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

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

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

HOW TRANSPARENT ARE COMPANIES LISTED ON THE BUCHAREST STOCKEXCHANGE WHEN DISCLOSE THEM CONSOLIDATED FINANCIAL STATEMENTS?

The main objective of this paper is to examine the level of disclosure regarding theconsolidated financial statements in the case of Romanian listed companies. In order to measurethis, a multiple index was used that quantifies the level of dislosure a company has achieved. Themain conclusion, in accordance with our hypotheses is that the disclosure index is higher in thecase of first category of listed entities comparing with the second and third category.consolidated financial statements, IFRS, harmonization, disclosure

Banking Fragility and Disclosure: International Evidence

Motivated by recent public policy debates on the role of market discipline in banking stability, I examine the impact of greater bank disclosure in mitigating the likelihood of systemic banking crisis. In a cross sectional study of banking systems across 49 countries in the 90s, I find that banking crises are less likely in countries with financial reporting regimes characterized by (i) comprehensive disclosure (ii) informative disclosure, (iii) timely disclosure and (iv) more stringent auditing.http://deepblue.lib.umich.edu/bitstream/2027.42/40134/3/wp748.pd

Web-Based Corporate Environmental Reporting in Nigeria: A Study of Listed Companies

This paper basically examined the utilization of the Internet for communicating corporate environmental information by listed financial and non-financial companies in Nigeria. The sample for the study consists of 30 firms listed on the Nigerian stock exchange. While the content analysis technique was used as a basis for eliciting data from the corporate websites of the selected firms, the student t-test statistics was used to find out whether there is a significant difference in the level of web-based corporate environmental disclosure between financial and non-financial firms in Nigeria. In addition, the linear regression method of data analysis was employed to investigate whether there is a relationship between the financial performance of firms and the level of corporate environmental disclosures of the selected listed firms in Nigeria. The paper as part of its findings observed that there is no significant difference in the level of web-based corporate environmental disclosure between listed financial and non-financial firms in the Nigeria stock exchang

Negativity Bias in Investors’ Reactions to Board of Directors’ Risk Oversight Disclosure

This study investigates how disclosure of the board of directors’ leadership and role in risk oversight (BODs oversight disclosure) influences investors’ judgments when information on risk exposures is disclosed. The theoretical lens through which we examine this issue involves negativity bias. Sixty-two stock market investors who engage in the evaluation and/or investment of stocks on a regular or professional basis participated in our study. Our results reveal that the addition of BODs oversight disclosure (positive information) does not carry significant weight on investor judgments (i.e., attractiveness and investment) when financial statement disclosures indicate a high level of operational and financial risk exposures (negative information). In contrast, under the condition of a low level of risk exposures, BODs oversight disclosure causes investors to assess higher risk in terms of worry, catastrophic potentials and unfamiliarity about risk information and, in turn, make less favorable investor judgments. Our findings add to the literature on negativity bias and contribute to the debate on the usefulness of disclosures about risk

ASPECTS REGARDING CORPORATE MANDATORY AND VOLUNTARY DISCLOSURE

The paper highlights theoretical aspects regarding corporate mandatory and voluntary disclosure. Since financial and business reporting are important information sources for different stakeholders, especially for publicly traded companies, the business reporting is increasingly oriented to the need of different users. In order to make rational investment decisions, users of corporate annual and interim reports require an extensive range of information. The increasing needs of the users persuade different international bodies and researchers to investigate the improvements that can be done in business reporting. The results of those studies usually were different reporting models. Because voluntary dimension of corporate disclosure involve the manifestation of free choice of the firm and its managers, we have considered as necessary to achieve a theoretical analysis of the main costs and profits of the voluntary disclosure policy.corporate disclosure, financial reporting, mandatory and voluntary disclosure

Impact of corporate social responsibility disclosures on financial performance

The purpose of this study is to explore the impact of corporate social responsibility (CSR) disclosure on the financial performance of industrial companies operating in Australia. The study adopts a quantitative methodological approach. Using a statistical analysis technique, the study makes use of regression analysis to explore the relation between the independent variable (number of CSR achievements) and the dependent variable (average share price). The number of CSR achievements was extracted from annual reports using content analysis. The average share price was taken from the annual reports. The total sample is 10 industrial companies listed in Australian Stock Exchange (ASX), and the sample comprises 50 annual reports. The result of the analysis shows that overall there is positive relationship between CSR disclosure and the financial performance of listed Australian companies operating in the industrial sector of the economy. It is recommended that these companies pay more attention to their CSR disclosure, and view it to achieve better financial performance