The Securities Analysts Journal Prize for FY2024 was awarded to the two articles at the 40th Annual Conference of the Securities Analysts Association of Japan (SAAJ), held in Tokyo in October 2025. This prestigious award recognizes the outstanding academic and practical contributions of articles published in the Securities Analysts Journal, a monthly publication by SAAJ.

This time, two articles were selected from among 71 papers published between April 2024 and March 2025. The selection process involved a rigorous three-stage review by the Journal’s Editing Committee, focusing on originality, logical development, and practical relevance.

Award-Winning Articles

An Empirical Analysis of Japanese Firms’ Earnings Management Using Quarterly Earnings
by Hiroki Nawata (Published in May 2024)

This paper uses quarterly earnings to examine earnings management in the fourth quarter to avoid annual loss reporting. The results show that many firms convert from a cumulative loss in the third quarter to a cumulative profit in the fourth quarter. Moreover, such a turnaround is associated with accrual earnings management in the fourth quarter to avoid annual loss reporting. The findings suggest that quarterly earnings can be useful in revealing managements’ discretionary behaviors even after annual earnings have been disclosed.

To read this article, click here.

Business Withdrawal, New Entry and Introduction of Outside Directors in Japanese Manufacturing Industry
by Ryosuke Moriya (Published in July 2024)

This paper examines the relationship between the proportion of outside directors and business withdrawals and new entries in the Japanese manufacturing industry during the 2010s. The results empirically confirmed that firms with a higher proportion of outside directors are more likely to either withdraw from an existing business or enter a new business in the following year. These findings suggest that the presence of outside directors may alleviate the pursuit of a “quiet life” caused by the inward-looking nature of CEOs and self-protective actions by business divisions, thereby promote business withdrawals and the new entries.

To read this article, click here.

These award-winning papers were recognized for their timely themes, clear analysis, and relevance to both academic and professional audiences.

For more information, please visit the SAAJ Journal Prize page.