Since its establishment in 1992, NTT DoCoMo had accomplished rapid growth by developing innovative strategies and meeting consumer demands. However, the population-based penetration rate of Japanese wireless phones now exceeds 70%, and the market is approaching saturation. Tariff reduction...

This paper examines the properties of accounting numbers using a real investment framework that predicts asymmetric timeliness of both investment and its outcomes (i.e. sales, earnings and operating cash flows) even in the absence of conservative accounting. In particular, I predict and find...