Researcher Profile and Settings

Affiliation

• ＜Faculty / Graduate School / Others＞

  Graduate School of Business Administration / Division of Business Administration

• ＜Related Faculty / Graduate School / Others＞

  School of Business Administration / Department of Business Administration, Center for Mathematical and Data Sciences

Teaching

• School of Business Administration, 2022, Seminar

  Link to Kobe Univ. syllabus
• School of Business Administration, 2022, Fundamentals of Accounting

  Link to Kobe Univ. syllabus
• School of Business Administration, 2022, Commercial Bookkeeping I

  Link to Kobe Univ. syllabus
• School of Business Administration, 2022, Seminar
• School of Business Administration, 2022, Commercial Bookkeeping Ⅱ

  Link to Kobe Univ. syllabus
• School of Business Administration, 2022, Readings in Foreign Books

  Link to Kobe Univ. syllabus
• Graduate School of Business Administration, 2022, Financial Accounting Theory(Accounting Information)

  Link to Kobe Univ. syllabus
• Graduate School of Business Administration, 2022, Seminar

  Link to Kobe Univ. syllabus

Research Activities

Research Interests

• Accounting

Research Areas

• Humanities & social sciences / Accounting

Published Papers

• Short-Termism, Excessive Executive Compensation, and the Discounting Traits of Managers - by Using fMRI Experiment

  Hidetoshi Yamaji, Masatoshi Gotoh, Yoshinori Yamakawa

  Corresponding, Horizon Research Publishing Co., Ltd., Mar. 2020, Universal Journal of Accounting and Finance, 8 (1), 1 - 20, English

  [Refereed]

  Scientific journal

• Experimental Analysis of Corporate Wage Negotiations Based on the Ultimatum Game: A New Approach Using a Combination of Laboratory and fMRI Experiments

  YAMAJI Hidetoshi, GOTOH Masatoshi, YAMAKAWA Yoshinori

  Workers who have limited wealth are also at a disadvantage in terms of income distribution. In accounting this brings to mind the way in which managers may limit wages by manipulating accounting information when negotiating with workers. While researchers have investigated whether or not managers manipulate information to keep workers’ wages low, they have rarely been able to p

  Springer, Feb. 2019, Computational Economics, 53 (2), 873 - 900, English

  [Refereed]

  Scientific journal

• 脳の中の「見えざる手」-fMRI実験を利用して-

  YAMAJI Hidetoshi, GOTOH Masatoshi, YAMAKAWA Yoshinori

  THE KEIZAI-KEIEI GAKKAI, KOBE UNIVERSITY, Jul. 2018, JOURNAL OF ECONOMICS & BUSINESS ADMINISTRATION, 218 (1), 1 - 14, Japanese

  Scientific journal

  Link to Kobe Univ. Repository (Kernel)
• Additional Information Increases Uncertainty in the Securities Market: Using both Laboratory and fMRI Experiments

  Hidetoshi Yamaji, Masatoshi Gotoh, Yoshinori Yamakawa

  The paper first tries to replicate experiments by Huber (J Econ Dyn Control 31:2536-2572, 2007) and Huber et al. (J Econ Behav Org 65:86-104, 2008), which show that in double auction markets with uneven information distribution that is common knowledge, returns are a J-shaped function of the information known by different investors. Huber proposed the pattern of future earnings as the reason of J-shaped function. But our paper secondly asserts the psychological state of personal investor as the reason. It also asserts that the psychological state of personal investor often destroys efficient market. Functional magnetic resonance imaging scans of subjects in a simple game indicate that subjects with medium amounts of information use different brain areas. The paper argues that these patterns are consistent with medium-informed investors using Matching Law strategy rather than the maximizing strategy of the least and best informed investors. The paper motivates an accounting connection by remarking that financial statement disclosure is mandated in most developed stock markets.

  SPRINGER, Oct. 2016, COMPUTATIONAL ECONOMICS, 48 (3), 425 - 451, English

  [Refereed]

  Scientific journal

• 企業の分配問題に最後通牒ゲームを用いた分析―実験技法を用いて

  HIOKI Koichi, GOTOH Masatoshi, YAMAJI Hidetoshi

  勁草書房, Oct. 2015, 清水和巳・磯辺剛彦編著『社会関係資本の機能と創出：効率的な組織と社会』, 27 - 44, Japanese

  Scientific journal

• IFRS導入時の経営者の公正価値評価に関する脳実験研究－時間割引・社会割引の観点から－

  YAMAJI Hidetoshi, GOTOH Masatoshi, YAMAKAWA Yoshinori

  神戸大学経済経営学会, Aug. 2014, 国民経済雑誌, 210 (2), 1 - 23, Japanese

  Scientific journal

• Implied cost of capital over the last 20 years

  KITAGAWA Norio, GOTOH Masatoshi

  The purpose of this paper is to estimate an alternative implied cost of capital, as inferred from a valuation model, and to attempt to compare its validity. We compare the following major five models: 1) a model proposed by Gebhardt et al. (2001); 2) a model suggested by Ohlson and Juettner-Nauroth (2005); 3) an expected earnings to price ratio (EP ratio); 4) a PEG ratio; and 5) a modifi ed PEG ratio (the last two being proposed by Easton (2004)). For the criteria of valuation in this study, we focused on the following two points: first, a significant correlation with the risk factors consistent with the expected signs and, second, that the coefficients have the expected sign and that the adjusted R-square is high in the multivariate models that regress the cost of capital on the risk factors. As a result, we conclude that the PEG and modified PEG ratios are superior to other models. Furthermore, we suggest that the correlation between the cost of capital and the risk factors varies, depending on the periods. Although Gode and Mohanram (2003) pointed out that the difference in the cost of capital by industry is important, this study shows that the diff erence in the time series of the cost of capital is more important in Japan.

  Research Institute for Economics & Business Administration - Kobe University, Dec. 2011, The Japanese Accounting Review, 1 (2011), 71 - 104, English

  [Refereed]

  Scientific journal

• The effect of non-financial risk information on the evaluation of implied cost of capitals

  KITAGAWA Norio, GOTOH Masatoshi, KIM Hyonok

  Jan. 2011, 神戸大学大学院経営学研究科ディスカッション・ペーパー, (2011・6), 1 - 34, English

  Scientific journal

  Link to Kobe Univ. Repository (Kernel)
• Implied cost of capital over the last 20 years

  KITAGAWA Norio, GOTOH Masatoshi

  Dec. 2010, 神戸大学大学院経営学研究科ディスカッション・ペーパー, (2010・65), 1 - 45, English

  Scientific journal

  Link to Kobe Univ. Repository (Kernel)
• 資本コストの推計

  KITAGAWA Norio, GOTOH Masatoshi

  Jun. 2010, 企業価値評価の実証分析−モデルと会計情報の有用性検証, 407 - 442, Japanese

  Scientific journal

• Cognitive Bias in the Laboratory Security Market

  YAMAJI Hidetoshi, GOTOH Masatoshi

  Corresponding, Feb. 2010, Computational Economics, 35 (2), 101 - 126, English

  [Refereed]

  Scientific journal

• 情報が増えると投資家は不安になるか

  YAMAJI Hidetoshi, GOTOH Masatoshi

  森山書店, May 2009, 會計, 第175巻第5号,pp. 722～735 (5), 722 - 735, Japanese

  Scientific journal

• 擦り合わせ的もの造り、談合そして利害調整型会計

  YAMAJI Hidetoshi, GOTOH Masatoshi

  Mar. 2009, 日本のもの造り組織指向の会計と国際会計, 研究叢書70号,75-96頁, Japanese

  Scientific journal

• 業績の影響をコントロールした裁量的発生高の有効性に関する検証

  KITAGAWA Norio, GOTOH Masatoshi

  Kobe University, Feb. 2009, 国民経済雑誌, 199 (2), 53 - 88, Japanese

  Scientific journal

• 業績の影響をコントロールした裁量的発生高の有効性に関する検証―Kothari, Leone, and Wasley(2005)の追加検証―

  KITAGAWA Norio, GOTOH Masatoshi

  神戸大学大学院経営学研究科, Sep. 2008, 神戸大学大学院経営学研究科ディスカッション・ペーパー, 2008 (第2008・47), Japanese

  Scientific journal

  Link to Kobe Univ. Repository (Kernel)
• 証券市場における情報量と取引報酬の関係

  GOTOH Masatoshi, YAMAJI Hidetoshi

  Aug. 2006, 会計, 170 (2), 15 - 24, Japanese

  Scientific journal

• コーポレート・ガバナンスの実験的分析

  GOTOH Masatoshi, YAMAJI Hidetoshi

  白桃書房, Sep. 2005, 組織科学, 39 (1), 36 - 46, Japanese

  Scientific journal

• 収支計算(会計学)と最大化計算(経済学)

  GOTOH Masatoshi, YAMAJI Hidetoshi

  Nov. 2004, 会計, 166 (5), 27 - 38, Japanese

  Scientific journal

• 効率的市場仮説に基づく証券規制の功罪

  GOTOH Masatoshi, YAMAJI Hidetoshi

  Mar. 2003, アメリカ不正会計とその分析, 107 - 132, Japanese

  Scientific journal

• 企業内のエイジェンシー関係と会計情報

  GOTOH Masatoshi, OTOGAWA Kazuhisa, YAMAJI Hidetoshi

  Feb. 2002, マクロ会計政策の評価, 研究叢書58号,155-192頁, Japanese

  Scientific journal

• Management Forecasts of Accounting Numbers in Japan and Daily Stock Returns Behavior

  GOTOH Masatoshi

  Dec. 1999, The Japanese Style of Business Accounting, Quorum, in Shyam Sunder and Hidetoshi Yamaji (eds.),, 119 - 136, English

  Scientific journal

MISC

• インプライド資本コストの研究

  KITAGAWA Norio, GOTOH Masatoshi

  2008, 日本会計研究学会特別委員会最終報告書, 2008, Japanese

  Others

• 証券市場における情報量と取引報酬の関係

  後藤 雅敏, 山地 秀俊

  森山書店, Aug. 2006, 會計, 170 (2), 163 - 172, Japanese

• Review of Researches about Reversions of Pension Assets in U.S.( Internationalization of Business and Financial)

  Gotoh Masatoshi

  Kobe University, Jul. 1998, Journal of economics and business administration, 178 (1), 85 - 98, Japanese

• The Usefulness of Accounting Information in Predicting Industrial Bond Ratings

  Gotoh Masatoshi

  Kobe University, Jun. 1998, Journal of economics and business administration, 177 (6), 79 - 93, Japanese

• An Emprical Research on Management Forecasts : Review and Synthesis

  Gotoh Masatoshi

  Kobe University, Jun. 1996, Journal of economics and business administration, 173 (6), 69 - 82, Japanese

• Research with Respect to Management Earnings Forecasts (TAKADA Commemorative Issue)

  Gotoh Masatoshi

  Kobe University, Nov. 1994, Journal of economics and business administration, 170 (5), 111 - 127, Japanese

• Unexpected Earnings as an Explanatory Variable for Returns

  Gotoh Masatoshi

  Kobe University, Aug. 1994, Journal of economics and business administration, 170 (2), 91 - 102, Japanese

Books etc

• アメリカ不正会計とその分析(山地秀俊編著)

  SHIMIZU Yasuhiro, 山地 秀俊, 徳賀 芳弘, 一ノ宮 士郎, 吉原 英樹, 後藤 雅敏, 松本 祥尚, 八田 進二

  Joint work, 神戸大学経済経営研究所研究叢書, Feb. 2004, Japanese

  Scholarly book

• 会計と予測情報

  GOTO Masatoshi

  Single work, 中央経済社, Jun. 1997, Japanese

  Scholarly book

Presentations

• Additional Information Increases Uncertainty in The Securities Market- Using Both Laboratory and fMRI Experiments

  YAMAJI Hidetoshi, GOTOH Masatoshi, YAMAKAWA Yoshinori

  American Accounting Association Annual Meeting, Aug. 2013, English, American Accounting Association, San Fransisco, International conference

  Oral presentation

• Additional information increases uncertainty in the securities market- using both laboratory and fMRI experiments

  YAMAJI Hidetoshi, GOTOH Masatoshi, YAMAKAWA Yoshinori

  The Seventh Asia Pacific Interdisciplinary Research in Accounting (APIRA) Conference, Jul. 2013, English, 神戸大学, 神戸コンベンションセンター, International conference

  Oral presentation

• Additional information increases uncertainty in the securities market -using both laboratory and fMRI experiments

  GOTO Masatoshi, Hidetoshi Yamaji, Yoshinori Yamakawa

  American Accounting Association Annual Meeting 2013, Jul. 2013, English, Anaheim, International conference

  Oral presentation

• 企業の分配問題の最後通牒ゲームを基礎とした分析-ラボ実験およびfMRI実験を用いて-

  YAMAJI Hidetoshi, GOTOH Masatoshi

  特定領域研究(実験社会科学)研究会(RIEBセミナー/実験経済学研究部会共催), Jan. 2013, Japanese, 神戸大学経済経営研究所, 神戸大学, Domestic conference

  Oral presentation

• 情報が増えると投資家は不安になるか

  GOTOH Masatoshi, YAMAJI Hidetoshi

  日本会計研究学会第67 回大会, Sep. 2008, Japanese, 日本会計研究学会, 立教大学, Domestic conference

  Oral presentation

• 業績の影響をコントロールした裁量的発生高の有効性に関する検証―Kothari, Leone, and Wasley(2005)の追加検証―

  後藤 雅敏, 北川 教央

  日本会計研究学会全国大会, Sep. 2008, Japanese, 日本会計研究学会, 立教大学, Domestic conference

  Oral presentation

• 業績の影響をコントロールした裁量的発生高の有効性に関する検証?Kothari, Leone, and Wasley(2005)の追加検証?

  GOTO Masatoshi, KITAGAWA NORIO

  日本会計研究学会全国大会, Sep. 2008, Japanese, 日本会計研究学会, 立教大学, Domestic conference

  Oral presentation

• 会計情報を活用した企業評価に関する総合的研究（最終報告）

  桜井 久勝, 石川 博行, 音川 和久, 大日方 隆, 児島 幸治, 後藤 雅敏, 桜井 貴憲, 須田 一幸, 髙田 知実, 土田 俊也, 中野 誠, 八重 倉孝, 與三野 禎倫, 若林 久美, 北川 教央, 村宮 克彦

  日本会計研究学会第67回大会, Sep. 2008, Japanese, 日本会計研究学会, 立教大学, Domestic conference

  Oral presentation

• 会計情報を活用した企業評価に関する総合的研究（中間報告）

  桜井 久勝, 石川 博行, 音川 和久, 大日方 隆, 児島 幸治, 後藤 雅敏, 桜井 貴憲, 須田 一幸, 髙田 知実, 土田 俊也, 中野 誠, 八重 倉孝, 與三野 禎倫, 若林 久美, 北川 教央, 村宮 克彦

  日本会計研究学会第66回大会, Sep. 2007, Japanese, 日本会計研究学会, 松山大学, Domestic conference

  Oral presentation

Association Memberships

• 日本シミュレーション＆ゲーミング学会

• 日本会計研究学会

Research Projects

• 短期主義・過度な経営者報酬問題への脳実験アプローチ―割引実験を中心に―

  山地 秀俊

  学術研究助成基金助成金／基盤研究(C), Apr. 2018 - Mar. 2021

  Competitive research funding

• 企業の会計利益操作と賃金交渉に関する脳実験研究

  山地 秀俊

  学術研究助成基金助成金／基盤研究(C), Apr. 2015 - Mar. 2018

  Competitive research funding

• ある会計情報を見たとき、脳の中で不安を感じる部分は反応するか？

  後藤 雅敏

  科学研究費補助金／基盤研究(C), 2010, Principal investigator

  Competitive research funding

• 会計情報の経済的実質主義に関する理論的・実証的研究

  古賀 智敏

  科学研究費補助金／基盤研究(B), 2009

  Competitive research funding

• 組織構造の分析と設計

  下村 研一

  科学研究費補助金／特定領域研究, 2008

  Competitive research funding

• 会計情報の理解可能性に関する実証・実験研究

  後藤 雅敏

  科学研究費補助金／基盤研究(B), 2006, Principal investigator

  Competitive research funding