@techreport{oai:niigata-u.repo.nii.ac.jp:00033188,
 author = {Kai, Hisao},
 month = {Mar},
 note = {There is voluminous empirical research on the information content of earnings focused on the U.S. stock market, and there is not so much empirical research focused on the Japanese stock market. We present the liquidation option hypothesis and investigate the earnings response coefficient (ERC) changes according to firm's default risk in Japan. We measure firm's default risk using (1) its debt ratio, (2) its index based on eanings power and safety, and (3) positive and/or negative earnings. We find that ERC significantly increases as firm's default risk decreases in the Japanese stock market, these results are consistent with earlier studies. And we find that in the case of (3) positive and/or negative earnings ERC has significantly negative sign, inconsistent with the U.S. empirical results.},
 title = {Earnings Response Coefficient and Default Risk in Japanese stock market},
 year = {2002}
}