第６回金融研究会を開催しました。

（論文要旨）

This study examines the heterogeneous nature of disclosure compliance costs by examining the dynamic adjustment of reporting speed after the implementation of the 45 Day Rule in Japan. The results show that the rule induced managers to target 45 days reporting window. Treatment firms, which previously took more than 45 days to report, increased their reporting speed more than control firms, which previously took less than 45 days to report. Treatment firms that achieved the 45 day reporting target after the rule initiation slowed down their reporting speed. The study also finds that firms partially adjust their reporting speed over multiple years, and theadjustment speed varies depending on the slacks on the disclosure speed. Larger, older, and cash richfirms quickly adjust their reporting speed, which supports the argument that disclosure costs are heterogeneous across corporate characteristics. Furthermore, the study finds that the speedy reporting requirement enhances corporate revenues and does not affect corporate investment. This suggests that negative externalities from the 45 Day Rule in Japan are not significant. Overall, the study highlights the importance of understanding the heterogeneity of disclosure compliance costs and the implications of regulatory requirements on corporate reporting practices.

Keywords:disclosure cost, compliance cost, reporting speed, partial adjustment model
JEL codes: G28, K22, M48