Fair Disclosure Rule and Analysts' Behavior

フェア　ディスクロージャー　ルール　ト　アナリスト　コウドウ

イシカワ, トオル

Ishikawa, Toru

The Economic Society of Osaka University　and　Graduate School of Economics, Osaka University

オオサカ　ダイガク　ケイザイ　ガッカイ オオサカ　ダイガク　ダイガクイン　ケイザイガク　ケンキュウカ

情報獲得

キャリアコンサーン

Fair Disclosure Rule

information aquisition

career concerns

The purpose of this study is to analyze the effect of the Fair Disclosure Rule (FD rule). The paper focuses on the effect on stock analysts’ behavior, as stock analysts are subject to the FD rule. The effect of the FD rule from the perspective of analysts’ characteristic is examined. The results show that the effect is different based on whether the analyst is experienced or inexperienced. It is important to identify the effect on stock analysts’ behavior to ensure that the FD rule implemented efficiently and the theoretical prediction provided in this study contributes to this process.