Management and cost accounting textbooks explain that adopting higher operating leverage（i.e., cost structure with higher fixed costs） increases firm risk in that profits become more volatile. Consistent with these explanations, there is a traditional view that firms facing higher demand uncertainty prefer a more variable cost structure with lower fixed and higher variable costs. However, some recent empirical studies argue that such firms choose a more rigid cost structure with higher fixed and lower variable costs. Thus, there are two conflicting views on how demand uncertainty affects a firm's cost structure. Therefore, we investigate empirically the relationship between demand forecasts by managements and a firm's cost structure. The results show that firms with higher volatility in demand forecasts adopt a more variable cost structure, and that firms with lower predictability of demand change adopt a more rigid cost structure.

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　Income from crypto assets generally falls under the taxable category of miscellaneous income by National Tax Agency in Japan because crypto assets is considered as means of payment. But a large variety of crypto assets needs to be fell under the proper taxable category in the income tax law depending on the features of crypto assets. A purpose of this article is to clarify the proper taxable category in the income tax law that a large variety of crypto assets fell under, based on the characteristic systematically classifying crypto assets. As findings by the theory analysis of this article, income from sale etc. of crypto assets classified in means of payment falls under the taxable category of miscellaneous income, and income from sale etc. of crypto assets not classified in means of payment falls under the taxable category of transferred income.

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　This paper investigates the reaction of the corporate bond market to earnings announcements by measuring the reaction of the corporate bond market in terms of changes in corporate bond prices on a daily basis. As a result of the analysis, the following two points are clarified. First, the corporate bond market reacts only to bad news, and that the reaction is larger than the reaction to good news. In addition, it is clear that the corporate bond market begins to incorporate bad news into prices in the period before earnings announcements. These evidences show the usefulness of earnings information in the corporate bond market. Second, we show that the reaction of the corporate bond market to bad news is greater for firms with low accuracy of management earnings forecasts. This suggests that corporate bond investors use the accuracy of management earnings forecasts as one of the factors in making investment decisions based on earnings information.

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　In this paper, we empirically examine the effect of CEO turnover on changes in narrative disclosure. Using MD&A, risk factors, and issues to be addressed that are included in the securities report disclosed by Japanese listed non-financial firms, we find that CEO turnover is significantly correlated with changes in narrative disclosure. Specifically, we find that the stickiness decreases, the readability improves, and the tone becomes positive following CEO turnover. Such changes are more pronounced in the year following the change, in which there is sufficient time for the new CEO to have a substantial impact on the company’s narrative disclosure procedures. Furthermore, we find that the effect of CEO turnover on changes in narrative disclosure differs depending on the CEO’s characteristics and the section in which narrative information is disclosed. The results imply that management communicates with investors by using narrative disclosure in securities reports.

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　This paper clarifies how depreciation changed in companies to which executives were dispatched by the Industrial Bank of Japan（IBJ） in the early 1930s. Newspapers and magazines confirm that IBJ dispatched executives to 14 non-Zaibatsu companies such as railway and electric power companies. As a result, at the dispatched companies,（1） continuous depreciation was observed;（2） depreciation amount and depreciation rate increased;（3） a large amount of depreciation was recorded; and（4） the scope of depreciation was expanded. This change in depreciation in the dispatched companies was due to（1） promotion of depreciation owing to the existence of creditors, and（2） change in recognition of depreciation.

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　We investigate the relationship between the incremental information in the public accounting financial statements based on the uniform accounting standards introduced to local governments in Japan and the municipal bond spread. Our results show that incremental information on liabilities（e.g., reserves for retirement benefits） has a significant relationship with municipal bond interest rates, suggesting the possibility of the decision-making usefulness of public accounting financial statements for the municipal bond market. This study contributes to clarifying the significance of the introduction of full-accrual accounting standards to local governments.

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　In this study, we analyzed the relationship between the level of performance management accounting（MA） practices and the level of ROS and control of ROS in SMEs. As a result of the analysis, we were able to confirm a trend suggesting that the implementation of MA in SMEs is associated with the achievement of high ROS, but the results were not statistically significant. Also, there was no statistically significant difference in the tendency for SMEs to control ROS by engaging in MA. The results of the additional stratified analysis suggest that the relationship between the degree of implementation of MA and the ROS varies depending on the size of the organization.

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