https://ptsldigital.ukm.my/jspui/handle/123456789/388893 Mon, 20 Jul 2026 12:48:15 GMT 2026-07-20T12:48:15Z https://ptsldigital.ukm.my/jspui/handle/123456789/784139 Title: The information content of earnings forecasts in Japan Authors: Michio Kunimura; Alan K. Severn Abstract: In Japan, four-fifths of listed firms have fiscal years ending March 31, and nine-tenths forecast earnings for the following year. We assess the information content of reported earnings (RE), management forecasts for the following fiscal year (MF), and security analysts' forecasts made in June and September of the ensuing year (AF). We use standard event-methodology to assess information content. Using the market model, we estimate alpha and beta for each stock from returns for the 48 months ending 12 months before the release of RE and MF, and 13 and 16 months prior to the release of the June and September AF. We restrict our sample to firms listed on the first section of the Tokyo Stock Exchange. that have March 31 fiscal years. We chose one-third of such firms at random, for a final sample of 161 firms. Managerial forecasts are superior to a naive, "no-change" forecast. The Wilcoxon sign rank test of absolute errors shows that MF is more accurate at the one per cent significance level. Analysts' forecasts in June are similar to MF; a slight apparent improvement is nonsignificant. This result is not surprising, as the time between MF (generally in late May) and June is small; 70 per cent of AF in June are identical to MF. After three additional months, however, AF in September are significantly more accurate than earlier forecasts. https://ptsldigital.ukm.my/jspui/handle/123456789/784139 https://ptsldigital.ukm.my/jspui/handle/123456789/784136 Title: Short-term interest rate linkages in the Pacific-Basin markets Authors: Pochara Theerathorn Abstract: Examination of the interdependence among short-term interest rates in various countries can provide accurate information about their degree of international market integration. Past studies on this subject have concentrated on developed economies in North America, Europe, and Japan. Since countries in the Pacific Basin are expected to play an increasingly important role in world trade and finance, the need for an insight into an interrelationship among these newly developed economies, and between them and the developed countries, is obvious. https://ptsldigital.ukm.my/jspui/handle/123456789/784136 https://ptsldigital.ukm.my/jspui/handle/123456789/784132 Title: Event study methodology and regulatory changes: the case of price limits in Taiwan's stock market Authors: Soushan Wu; Pin-Huang Chou; Mei-Ying Liu Abstract: Event studies mainly investigate the relationship between asset returns and specific economic phenomena. However, previous event studies appeared to focus only on firm and industry-specific events, whereas researches for analyzing the impact of market wide events on asset returns seem scarce. Of various market-wide events, the enactment and revision of regulations are often discussed. Basically, regulations are often enacted in the intent to reduce or to minimize the total social costs as well as private costs. Similarly, it is the same intent that ROC government set up price limits for stock trading in Taiwan's stock market. Recently, more and more attentions have been paid on this regulation, especially after the global stock crash of 1987. Some studies have suggested that price limit may be an alternative to restrain the capital market from overreaction to anticipated and/or unanticipated economic information [Chiang & Wu (1989)]. Nonetheless, its effectiveness is also questioned, for it is also argued that the imposition of such restrictions will induce several barriers on trading. https://ptsldigital.ukm.my/jspui/handle/123456789/784132 https://ptsldigital.ukm.my/jspui/handle/123456789/784126 Title: Direct sources of competitiveness in banking services Authors: Anthony Saunders Abstract: This paper lays at the economic and regulatory factors determining the pattern and speed of entry of banks into foreign markets. The general framework is then applied to an analysis of the economic and regulatory barriers facing U.S. banks' entry into Japanese banking markets. It is argued that the major barriers facing U.S. banks are economic rather than regulatory. https://ptsldigital.ukm.my/jspui/handle/123456789/784126