[in Japanese]

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　Prior studies, using foreign companies as their samples, show that investors pay attention not only to the differences in net assets and net income, but also to the differences in individual accounting standards between local standards and International Financial Reporting Standards （IFRS） in making their investment decisions. However, related studies, using Japanese firms as their samples, fail to investigate the effects of differences in individual accounting standards mainly due to the difficulty in obtaining data. To fulfill the gap, this study specifically examines whether the differences in individual accounting standards between Japanese generally accepted accounting principles（Japanese GAAP） and IFRS have any incremental value relevance to Japanese GAAP accounting figures. The results show that the difference in net assets between Japanese GAAP and IFRS has no incremental value relevance to Japanese GAAP accounting figures; whereas, the difference in net income has negative incremental value relevance to Japanese GAAP accounting figures. The results further reveal that four accounting standards （goodwill, revenue recognition, income taxes, and impairment） have positive incremental value relevance to Japanese GAAP accounting figures.

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　The purpose of this paper is to empirically clarify the impact of the surtax system on gains from the transfer of land on land prices. In 1973, the surtax on the capital gain for sale of lands was introduced to curb the rise in land prices due to speculative land sales and purchases, by imposing a higher than normal tax on gains from land transfers. This paper examines the land holding strategies of listed companies, focusing on gains from land transfers and this surtax system. The purpose of this verification is not only to observe corporate behavior due to the surtax system, but also to point out the existence of implicit taxes, which are discussed in the enforcement of tax incentives, and to clarify the reality of tax-induced increases（decreases） in asset prices. The analysis indicates that companies recorded lower gains on transfers in the period following announcement of the implementation of the surtax system. This result suggests that the implementation of the surtax system may have caused a rush to sell land, i.e. an increase in supply, resulting in the surtax system may have caused a fall in the price of land as an asset.

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　Is the tax incentive system beneficial to the policy's intended beneficiary, or other economic agents? To clarify this issue, this paper examines the impact of Japan's taxation system on housing prices using the first-time homebuyer credit as an example. The concept used here is implicit taxes generated by the purchase of tax-preferred assets. Moreover, the asset price is increased by the amount of the implicit taxes when compared to the case without the preferential taxation system. Based on this concept, the analysis shows that property prices with a preferential taxation system are higher than those without. The estimated implicit taxes amount accounts for a large portion of the maximum amount of special tax credits available to homebuyers, implying that the program’s benefits are likely to accrue to home sellers rather than homebuyers. This is an important finding that should be considered when discussing housing taxation in the future.

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　Empirical studies have shown that as demand uncertainty increases, firms' cost structures tend to become more rigid. However, these studies analyzed firms facing different uncertainties together. Therefore, it is not ruled out the possibility that groups with extreme uncertainties influenced the results. In this study, we examine the relationship between uncertainty characteristics and cost structure by using the classification of firm life cycle. The results revealed that the introduction and decline stages, where the risk of demand upside is higher, show a more rigid cost structure with higher demand uncertainty. These results suggest that the results of the previous study's analysis may have been influenced by an extreme minority of groups.

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　Empirical studies have shown that as demand uncertainty increases, firms' cost structures tend to become more rigid. However, these studies analyzed firms facing different uncertainties together. Therefore, it is not ruled out the possibility that groups with extreme uncertainties influenced the results. In this study, we examine the relationship between uncertainty characteristics and cost structure by using the classification of firm life cycle. The results revealed that the introduction and decline stages, where the risk of demand upside is higher, show a more rigid cost structure with higher demand uncertainty. These results suggest that the results of the previous study's analysis may have been influenced by an extreme minority of groups.

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　This paper aims to clarify the impact of the Great Kanto Earthquake in pre-war Japan on the accounting behaviour of companies. Prior research dealing with the relationship between the Great Kanto Earthquake and accounting in pre-war Japan has been limited to the individual company level, and the overall reality has not been clarified. Based on 272 business reports issued by 22 companies （in the machinery industry） between 1921 and 1928 held at the Japan Digital Archives Center, we investigated whether companies disclosed items concerning depreciation expenses in their business reports, and whether depreciation rates changed before and after the earthquake. The results showed that the level of disclosure of depreciation expenses declined after the earthquake. This suggests that the external shock of the earthquake had a certain impact on the accounting behaviour of several companies in terms of depreciation.

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