In this paper, we consider the Japanese-style business analysis from the point of view of historical development in Japan and US - Japan comparison. In the United States, the business analysis is used as virtually synonymous with the financial statement analysis, but the business analysis in Japan is interpreted broadly and has the various aspects in the analysis. Not only there are some differences of analysis methods between Japan and the United States, but also the business analysis of the United States is proceeding to the corporate valuation. From history, our business analysis has undergone its own development, such as the qualitative analysis in practice. It is concluded that both of the wide range and comprehensiveness in terms of content are the nature of Japanese-style business analysis.

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The purpose of this paper is to examine the influences on financial amounts by adoption of IFRSs. The influences on financial amounts are analyzed from changes in earnings quality and value relevance. I focus on consolidated financial data of listed companies in Australia, the EU countries and Japan. IFRSs have been adopted in Australia and the EU countries from 2005. All listed companies in their countries have prepared consolidated financial statements in accordance with IFRSs after Year 2005. Japanese accounting standards are already equivalent with the IFRSs however Japanese regulator of accounting standards does not adopt the IFRSs. Then I compare financial data between IFRSs adoption countries and Japan by using time-series analysis. The results of the tests show that both the earnings quality and the value relevance of Japanese listed companies are higher than IFRSs adoption countries. These results suggest that we have to evaluate the standard setting and revising activities of Japanese standard setter toward convergence with IFRSs and consider whether the adoption of IFRSs are necessary for Japanese listed companies.

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The purpose of this study is to evaluate a portfolio made with the human capital-related information. It is to examine how to the information is evaluated in the stock market. Specifically, it is to calculate a MP (marginal-productivity) indicator on the human capital. Next, it is to make some portfolios with it and evaluate performance of each portfolio with the Treynor measure. Portfolio is made with the decision tree model. The model is to calculate a statistically significant value with a nonparametric method. As a result of analysis, the high-performance portfolio can be gotten between 6 and 10 of the MP value in the Japanese companies.

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IASB requires capitalization of development expenditures if they meet certain criteria. This is because IASB considers those expenditures as economic resources. In contrast, FASB and ASBJ require expensing all R&D expenditures in order that R&D is investment with high uncertainty of future benefits, and to avoid the opportunity to earnings management. Lev and Sougiannis (1996) proved that R&D investment generates future benefits. However, whether capitalization of development expenditures is used earnings management is not proved. In this paper, based on sample of German manufacturing companies, I examine whether accounting for development expenditures is used to smooth earnings which is one of some earnings managements. Moreover, I investigate whether the smoothing earnings increases value relevance of earnings information. Using a Tobit regression model, I show that managers tend to use development expenditures capitalization for earnings-smoothing purposes. In addition, I find that smoothing earnings by expensing all development expenditures increases value relevance of earnings information.

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This study examines whether internal controls regulation (J-SOX) impacted on earnings quality and the purpose of earnings management for public firms in Japan. I focus on accruals quality, accuracy of cash flow prediction, and discretionary accruals as proxy of earnings quality by comparing a sample of 60 firms that disclosed material weaknesses (MW firms) with a paired sample similar on size and industry. I find the following: (1) Accruals quality and forecast accuracy improved after the passage of J-SOX for control firms. (2) While accruals management for MW firms was observed even after the passages of J-SOX, real management was not observed for control firms in the post-J-SOX. (3) As for accruals management for MW firms, accruals quality is significantly associated with accruals, suggesting that it is likely reflecting managerial opportunism. On the other hand, as for accruals management for control firms, accruals quality is not significantly associated with accruals, suggesting that the purpose of the accruals management for control firms seems to be changed to the informativeness.

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This paper intends to clarify the relationship between financial indicators of nonprofit organizations by using principal component analysis. Higher education institutions including nation universities, state universities, and private universities, are focused since most of them disclose accounting information in this paper. We use hand-collected database based on their financial statements that are published by higher education institutions during 2007 to 2009. As a result of our research, we find 5 principal components (efficiency, financial stability, self-independent, the power of advertisement, reputation) from 11 financial indicators. The "Self-independent" may represents the own component in Japan because prior research did not find it. Moreover, these components allow us to analyze higher education institutions in various viewpoints.

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In recent years, mezzanine finance deals of the listed company have appeared in Japan. The purpose of this paper is to consider the role of corporate mezzanine finance deals in Japan. This paper is organized as follows. The first section explains the feature of the mezzanine finance. The second section analyzed five examples (Higashi Nihon House Co., Ltd., West Holdings Corporation, eAccess Ltd., Nippon Sheet Glass Co., Ltd. and LAC Co., Ltd.) of listed company in Japan. The third section considers analysis result. Finally, some future view and research are drawn. Five examples represent steady revenue growth and positive EBITDA. Since the redemption of preference shares was in progress smoothly, these example will be positioned success example.

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Purpose of this paper is to clarify the characteristics of NICES(corporate ranking of Nihon Keizai Shimbun). I investigated the characteristics by comparing with CASMA and PRISM, which are predecessor of the NICES. As a result, I confirmed that Nices evaluate using qualitative information as well as quantitative information, and Nices is ranking of over all industries including the financial sector. These are as same as characteristics of PRISM. Nices are not using a multivariate analysis technique. And Nices is a well-balanced company ranking, and a five axis are well-balanced contribution. On the other hand, PRISM and CASMA, had been pointed out that there is a bias in the evaluation axis. On these points, NIces is different from CASMA and PRISM.

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This paper analyses the role of a strategic trader in the stock market. We examine the effects of an informed trader and a strategic trader on stock market efficiency and other traders' strategies. This paper concludes that if the information disclosed shows corporate value to be overvalued compared to stock price, an informed trader increases selling volume. To the contrary, if through the disclosed accounting information showing undervalued, an informed trader increases buying volume. A strategic trader increases or decreases the volume based on the level of the disclosed accounting information error related to real corporate value and the relativity of its value.

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