Konan University.
Papers
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TL;DR: In this article, the authors show that good governance is associated with higher credit ratings and that the most significant variables are institutional ownership and disclosure quality, and that active monitoring and lower information asymmetry mitigate agency conflicts and reduce the risk to debtholders.
64 citations
TL;DR: In this article, the authors identify a possible linkage between stock price crashes and jumps and media coverage by using data from Japanese stock markets and newspaper articles and find that crash frequency increases with media coverage and its seasonal concentration.
Abstract: We attempt to identify a possible linkage between stock price crashes and jumps and media coverage by using data from Japanese stock markets and newspaper articles. Our evidence clearly indicates that crash frequency increases with media coverage and its seasonal concentration. This key finding supports the notion that intensive media reports on a firm provoke extremely large reactions in the market to corporate news. However, we find no evidence that media coverage has a positive impact on jump frequency. Further, by using an alternative measure of the scale of crash returns, we confirm the increasing effect of media coverage on crashes. We also find that the media effect is caused by market reactions, particularly to news on official disclosure information such as announcements of accounting results.
59 citations
TL;DR: The authors analyzed the structure of corporate boards in Japan to determine whether they are matched to each firm's specific needs and found that board size is positively related to firm size and firm complexity, and negatively related to monitoring costs.
Abstract: We analyse the structure of corporate boards in Japan to determine whether they are matched to each firm's specific needs. Consistent with US findings, our results show that board size is positively related to firm size and firm complexity, and negatively related to monitoring costs. However, board independence appears to be unrelated to most firm characteristics. This suggests that Japanese boards are not optimally structured to carry out their role of advising and monitoring the firm. By closing their doors to outsiders and choosing to rely on their internal managerial resources, Japanese firms could be missing an opportunity to enhance their decision-making processes.
21 citations
TL;DR: In this paper, the authors explored the determinants of firm-specific informativeness of the stock price in terms of corporate disclosure quality and the quantity of public information by using Japanese data.
13 citations
Kwansei Gakuin University1, Lancaster University2, University of Sydney3, University of Auckland4, University of Technology, Sydney5, Massey University6, Queensland University of Technology7, University of Wollongong8, University of New South Wales9, University of Queensland10, Macquarie University11, University of Strathclyde12, University of Adelaide13, University of Melbourne14, Deakin University15, Australian National University16
TL;DR: In this paper, the authors represent the intersection of three spheres of influence, relevant to the global research community interested in a more reliable understanding of capital market phenomena, and add their voice to the growing call for researchers to follow principles of "responsible science".
Abstract: This paper represents the intersection of three spheres of influence, relevant to the global research community interested in a more reliable understanding of capital market phenomena. First, as a timely context, we celebrate the 50-year legacy of an iconic event study of accounting information and the evolution of stock prices, namely Ball and Brown (1968). Second, we add our voice to the growing call for researchers to follow principles of “responsible science”. Third, using the Ball and Brown paper as the inspiration, we report on an experiment in which several teams of researchers follow a registration-based editorial process, which illustrates one fruitful avenue for fostering responsible research into the future.
11 citations
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01 Jan 2013TL;DR: In this paper, the authors examine the impact of using Twitter to send market participants links to press releases that are provided via traditional disclosure methods and find that dissemination is positively associated with liquidity.
Abstract: Firm disclosures often reach only a portion of investors, which results in information asymmetry among investors, and therefore lower market liquidity. This issue is particularly salient for firms that are not highly visible, as they tend not to receive broad news dissemination via traditional intermediaries, such as the press. This paper examines whether firms can reduce information asymmetry by more broadly disseminating their news. To isolate the impact of dissemination, we focus our analysis on firms' use of Twitter and exploit the 140-character message restriction. Specifically, using a sample of technology firms, we examine the impact of using Twitter to send market participants links to press releases that are provided via traditional disclosure methods. We find this additional dissemination of firm-initiated news via Twitter is associated with lower abnormal bid-ask spreads and greater abnormal depths, consistent with a reduction in information asymmetry. Moreover, this result holds mainly for firms that are not highly visible, consistent with them being in greater need of this additional dissemination channel. We also examine the impact of dissemination on a volume-based measure of liquidity, and find that dissemination is positively associated with liquidity.
344 citations
TL;DR: In this paper, the authors investigated whether lending institutions reward firms for their environmental, social and governance performance and disclosure in terms of lowering their cost of debt capital, and they found that firms with stronger ESG performance have a lower cost-of-debt capital.
174 citations
TL;DR: In this paper, the authors investigated whether a similar effect exists in Japan and found that firms with larger boards exhibit lower performance variability relative to firms with smaller boards, which is consistent with recent evidence indicating that larger boards are not necessarily detrimental to firm performance.
Abstract: Evidence based on US firms suggests that large boards restrain risk taking. We investigate whether a similar effect exists in Japan. Our results confirm that firms with larger boards exhibit lower performance variability relative to firms with smaller boards. However, this effect is less significant when firms have plenty of investment opportunities, but considerably stronger when firms have few growth options. This new finding is consistent with recent evidence indicating that larger boards are not necessarily detrimental to firm performance. The results are shown to be robust to the endogeneity of board structure and the use of alternative risk measures and estimation methods.
167 citations
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TL;DR: In this paper, the authors investigate the causal impact of national newspaper strikes on trading and price formation by examining national newspaper strike in several countries and demonstrate that the media contribute to the efficiency of the stock market by improving the dissemination of information among investors and its incorporation into stock prices.
Abstract: The media are increasingly recognized as key players in financial markets. I investigate their causal impact on trading and price formation by examining national newspaper strikes in several countries. Trading volume falls 12% on strike days. The dispersion of stock returns and their intraday volatility are reduced by 7%, while aggregate returns are unaffected. Moreover, an analysis of return predictability indicates that newspapers propagate news from the previous day. These findings demonstrate that the media contribute to the efficiency of the stock market by improving the dissemination of information among investors and its incorporation into stock prices.
153 citations
Posted Content•
TL;DR: In this article, the authors investigated whether a similar effect exists in Japan and found that firms with larger boards exhibit lower performance variability relative to firms with smaller boards, but this effect was less significant when firms have plenty of investment opportunities, but considerably stronger when firms had few growth options.
Abstract: Evidence based on US firms suggests that large boards restrain risk taking We investigate whether a similar effect exists in Japan Our results confirm that firms with larger boards exhibit lower performance variability relative to firms with smaller boards However, this effect is less significant when firms have plenty of investment opportunities, but considerably stronger when firms have few growth options This new finding is consistent with recent evidence indicating that larger boards are not necessarily detrimental to firm performance The results are shown to be robust to the endogeneity of board structure and the use of alternative risk measures and estimation methods
129 citations