Japanese Analysts Research Articles

Risk identification in Japanese consumer product injury data throughout an ontology-based knowledge base

Risk identification and further risk assessment of consumer product injury data are critical tools for accident prevention. However, in Japan, existing risk assessment methods face challenges due to issues such as inconsistent semantic understanding of risk-related vocabulary among Japanese analysts, posing obstacles to the effective identification and assessment of risk information. This study develops an ontology-based knowledge base (JCPRI-KB), which includes an ontology (JCPRI-Onto) and a total of 41 standardised vocabulary sets, for the risk information identification and standardization of consumer product injury data in Japan. A graph database was used to represent and store the risk knowledge of JCPRI-KB. Finally, the JCPRI-KB is applied for a case study of risk identification and further risk assessment of child product injury data. The risk assessment results of this study demonstrate that the JCPRI-KB offers a promising new approach to the field of consumer product safety in Japan, contributing to the enhancement of accuracy and efficiency in risk identification and thus promoting consumer product safety.

Hate on the Bookshelves: Explaining the Phenomenon of Anti-Korean Hate Books in Japan

Abstract Books containing hate speech against Koreans and the Chinese have become a common sight in Japan’s bookshops. The publication of ‘hate books’ has increased in tandem with the struggles of the publishing industry and the deterioration of Japan’s relations with South Korea and China. This article seeks to explain the causes of Japan’s hate book phenomenon, with a particular focus on books targeting Koreans. While South Korean researchers have mainly identified rising nationalism in Japan as the key factor, Japanese analysts label peculiarities in the Japanese publishing industry as the main cause of hate books. We argue that both these explanations are necessary but ultimately insufficient because they ignore each other’s key findings. We propose a synthesized explanation that takes account of both the role of nationalism in creating demand and the unique structure of the Japanese publishing industry, which tends to incentivize the supply of hate books. The article also shows that nationalism only translates into hate book demand in times of diplomatic crisis.

Linkage of Domestic and International Policies: Asian Experiences

Linkage of Domestic and International Policies: Asian Experiences

Can Investors in the Stock Market Generate Profit from the Analysts? - An Empirical Analysis of Analysts' Signals Disseminated from the Bloomberg Terminal

Using a large database of Japanese analysts’ rating information over the period 2000-2010, we examine short term market reactions to the announcement. We find a significant market reaction to the information contained in the analysts’ rating. Particularly, the market reacts sensitively to the rating changes rather than the rating itself. We also examine whether investors are able to achieve a positive net return by taking advantage of the abnormal market reaction to the analysts’ signal by constructing a dynamic calendar time equity long-short portfolio. Results indicate that investors are able to capture some abnormal profit trading on such signals, however, large size investment based on the same strategy becomes implausible due to the transaction costs.

Competition and cooperative practices in Sino-Japanese energy and environmental relations: towards an energy security ‘risk community’?

This article reexamines the conventional wisdom that characterizes Sino-Japanese energy relations as predominantly competitive, but views Sino-Japanese environmental relations as essentially cooperative. Using sociological theories of risk, it is argued that Sino-Japanese cooperation is more likely in both the energy and environmental areas when common risks are perceived and relative gains are minimized. Despite their many conflicting strategic, political, and economic interests, as energy importers who are vulnerable to supply interruptions in the Middle East and competitors for global energy supplies, China and Japan share common risks to their energy security. Consequently, there actually may be increasing opportunities for China and Japan to address their common concerns through bilateral and multilateral cooperative practices, such as common positions on pricing or energy conservation initiatives. Although one would expect China and Japan to highlight their mutual interests in tackling environmental problems such as air pollution, in fact relative gains often impede cooperation. Japan increasingly views China as an economic competitor and is reducing environmental aid, while China continues to set a priority on economic growth, which sets limits on the use of costlier Japanese green technologies. By examining a selection of scholarly articles, reports and newspaper articles by Chinese and Japanese analysts, as well as material from interviews in Beijing and Tokyo in May–June 2007, the paper shows how environmental and energy issues in Sino-Japanese relations may be framed as threats, requiring counter-measures, or common risks, which can be addressed through cooperative practices. Lastly, the paper discusses the possibility of the development of an energy security ‘risk community’ as cooperative practices develop between China and Japan. Nonetheless, conflicting political interests, strategies, and self-images, accentuating relative gains, may provide obstacles to their cooperation in both energy security and environmental protection.

An Investigation of Asymmetric Earnings Forecasts of Japanese Financial Analysts

A number of U.S. studies have documented an optimistic bias in analysts’ forecasts of earnings. This study investigates whether the optimistic bias and asymmetric behavior of forecast errors found in most U.S. studies exists in Japan. We find that for firms reporting profits, Japanese analysts’ forecasts have much greater accuracy and exhibit a small pessimistic bias in comparison to firms reporting losses, where analysts’ forecasts exhibit extremely poor accuracy and an extremely significant optimistic bias. The lack of ability to forecast losses is due to their transitory nature and not due to earnings management. Forecast accuracy and bias are not related to firm size, but are related to the magnitude of reported lossess and profits.

Analysts' Forecasts of Japanese Firms' Earnings: Additional Evidence

This paper examines analyst forecasts of Japanese firms' earnings during Japan's economic burst period in the 1990s. Using the evidence of analyst earnings forecasts in the U.S. as benchmark, the paper documents the following three findings. First, whereas the forecast accuracy of U.S. analysts following U.S. firms improves over time, the forecast accuracy of U.S. and Japanese analysts following Japanese firms does not. Second, whereas decreases in forecast errors of U.S. analysts following U.S. firms are best explained by decreases in forecast bias of the analysts, increases in forecast errors of U.S. and Japanese analysts following Japanese firms are best explained by increases in the frequency of losses experienced by Japanese firms. Third, Japanese analysts forecast earnings less accurately than do U.S. analysts. These findings reflect the difficulty of producing accurate earnings forecasts during economic downturns. These findings also suggest that Japanese analysts are more bound than their U.S. counterparts by cultural ties that impede forecast accuracy.

The effect of Japanese business segment reporting on analysts' forecasts: implications for US investors and the SEC

Japan has required that business segment data be disclosed in annual financial statements since 1990. This study examines the information content of business segment disclosures of multisegmented Japanese firms on the Nikkei 225 index. Specifically, we test whether Japanese analysts' forecast accuracy of consolidated sales and net income improves following the disclosure of segment data. Our study finds that the introduction of the segment reporting standard aids analysts in forecasting sales of well-diversified firms, but there is no improvement in the forecast accuracy of earnings. We conclude from our results that financial analysts do not generally find Japanese segment disclosures to be useful in their equity analysis. These results have implications for US investors and the US Securities and Exchange Commission which allows Japanese firms to list on US exchanges using Japanese segment reporting standards.

Analysts' forecasts of Japanese firms' earnings: additional evidence

This article examines analysts' forecasts of Japanese firms' earnings during Japan's economic burst period in the 1990s. Using the evidence of analyst earnings forecasts in the United States as a benchmark, the article documents the following three findings. First, whereas the forecast accuracy of U.S. analysts following U.S. firms improves over time, the forecast accuracy of U.S. and Japanese analysts following Japanese firms does not. Second, whereas decreases in forecast errors of U.S. analysts following U.S. firms are best explained by decreases in forecast bias of the analysts, increases in forecast errors of U.S. and Japanese analysts following Japanese firms are best explained by increases in the frequency of losses experienced by Japanese firms. Third, Japanese analysts forecast earnings less accurately than do U.S. analysts. These findings reflect the difficulty of producing accurate earnings forecasts during economic downturns. They also suggest that Japanese analysts are more bound than their U.S. counterparts by cultural ties that impede forecast accuracy.

Discussion of “Are recent segment disclosures of Japanese firms useful?: views of Japanese financial analysts”

Discussion of “Are recent segment disclosures of Japanese firms useful?: views of Japanese financial analysts”

Are recent segment disclosures of Japanese firms useful?: Views of Japanese financial analysts

Since 1990, the Japanese Ministry of Finance (MOF) has required Japanese firms to disclose segment data in annual financial statements. Using a survey instrument, we examine whether Japanese analysts find these segment disclosures to be useful. Our study finds that analysts perceive that segment data aid them in forecasting consolidated sales and net income. However, results also show that analysts are concerned that Japanese firms do not define segments meaningfully and consistently and are arbitrary in the allocation of common costs. Further, the analysts do not believe that the usefulness of segment data improves when it is audited. These results have implications for investors in Japanese stocks and accounting policy bodies, such as the US Securities and Exchange Commission (SEC).

Do Japanese Analysts Overreact or Underreact to Earnings Announcements?

Several recent studies have used U.S. analysts' forecasts to test for underreaction or overreaction to information in earnings announcements. These tests have provided mixed results. Evidence in Mendenhall (1991) is that analysts underreact. By contrast. results in De Bondt and Thaler (1990) show overreaction by U.S. financial analysts to earnings announcements. The current study contributes to this topic by examining over/underreaction by Japanese financial analysts. Test results show that Japanese analysts do not overreact to earnings announcements, market to book ratios and sales growth. Instead. there is strong evidence that Japanese analysts underreact to earnings announcements and that their underreaction is more pronounced for firms with mostly permanent earnings. Our results also show that Japanese analysts display larger forecast biases for earnings reported under U.S. GAAP as opposed to Japanese GAAP. Finally, we find that US. analysts discount information in earnings announcements to a larger degree (relying to a greater extent on information in past prices instead) when compared to their Japanese counterparts. Further, in contrast to their Japanese counterparts, these analysts display no optimistic bias. The results above suggest that the impact of each country's unique culture and capital norms will have to be taken into account by policy makers in evaluating the feasibility of harmonization of accounting standards.

A comparison of U.S. and Japanese analysts' forecasts of earnings and sales

This study finds that Japanese analysts provide superior forecasts of sales when compared to their U.S. counterparts. Their relative superiority could not be attributed to any timing advantage with regard to forecasting. Instead, the results suggest that Japanese analysts have an informational advantage over their U.S. counterparts. Selected proxies for the information environment were used to explain the Japanese analyst's forecast superiority over his/her U.S. counterpart. Results showed support for the hypotheses. Specifically, they showed that as the number of lines of business and domestic affiliates (firm size) increased, the relative sales forecast accuracy of the Japanese analyst also increased (decreased). Interestingly, no differences were observed between the two analyst groups in forecasting earnings. These results have important implications for policy on harmonization of accounting standards.

The birth of a new South Africa: Effects on supply and demand of alloying metals and PGMs

Abstract The importance of South African mineral supply to the Japanese industry is growing quickly. Japanese analysts follow closely the political and economic developments in South Africa. The following brief report is an example of present. Japanese views on South Africa.

The Pauling-Corey models and fibrous proteins.

The new American ideas form a large part of the basis of the present symposium. To present detailed structures that have to stand up to the vast factual array in every aspect of protein-structure analysis from physical chemistry to biology, medicine to textiles, without continual adjustment of essentials, demands courage, controlled imagination and the broadest focus. If in part I seem unduly critical, there is no attempt to denigrate: where the roads fork, discussion is most further-some. As my own approach to these problems has been through long-chain com­pounds, I intend to consider only one structure, the ‘3·7- or α -helix’, in relation to fibrous proteins, especially α -keratin. The strength of the Pauling-Corey models lies in their broad and solid physicochemical postulates. Their synthesis (Pauling, Corey & Branson 1951) is based on: (1) bond lengths and angles precisely determined from chemical analogues, (2) polypeptide chains, (3) equivalence of residues, (4) resonance near-planarity of the peptide amide group, and (5) complete axial intra -chain H-bridging. (1) and (2) are common to most theories. (3), following Huggins (1943), necessarily neglects the varied R side-chain groups, may be invalid, and excludes (save in the degenerate case of a plane ribbon) other than helical models. (4) is a compelling feature greatly narrowing possibilities. Based on energy considerations, (5) yields a chain configuration self-controlled, thus differing from those of Astbury (1942) and the Japanese analysts (Mizushima 1948, 1950), which are partly dependent on sidechain nature. Infra-red measurements (Ambrose & Elliott 1951) for polypeptides in dilute solution favour the former. Infra-red (Mizushima et al . 1949) and activa­tion energy (Speakman 1947) estimates on the α → β structural transition energy for keratin scarcely vindicate full H-bridging of either intra or inter -chain location.