An experimental investigation of reputation effects of disclosure in an investment/trust game

This paper Examines experimentally the reputation building role of disclosure in an investment/trust game. It provides experimental evidence in support of sequential equilibrium behavior in a finitely repeated investment/trust game where information asymmetry raises the possibility of voluntary disclosure. I define two regimes, namely disclosure regime and no-disclosure regime and it is only in the disclosure regime that such disclosure of private information is a possibility. I compare investment levels across two regimes and find the startling result that investment is lower in disclosure regime. I find that this lower investment is attributable to the fact that the prior probability with which an investor in the disclosure regime believes that a manager is trustworthy is significantly lower than the prior probability with which an investor in the no-disclosure regime believes that a manager is trustworthy. I introduce a two-stage experimental design to homogenize prior beliefs about managers' trustworthiness and find that after such homogenization, investment is higher in disclosure. © 2013 Elsevier B.V

Turkish transparency and disclosure survey 2007: pace of improvement has slowed

The report summarizes the results of the third phase of public disclosure survey of Turkish companies. The study looks at the disclosure practices of 52 companies which are constituencies of S&P/IFC Global-Turkey and ISE-60, compares it with the previous years' results. The conclusion is that the pace of improvement in the disclosure practices of Turkish companies has slowed down with marginal improvement in the area of financial disclosure and ownership transperancy and moderate improvement in board disclosure

Environmental disclosure practices in national oil and gas corporations and international oil and gas corporations operating in Organization of Arab Petroleum Exporting Countries

This study will examine the differences in environmental disclosure practices between national oil and gas corporations (NOGCs) and International oil and gas corporations (IOGCs) in oil sector in countries Arab petroleum exporting (CAPE). Environmental disclosure is defined as disclose environmental activities identify environmental risks of such activities, and how they are managing these issues. Disclosure shows effects on the environment as a result of accidents that occur in the oil companies. Environmental disclosure refers to how and to what extent firms disseminate information about their environmental activities. This information may be released within the company annual reports, and/or separate sustainability reports. There is a vast amount of research that has been conducted about environmental disclosure, in particularly in developed countries. In contrast to developing countries, there are a few studies undertaken in developing countries. There are also no studies that have examined the difference in disclosure between the developed and developing countries (Ahmad & Gao 2005; Ahmad & Mousa 2011; Al-Tuwaijri, Christensen & Hughes 2004). This study is a comparative study between international and national companies in terms of the quantity of environmental disclosure (QTED) and quality of environmental disclosure (QLED) contained in the annual reports 2008, 2009 and 2010. Content analysis has used in this study by words counts to measure the QTED in the annual reports whereas index environmental disclosure is used to measure the QLED in annual reports. Despite the slight increase in the environmental disclosure practices in national companies, the difference is still significant compared with international companies

PENGARUH CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE TERHADAP NILAI PERUSAHAAN DENGAN KEPEMILIKAN MANAJEMEN SEBAGAI VARIABEL MODERATING(Studi Empiris Pada Perusahaan High Profile Berbasis Sumber Daya Alam Yang Terdaftar Di BEI)

This reseach has title the influence of Corporate Social Responsibility disclosure to firm value with management ownership as the moderating variable. The reseach purpose to know the influence of Corporate Social Responsibility disclosure to firm value and to know management ownership would be get strong relations Corporate Sosial Responsibility disclosure with firm value. Hipotesis of this reseach though Corporate Social Responsibility disclosure can be influence to firm value and management ownership would be get strong relations between Corporate Social Responsibility disclosure with firm value. Sample of this reseach is the high profile company with natural resources of Bursa Efek Indonesia (BEI) listing in 2008. There are 34 company of 68 population fulfilling criterian by using purposive sampling methode. The methode analysis of this research used multiple regression analysis. The result of study show that nothing influence of Corporate Social Responsibility disclosure to firm value. And management ownership wouldn’t be get strong relations between Corporate Socioal Responsibility disclosure with firm value

Indecent Disclosure

Examines shortfalls in states' public reporting requirements on independent expenditures -- spending not coordinated with candidates -- and presents an example of a loophole that hides contributors. Outlines principles of effective disclosure

The Effects of Private Self-Consciousness and Perspective Taking on Satisfaction in Close Relationships.

131 heterosexual student couples, aged 17–32 yrs, 30 of whom were married or engaged answered questions concerning themselves and their relationships. It was predicted that individual differences in private self-consciousness would be positively related to relationship satisfaction because of the greater self-disclosure resulting from that heightened self-attention. It was further predicted that individual differences in perspective taking would foster relationship satisfaction, independent of any influence of self-disclosure. Both expectations were confirmed. Scores on the private self-consciousness scale were predictive of reported self-disclosure, and self-disclosure was predictive of satisfaction in the relationship. Once the influence of self-disclosure was removed, no effect of self-consciousness on satisfaction remained. In contrast, after disclosure was controlled, perspective-taking scores were significantly related to satisfaction and were in fact unrelated to disclosure at all. Findings indicate that 2 personality characteristics having to do with habitual attention to behavioral tendencies, emotions, and motivations significantly enhance the quality of close heterosexual relationships in different ways

Mandating Disclosure in Municipal Securities Issues: Proposed New York Legislation

This article surveys the existing mechanisims (primarily stemming from federal law) resulting in financial disclosure in connection with the offering and sale to the public of securities of New York municipal issuers. It also describes and compares alternative models for regimes of municipal issuer financial disclosure, such as the MFOA Guidelines, the federal Williams Bill and Industrial Bond Act and New York\u27s Disclosure Proposals. The article ultimately concludes that although the isolated purpose of protecting investors in a municipal securities market that is largely national could most effectively be pursued by the imposition of uniform disclosure requirements through federal law, the Disclosure Proposals are not demonstrably inadequate to this purpose, and the intrustion into the affiars of the state and local governments of New York that would accompany the federal law approach makes the enactment of the Disclosure Proposals a more attractive alternative

Costly Disclosures in a Voluntary Disclosure Model with an Opponent

This paper analyzes voluntary disclosure equilibria when the voluntary disclosure model presented inWAGENHOFER (1990) is modified so as to include fixed disclosure costs as used in VERRECCHIA (1983). It turns out that incorporating both disclosure and proprietary costs rules out full disclosure equilibria. Moreover, it yields additional disclosure equilibria that differ significantly from the equilibria in VERRECCHIA (1983) and WAGENHOFER (1990). Thus, in the extended model the firm is provided with additional incentives to withhold its private information from the public.Voluntary disclosure;disclosure costs;proprietary costs

The Determinants and Outcomes of Forward-Looking Disclosure Evidence from Companies listed in Indonesia

The aim of the study was to examine the determinants and outcomes of forward-looking disclosure. The determinants of forward-looking disclosure were solvability, profitability, liquidity, firm size, and sector type. Meanwhile, the outcomes were firm performance and market performance. The population of this research was all companies listed in Indonesia Stock Exchange and published their annual report in the year of 2012-2015. The total samples were 119 companies selected using purposive sampling. The data in this study was analyzed using Multiple regression analysis with SPSS 22. The result of this study demonstrated that profitability, firm size, and sector type positively affected on forward-looking disclosure. Meanwhile, leverage and liquidity negatively affected on forward-looking disclosure. However, there were no influence between forward-looking disclosure to firm performance. The limitation in this study is only focused on financial aspect of the companies. There are non-financial aspects can be used as proxies of firm characteristics and the outcomes of forward-looking disclosure

Disclosure and Cross-listing: Evidence from Asia-Pacific Firms

Purpose – The purpose of this paper is to examine whether both country disclosure environment and firm-level disclosures are associated with cross-listing in the USA or London or otherwise. Design/methodology/approach – The authors test the association using a sample of Asia-Pacific firms covered in the Standard and Poor\u27s, 2001/2002 disclosure survey, capturing the country-level disclosure using the Center for International Financial Analysis and Research (CIFAR) score. The firm-level disclosure is measured using the S&P disclosure score. The authors conduct a logistic regression analysis and a two-stage least squares analysis to examine whether the outcome, cross-listing or not, is associated with the country disclosure environment and firm-level disclosures. Findings – The authors find that Asia-Pacific firms from weak disclosure environments and having higher firm-level disclosure scores are more likely to seek listing in the USA. Further, the paper provides initial evidence that these Asia-Pacific firms are as likely to seek listing in London as in the USA. No significant difference was found in S&P scores between US and London cross-listings after controlling for the effects of other variables. This suggests that firms that cross-list in London present similar disclosure levels to firms that cross-list in the USA. Originality/value – The paper\u27s findings contribute to the cross-listing literature on disclosure by showing that the interaction between firm-level disclosure and country-level disclosure has an impact on whether a firm cross-lists in the USA/London or not. The authors\u27 comparison of US cross-listings versus London cross-listings provides the first evidence that disclosures of US and London cross-listings are not significantly different