在股票市场中,员工的决定是否具有信息性?日本裁员的证据

IF 7.4 2区 经济学 Q1 BUSINESS, FINANCE
Keishi Fujiyama, Yusuke Fukaya, Philip Keejae Hong, Toshio Moriwaki
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引用次数: 0

摘要

本研究调查了日本员工在裁员计划申请上的决定是否传达了私人信息。我们发现,股票市场对裁员公告的反应是负面的,无论是实质性的过剩还是短缺的结果。进一步的分析表明,市场对短缺公告的负面反应是由那些对最初公告有积极市场反应的公司所驱动的,而裁员不足的公司最初会提出更大的裁员目标。这些发现表明,员工在裁员过程中的决策向股票投资者传递了私人信息,管理者可能会在战略上设定更高的裁员预期,以达到预期的裁员目标。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Are employee decisions informative in the stock market? Evidence from employee downsizing in Japan
This study investigates whether employee decisions on downsizing program applications convey private information in Japan. We find that the stock market reacts negatively to downsizing announcements with both substantial excess and shortfall outcomes. Additional analyses reveal that the negative market reactions for shortfall announcements are driven by those with a positive market reaction to the initial announcement and that firms with a shortfall in downsizing initially propose larger downsizing targets. These findings suggest that employee decisions during downsizing processes convey private information to stock investors and that managers may strategically set higher downsizing expectations to meet a desired downsizing target.
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来源期刊
Finance Research Letters
Finance Research Letters BUSINESS, FINANCE-
CiteScore
11.10
自引率
14.40%
发文量
863
期刊介绍: Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance
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