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Disclosure Strategies (disclosure + strategy)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	83%

Distribution within Business, Economics, Finance and Accounting

Financial Accounting	39%

Selected Abstracts

Ex Post Voluntary Disclosure Strategies for Insiders,

CONTEMPORARY ACCOUNTING RESEARCH, Issue 4 2003
Carolyn B. Levine
Abstract Asymmetric information between corporate insiders and other market participants can lead to large bid-ask spreads or even a collapse of trade in financial markets. In this paper, we discuss how voluntary disclosure by insiders can remedy this problem. When insiders make disclosure decisions after they become informed, other market participants update their prior beliefs on the basis of both the information disclosed and the information not disclosed. Insiders then give up some or all of their information advantage to weakly increase their profits. These results do not rely on ex ante commitments on the part of the insiders. [source]

Impact of investors' status on their evaluation of positive and negative, and past and future information

ACCOUNTING & FINANCE, Issue 5 2008
Anna M. Cianci
M41 Abstract This paper examines the effect of investors' status (current and prospective) on their evaluation of information varying in valence (negative and positive) and temporality (past and future). Master of Business Administration graduates, proxying for current or prospective investors, rated the relevance of negative, positive, past, and future Management Discussion and Analysis information. Investors' relevance ratings of information resulted in the following ranking (from highest to lowest): negative-future, negative-past, positive-future, and positive-past information. Furthermore, prospective investors (relative to current) rated positive and future information as more relevant and negative information as less relevant. Implications for effective disclosure strategies and policies are discussed. [source]

The Nature of the Interaction between Mandatory and Voluntary Disclosures

JOURNAL OF ACCOUNTING RESEARCH, Issue 4 2005
ETI EINHORN
ABSTRACT This paper demonstrates the crucial role that firms' mandatory disclosures play in determining their voluntary disclosure strategies. It also shows how a firm's propensity for providing voluntary disclosures relates to various features of the mandatory disclosure environment and disclosure regulation. The special case of choosing between aggregated and disaggregated disclosures serves as an illustration of the model's applicability. [source]

Regulatory Disclosure of Offending Companies in the Dutch Financial Market: Consumer Protection or Enforcement Publicity?

LAW & POLICY, Issue 4 2010
JUDITH VAN ERP
Regulatory disclosure of names of offending companies is increasingly popular as an alternative to traditional command and control regulation. The goals and intended effects of disclosure are not always clear, however. Do regulators wish to increase their transparency, or do they intend to name and shame? This article aims to contribute to a better understanding of the underlying working mechanism of regulatory disclosure of offenders' names through a case study of the Dutch Authority for Financial Markets' disclosure policy. It distinguishes two types of disclosure strategies: consumer oriented and firm oriented. The case study shows that although informing consumers was the primary purpose of disclosure as intended by the Dutch legislature, the purpose in practice has shifted to informing companies about the regulators' enforcement policy. The nature of the disclosed information makes it unlikely that disclosure adequately prevents financial risk taking by consumers. Instead of empowering consumers, disclosure has been incorporated in a traditional deterrence logic, turning out not to be an example of new governance but instead a modern version of command and control enforcement publicity. [source]

Don't Judge a Superannuation Default Investment Option by Its Name

AUSTRALIAN ACCOUNTING REVIEW, Issue 3 2010
Gerry Gallery
With the massive decline in savings arising from the Global Financial Crisis (GFC), it is timely to review superannuation fund investment and disclosure strategies in the lead-up to the crisis. Accordingly, this study examines differences among superannuation funds' default investment options in terms of naming and framing over three years from 2005 to 2007, as presented in product disclosure statements (PDSs). The findings indicate that default options are becoming more alike regardless of their name, and consequently, members may face increasing difficulties in distinguishing between balanced and growth-named default options when comparing them across superannuation funds. Comparability is also likely to be constrained by variations in the framing of default options presented in investment option menus in PDSs. These findings highlight the need for standardisation of default option definitions and disclosures to ensure descriptive accuracy, transparency and comparability. [source]

A Study of Corporate Disclosure Practice and Effectiveness in Hong Kong

JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING, Issue 1 2001
Simon S. M. Ho
The recent economic turmoil in Asia has led to a wider recognition of the importance of corporate transparency and disclosures in financial dealings. The objective of this study is to provide comprehensive and up-to-date evidence of current practice and perceived effectiveness of corporate disclosure of listed companies in an emerging economy,Hong Kong. The study compares the perceptions of chief financial officers (CFOs) and financial analysts about a variety of information flow, disclosure and capital market efficiency issues. It also seeks to determine whether there is a perceived need for increased financial reporting regulations and to what extent this and other alternative means might improve market functioning. While both subject groups believed that a majority of firms only adopt a conservative one-way disclosure strategy and the existence of a communication gap, analysts perceived a much higher need than CFOs for increased financial reporting regulations. Neither group thought that enhancing disclosure requirements alone would suffice to close this gap. Instead, they suggested an improvement in the quality of the communication and disclosure processes through means such as choosing more appropriate communication media, formulating a more proactive disclosure strategy, enhancing investor relationship, and voluntarily reporting more information desired by users. [source]