The issues on climate change are considered as global challenge, and thus it is important to decrease rapidly the emissions of greenhouse gas to achieve the goals set by Kyoto Protocol. In this research, we focus on carbon dioxide（ CO2）emissions per unit of sales, and investigate the relations between corporate CO2 emissions and corporate disclosure of CO2-related information, and market value, as well as the relation between the change of CO2 emissions and stock returns.
　We find that CO2 emissions have a significant negative impact on firm market value, while CO2-related disclosure alleviates the negative impact. In addition, we find that an increase（ decrease） in CO2 emissions by firms leads to lower（higher）stock returns. Overall, our results indicate that corporate CO2 emission efficiency information and disclosure of CO2-related information are incorporated in investors’ decision-making.

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The purpose of this paper is to set up a view about the problem regarding fair value measurement of financial liabilities. Measurement of financial liabilities at fair value causes a problem that the financial statements include a counter-intuitive valuation profit of liabilities. Meanwhile, the standpoint from a position supportive of the fair value measurement is that if the financial liabilities are not measured at fair value, that would also cause a problem that the shareholders’ claims would be recorded on the financial statements as though their values have been remarkably reduced. Regarding these problems, I believe matching of the financial liabilities measurement with measurement of assets serves as an important issue in the discussion thereof. According to the matching, the financial liabilities which are to be liquidated from only the assets measured at fair value should be measured at fair value. The financial liabilities without such a qualification should be measured by applying a measurement standard that does not reflect a change in credit risk; any change in credit risk should not be included in financial statements but be evaluated by the users of the financial statements.

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　This paper investigates relationship among corporate governance, audit fee and earnings management in Japan. Results are as follows. Firstly, I find the significant positive association between rate of independent officer and audit fee. Secondly, I can’t find that strong governance decreases audit cost. Thirdly, I find that hard pressure by the foreign investor demands the more audit and independent officer. Fourthly, I find that the audit（independent officer）controls earnings management. Finally, I can’t find the synergy effect of the auditor and independent officer. These results suggest that foreign investors request company to strengthen board independence and that independent officer needs high quality financial audit in Japan.

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