An event study on the concealment of the blending ratio of waste paper |
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| Authors: | Keiko Yamaguchi |
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| Institution: | 1. Aristotle University of Thessaloniki, Greece;2. University of Thessaly, Greece;3. National Technical University of Athens, Greece;1. Surface and Nanoscience Division, Materials Science Group, Indira Gandhi Centre for Atomic Research, Kalpakkam, India;2. Institut für Werkstoffforschung, Werkstoffmechanik, Helmholtz-Zentrum Geesthacht, Geesthacht, Germany;3. Institut für Werkstoffphysik und Werkstofftechnologie, Technische Universität Hamburg-Harburg, Hamburg, Germany;1. School of Business Administration,China Univercity of Petroluem, No.18 Fuxue Road, Changping District, Beijing, 102249, China;2. Academy of Mathematics and Systems Science, CAS, No.55 Zhongguancun East Road, Haidian District, Beijing, 100190, China;1. Sustainable Forest Management Area, Wood and Forest Research Technology Centre of Asturias (CETEMAS), Grado, Spain;2. School of Renewable Natural Resources, Lousiana State University Agricultural Center, Baton Rouge, LA, USA;3. Unidad de Gestión Forestal Sostenible, Dto. Ingeniería Agroforestal, Escuela Politécnica Superior, University of Santiago de Compostela, 27002 Lugo, Spain;4. Dept. of Forest and Wood Science, University of Stellenbosch, South Africa;1. Chang Gung University, No. 259, Wenhua 1st Rd., Guishan Dist., Taoyuan City 33302, Taiwan, ROC;2. National Chi Nan University, No. 1, University Rd, Puli, Nantou County 54561, Taiwan, ROC;1. Canada Research Chair in Risk Management, HEC Montréal, CIRRELT, and CIRPÉE, 3000 Cote Ste Catherine, Montreal, QC H3T 2A7, Canada;2. Department of Finance and Insurance, Lingnan University, 8 Castle Peak Road, Tuen Mun, Hong Kong |
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| Abstract: | We conducted an event study on the concealment of the blending ratio of waste paper with virgin pulp in Japan. By investigating 10 companies in the paper industry between May 30, 2007 and January 18, 2008, we clearly show that stock prices of the relevant companies were affected by the news on the concealment of the blending ratio of waste paper. In addition, the impact of the second event was found to be greater than that of the first event. Therefore, the concealment of major companies negatively affects the stock prices of non-major companies, which did not conceal information during this period. Thus, bad news is negatively assessed by the market, and this influence has spread in the paper industry in general. |
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