This study focuses on the global financial crisis and examines how unconditional conservatism affects Japanese firm’s financing constraints. My results show that while many firms reduced capital and human expenditures after the crisis, the firms with higher level of unconditional conservatism experienced lower declines in these expenditures. These findings suggest that unconditional conservatism is likely to relax Japanese firm’s financing constraints.

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　In this paper, we investigate the property of analysts’ consensus and the impact of public information in the situation where the strategic interaction between analysts exists. As a result, we obtain the following results. First, the accuracy of consensus forecast is positively related with accuracies of individual analysts’ forecasts, and with forecasts dispersion. Second, as analysts’ strategic motives become stronger, the accuracy of consensus declines. Third, public information improves accuracies of individual analysts’ forecasts mostly, but whether the consensus becomes more accurate or not is not determined definitely. Finally, the relation of accuracy of public information and consensus depends on several parameters such as the accuracy ratio of public information to private information, and the strength of strategic motives. The result shows that dispersion of forecasts will enhance the accuracy of consensus, and strategic interaction or public information reduces the dispersion of forecasts.

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　The purpose of this study is to clarify the consequence of financial disclosure by private universities. The previous researches （e. g. Saxton et al. 2014） mention the possibility of providing signals to stakeholders by voluntary financial disclosure on not-for-profit organizations, while they have not been clarified signaling effect of voluntary financial disclosure. I test the model of the consequence of financial disclosure to verify the signaling hypothesis by using financial database of Japanese private universities from 2007 to 2010. As the result, if private universities have good information, it finds the positive relationship between the changes of examination fee or income from tuition and new financial disclosure by private universities. This result means private universities having good information disclose financial information for users as a signal.

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