Organization
Undergraduate School School of Commerce Professor
Title
Professor
External link
NARA SAORI
Degree
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博士（経営学） ( 2012.3 筑波大学大学院 )
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MBA in Finance ( 2006.3 Hitotsubashi University Business School )
Research Interests
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Disclosure
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Management forecast
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Disclosure
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Corporate valuation
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Analyst forecast
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Analyst
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企業価値評価
Research Areas
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Humanities & social sciences / Accounting / 会計学(Accounting)
Education
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University of Tsukuba Graduate School of Business Sciences Systems Management and Business Law
2009.4 - 2012.3
Country/Region： Japan
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Hitotsubashi University Business School International Corporate Strategy Financial Strategy
2004.4 - 2006.3
Country/Region： Japan
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Rikkyo University College of Economics Economics
1997.4 - 2001.3
Country/Region： Japan
Research History
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Meiji University School of Commerce Professor Professor
2021.4
Country/Region：Japan
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Meiji University School of Commerce Associate Professor Associate Professor
2016.4 - 2021.3
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Meiji University School of Commerce Lecturer Assistant Professor
2013.4 - 2016.3
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Tokyo Institute of Technology Graduate School of Decision Science and Technology Assistant Professor Assistant Professor
2012.5 - 2013.3
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University of Tsukuba Faculty of Business Science Researher Postdoc Postdoctoral Fellow
2012.4
Professional Memberships
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日本音楽学会
2025.4
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The American Accounting Association
2014.6
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Japan Finance Association
2012.10
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Japan Accounting Association
2012.9
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The Japanese Association for Research in Disclosure
2011.5
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Nippon Finance Association
2009.5
Committee Memberships
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経済産業省 企業情報開示のあり方に関する懇談会 委員
2024.5 - 2024.6
Committee type：Government
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日本証券アナリスト協会 試験委員会 委員
2021.11 - 2025.10
Committee type：Academic society
Papers
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Role and challenges of integrated reports in corporate disclosure in Japan Invited
Saori Nara
Securities Analyst Journal (Japan) 63 ( 2 ) 46 - 55 2025.2
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Corporate disclosure and analysts Invited
Saori Nara
Disclosure & IR 29 124 - 132 2024.5
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The association between outside directors and the properties of management forecasts Invited
Saori Nara
KAIKEI(ACCOUNTING) 203 ( 5 ) 69 - 80 2023.5
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Disclosure of Key Audit Matters and Analyst Forecasts Invited
Saori Nara
KAIKEI(ACCOUNTING) 202 ( 5 ) 54 - 66 2022.11
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Effect and Challenges of New Disclosure －Based on the results of academic research－ Invited
Saori Nara
Disclosure & IR 22 103 - 110 2022.8
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Management Forecast Accuracy and Goodwill Impairment Reviewed
Saori Nara, Mikiharu Noma
Meidai Shogaku Ronso 104 ( 1 ) 81 - 93 2022.1
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The percentage of outside directors and corporate disclosure Reviewed
Saori Nara
Securities Analyst Journal (Japan) 59 ( 12 ) 109 - 119 2021.12
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Intangible Assets and Analyst Invited
Saori Nara
KAIKEI(ACCOUNTING) 200 ( 5 ) 69 - 82 2021.11
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The Impact of Management Approach on Analyst Forecasts Invited
Saori Nara
KAIKEI(ACCOUNTING) 198 ( 4 ) 41 - 55 2020.10
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The Effects of Integrated Report on Analyst Research Activities Invited
Saori Nara
Disclosure & IR 13 107 - 118 2020.5
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The Effects of Analyst Forecast Dispersion on Analyst Coverage and Value Relevance of Analyst Forecasts Reviewed
Saori Nara, Mikiharu Noma
Meidai Shogaku Ronso 102 ( 4 ) 27 - 44 2020.3
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The Effects of IFRS Adoption on Management and Analyst Forecasts – First-Time Adoption and Subsequent Changes Invited
Saori Nara
KAIKEI(ACCOUNTING) 196 ( 6 ) 70 - 83 2019.12
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The Effect of Bank Loan Dependence on Management and Analyst Forecasts Reviewed
Saori Nara, Mikiharu Noma
The Japanese Accounting Review 9 1 - 29 2019.3
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Forecast Accuracy and Value Relevance by Firm Size: A Comparison of Management and Analyst Forecasts Reviewed
Saori Nara, Mikiharu Noma
Meidai Shogaku Ronso 100 ( 1 ) 69 - 95 2017.12
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Firm Maturity and Management Forecasts Reviewed
Saori Nara
Meidai Shogaku Ronso 97 ( 2 ) 173 - 187 2015.2
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The Effects of Management Forecast Announcements on Analyst Consensus: From the Aspect of Firm Size Reviewed
Saori Nara, Mikiharu Noma
Japan Journal of Finance 34 ( 1・2 ) 2 - 19 2014.12
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Are Japanese Acquisitions Efficient Investments? Reviewed
Kotaro Inoue, Saori Nara, TakashiYamasaki
RIETI discussion papers 13-E-085 2013.10
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Forecast Precision and Value Relevance between QUICK and IFIS Forecast Reviewed
Saori Nara, Mikiharu Noma
Meidai Shogaku Ronso 96 ( 1 ) 11 - 25 2013.10
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Does Analyst Add Value after Management Forecast Revisions? Reviewed
Saori Nara, Mikiharu Noma
51 ( 8 ) 88-98 2013.8
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Does Analyst Coverage Affect Value Relevance of Analyst Forecasts? Invited
Saori Nara, Mikiharu Noma
KAIKEI(ACCOUNTING) 184 ( 2 ) 234 - 247 2013.8
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Are Japanese Companies Really Good at Cross-border M&A?
Kotaro Inoue, Saori Nara, TakashiYamasaki
60 ( 4 ) 100 - 116 2013.3
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Causes and Consequences of Non-disclosure of Managenent Forecasts Reviewed
Saori Nara, Mikiharu Noma
51 ( 2 ) 72 - 81 2013.2
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The Value Effect and Management Forecast Revision Reviewed
Saori Nara, Mikiharu Noma
32 ( 1・2 ) 40 - 54 2012.12
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Management Forecasts of Excellent Disclosure Firm: An Analysis of Management Forecasts Error and Revision Reviewed
Saori Nara, Mikiharu Noma
11 15 - 35 2011.5
Books
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Business Analysis and Valuation 2nd edition
Saori Nara（ Role： Sole author）
CHUOKEIZAI-SHA, INC. 2026.3
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Empirical Analysis of Earnings Forecasts – Focusing on Corporate Behavior and Analysts
Saori Nara, Mikiharu Noma（ Role： Joint author）
CHUOKEIZAI-SHA 2024.3
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The Handbook of Sustainability Disclosure
（ Role： Joint author）
Nikkei BP 2023.7
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Theories and Practices of Corporate Valuation
Suzuki, K. and Tanaka, W. (Eds.) Nara, S. et al.（ Role： Joint authorCh. 13, Ch.7(4-5)）
Nikkei Business Publications, Inc. 2021.12
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Business Analysis and Valuation
Saori Nara（ Role： Sole author）
CHUOKEIZAI-SHA 2019.4
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Persuit of Alpha - New Strategy of Asset Management
（ Role： Joint authorChapter 9 Cost of Capital and EVA）
2003.10
MISC
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How should the earnings forecast be disclosed? -Search for hints from cases and research Invited
KIGYO KAIKEI (Accounting) 73 ( 2 ) 51 - 56 2021.1
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Does Non-disclosure of Earnings Forecasts and Quarterly Earnings Correct Short Termism? Invited
Saori Nara
KIGYO KAIKEI (Accounting) 71 ( 8 ) 6 - 7 2019.7
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Does Integrated Reporting Increase Corporate Value? Invited
Saori Nara
KIGYO KAIKEI (Accounting) 71 ( 7 ) 6 - 7 2019.6
Presentations
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Music publishing of the 19th century and Beethoven - Through a catalogue analysis of C. F. Whistling's printed scores
Saori Nara
The 76th Annual Meeting of Musicological Society of Japan, Sapporo Otani University, Sapporo 2025.11
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Effect and Challenges of New Disclosure
Saori Nara
The Accounting and Economic Association of Japan, 39th Annual Meeting 2022.6 Osaka University (online)
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経営者予想とのれん計上における予測能力
奈良沙織,野間幹晴
日本会計研究学会，第79回大会 2020.9 北海道大学・北星学園大学
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経営者予想とのれん計上における予測能力
奈良沙織,野間幹晴
日本経済会計学会，第37回年次大会 2020.7 早稲田大学
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Forecast Accuracy and Value Relevance by Firm Size - A Comparison of Management and Analyst Forecasts International conference
Saori Nara, Mikiharu Noma
American Accounting Association Annual Meeting 2016 2016.8
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Forecast Accuracy and Value Relevance by Firm Size - A Comparison of Management and Analyst Forecasts International conference
Saori Nara, Mikiharu Noma
28th Australasian Finance and Banking Conference 2015 2015.12
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The Effect of Bank Loan Dependence on Management and Analyst Forecasts International conference
Saori Nara, Mikiharu Noma
American Accounting Association Annual Meeting 2014 2014.8
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Are Japanese Acquisitions Efficient Investments?
Inoue Kotaro, Yamasaki Takashi
2013.6
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アナリスト予想の予想誤差と価値関連性－アナリスト数の観点から
奈良沙織,野間幹晴
日本会計研究学会，第71回大会 2012.9
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企業規模を考慮した経営者予想の修正がアナリスト予想の修正に与える影響
奈良沙織,野間幹晴
日本ファイナンス学会，第20回大会 2012.5
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企業規模による予想利益の精度と価値関連性－経営者予想とアナリスト予想を中心に－
奈良沙織,野間幹晴
日本ディスクロージャー研究学会，第5回現代ディスクロージャー研究カンファレンス 2012.1
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アナリスト予測とバリュー・小型株効果
奈良沙織,野間幹晴
日本経営財務学会，第30回全国大会 2006.9
Awards
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第31回 連合駿台会学術賞
2025.12 連合駿台会
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第52回日本公認会計士協会学術賞
2025.4 日本公認会計士協会
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M&A Forum Award 『RECOF Award』
2022.9 M&A Forum
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Securities Analysts Journal Prizes (2013)
2014.5
Research Projects
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企業のディスクロージャーと資本市場
2023.4 - 2027.3
科研費 基盤研究 (C)
Authorship：Principal investigator
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投資家との対話における株式アナリストの役割と可能性
2016.4 - 2019.3
科研費 若手研究（B）
Authorship：Principal investigator
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CFOのパーソナリティと企業の投資・財務戦略-国際的アンケート調査から-
2013.4 - 2017.3
科研費 基盤研究 (B)
Authorship：Coinvestigator(s)
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ガバナンスの差異が業績予想情報に与える影響
2013.4 - 2016.3
科研費 若手研究 (B)
Authorship：Principal investigator
Teaching Experience
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企業評価論特論
2021.4 Institution：明治大学大学院商学研究科
Level：Postgraduate
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会計・バリュエーションの基礎
2020.4 - 2023.9 Institution：一橋大学大学院経営管理研究科（一橋ビジネススクール）
Level：Postgraduate
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企業評価論
2013.4 Institution：明治大学商学部
Level：Undergraduate (specialized)
Social Activities
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FUJIKYU CORPORATION, Outside Director (2021.9-2023.9Outside Director (Audit and Supervisory Committee Member))
2020.9 - 2024.3