Dissertationen: „Disclosure of Negative Information“

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Goncharenko, Roman, Juraj Hledik, and Roberto Pinto. "The dark side of stress tests: Negative effects of information disclosure." Elsevier, 2018. http://dx.doi.org/10.1016/j.jfs.2018.05.003.

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This paper studies the effect of information disclosure on banks' portfolio risk. We cast a simple banking system into a general equilibrium model with trading frictions. We find that the information disclosure lowers the expected risk-adjusted profits for a non-negligible fraction of banks. The magnitude of this effect depends on the structure of the banking system and, alarmingly, it is more pronounced for systemically important institutions. We connect these theoretical findings to the stress test procedure, where bank information is disclosed by the regulator. The 2011 and 2014 stress tests are used in an empirical study to further support our theoretical results.

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Aktar, Ipek. "Voluntary disclosure of negative information in corporate communication: Can companies benefit from disclosing their ethical infractions?" Doctoral thesis, Universitat Pompeu Fabra, 2011. http://hdl.handle.net/10803/31883.

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This thesis builds on the literature of corporate social responsibility (CSR) communication. The following three chapters study the potential impacts of disclosing voluntarily negative information in a company’s own CSR communication within the contexts of pharmaceutical, textile and chocolate companies, respectively. Incorporating survey and experimental methodologies, these studies aim to help identify effective solutions for ethical issues by revealing the appropriate contexts in which companies can discuss them transparently and, thus, be rewarded for responding and acting in good faith and due diligence. Our results suggest that companies might benefit from voluntary disclosure of ethical issues if they also intend to disclose their specific actions for eliminating such infractions. Additionally, we highlight the role of public awareness in how negative information by the relevant stakeholders is evaluated. These studies reinforce the concept that acknowledging ethical issues would lead to higher levels of ethical behavior in business. La siguiente tesis se basa en la literatura sobre comunicación de responsabilidad social corporativa (RSC) de empresa. Se analizan los posibles efectos de divulgación voluntaria de información negativa en la comunicación (RSC) en contextos de empresas farmacéuticas, textiles y de chocolate. Estos estudios tienen como objetivo ayudar a identificar soluciones efectivas a cuestiones éticas al revelar los contextos donde las empresas puedan debatir de manera transparente, y ser recompensadas por responder y actuar de buena fe y con diligencia. Los resultados sugieren que las empresas pueden beneficiarse de la divulgación voluntaria de aspectos éticos negativos si también divulgan sus acciones específicas para la eliminación de tales infracciones. Además, se destaca el papel de la sensibilización del público sobre como la información negativa se evalúa por las partes interesadas. Estos estudios refuerzan la idea de que reconocer problemas éticos conduce a niveles más altos de comportamiento ético en el mundo empresarial.

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Fejes, Sara, and Aleksandra Nikolova. "Avslöjandet av negativ information i förhållande till företagsspecifika faktorer : En kvantitativ innehållsanalys på statligt ägda bolag i Sverige." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-45946.

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Statligt ägda bolag ska sedan 2007 hållbarhetsrapportera i enlighet med GRI eller annat internationellt ramverk. Detta för att öka bolagens transparens för dess intressenter och samhället. I statens ägarpolicyn är det av stor vikt för bolagen att verka transparenta, vilket innebär att såväl positiv som negativ information ska tas upp i hållbarhetsrapporterna. Syftet med denna studie har varit att undersöka i vilken omfattning svenska bolag med statligt ägande rapporterar negativ information och vilka företagsspecifika faktorer som kan påverka negativa avslöjanden. Den teoretiska referensram som har legat till grund för att förklara detta fenomen är Intressentteorin, Legitimitetsteorin, Konsumentskepticism och Two-Sided CSR. Undersökningens metodologiska tillvägagångssätt baseras på en innehållsanalys som vidare analyserades med stöd av korrelationsanalys och multipel regressionsanalys för att finna samband mellan studiens variabler. Resultatet kunde påvisa att bolag med statligt ägande rapporterar negativ information i högre utsträckning inom Sociala aspekter, där Miljöaspekter kom tätt efter. Studien konstaterade att den företagsspecifika faktorn Antal sidor kunde påvisa ett statistik samband till avslöjande av negativ information. Since 2007, State-Owned Enterprises (SOE) must produce sustainability reports in accordance with GRI or another international framework. This is to increase the companies' transparency for its’ stakeholders and society. In the state's ownership policy, it is of great importance for the companies to appear transparent, which means that both positive and negative information must be included in the sustainability reports. The purpose of this study has been to investigate the extent to which Swedish State-Owned Enterprises report negative information and which company-specific factors can affect negative disclosures. The theoretical framework that has been used to explain this phenomenon is Stakeholder Theory, Legitimacy Theory, Consumer Skepticism and Two-Sided CSR. The methodological approach is based on a content analysis which was further analyzed with the support of correlation analysis and multiple regression analysis to find connections between the study variables. The results showed that State-Owned Enterprises report negative information to a greater extent in Social Aspects, where the Environmental Aspects came closely behind. The study states that the company-specific factor Number of pages could demonstrate a statistical significance to the disclosure of negative information.

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Guraieb, Duenas Marlene. "Information, Disclosure, and Accountability." Thesis, New York University, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10618922.

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Democratic regimes have developed numerous institutions to enhance accountability through procedures that formally and informally probe public officials’ actions. The ongoing expansion of public evidence available to citizens has strengthened their ability to judge the performance of public officials. However, this increase in “investigative power” cannot be analyzed without regard for the structural cost of searching, sorting, and putting information to work to adjudicate open inquiries. Political accountability is tested in increasingly more sophisticated strategic settings where the principal's success in scrutinizing the agents depends both on the evidence made available and on the effort expended on investigation. This work analyzes some of the main mechanisms that underlie these institutions. In chapter 2, I develop a model of endogenous information acquisition where politicians can choose how much evidence to disclose after taking a suspicious action. The model focuses on the effects of the open-ended nature of political investigations – they may uncover misdeeds related or unrelated to the event that triggered them – and sheds light on the previously unexplained nature of cover-up in political settings, including the presence of incentives for good incumbents to withhold as much information as possible from the investigative bodies. Chapter 3 studies the behavioral plausibility of these findings in a laboratory setting. Chapter 4 is focused more on informal probing institutions, such as the continuous scrutiny of politicians through and by the media. The model explicitly differentiates between the quality of information (linked to the likelihood of producing dispositive results) and the cost associated with processing this information (linked to the resources needed to put it to use). One of the main results of this analysis is that citizens of democracies with lower cost of information may optimally choose to be less informed.

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Nath, Atanu. "The determinants of online information disclosure." Licentiate thesis, Luleå, 2005. http://epubl.luth.se/1402-1757/2005/91.

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Nakamura, Tomoya. "Essays on economics of information disclosure." Kyoto University, 2011. http://hdl.handle.net/2433/142154.

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Takusagawa, Ken 1978. "Negative information for motif discovery." Thesis, Massachusetts Institute of Technology, 2003. http://hdl.handle.net/1721.1/87900.

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Abed, Suzan. "Disclosure of forward-looking information : UK evidence." Thesis, University of Aberdeen, 2010. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=158300.

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This thesis proposes a multi-theoretical framework based on information asymmetry and institutional theories by focusing on the period of change in OFR regulation from 2004-2006. As a means of examining various aspects of the proposed framework, this thesis carries out an empirical investigation to find the extent of forward-looking information for a sample of 690 UK non-financial firm-year observations which are drawn from the top 500 UK listed firms by total market capitalization as listed by Financial Times on 30 March 2007. The investigation concentrates on three aspects: (1) the association between the extent of voluntary disclosure of forward-looking information and both information asymmetry and institutional characteristics; (2) the association between changes in disclosure and information asymmetry and institutional characteristics; and (3) the association between disclosure of cash flow forecasts and industry behaviour. Before examining the extent of FL information, another subsidiary objective arises: to investigate the impact of alternative methods choice on the measurement of information. Different methods of disclosure indices and content analysis (an un-weighted index, a weighted index, a frequency count, a manual content analysis, and a computerised content analysis using coding by text unit as a unit of analysis and coding by sentence as a unit of analysis) are conducted on a sample of 30 UK non-financial companies for 2006. Once the disclosure scores are computed, several set of analyses are performed (descriptive analysis, correlation matrix, multiple regression analysis, and ranking). The results of analyses reveal that, on average, alternative methods of measurements provide quite similar inferences; hence, a trade-off should be made to decide upon a method by which to measure the extent of FL for a large sample. Computerised content analysis using a text unit as a unit of analysis is chosen to perform coding for the large sample. For the purpose of testing the study hypotheses, both parametric and non-parametric tests are undertaken to examine how firm characteristics affect the level of forward-looking information. The results of regression analysis indicate that the extent of voluntary disclosure of FL information is positively and significantly related to growth opportunities, leadership, audit committee, competition rate, corporate size, and cross-listing. However, the extent of FL information is negatively and significantly associated with blockholding of 5% or more. In terms of changes in the extent of disclosure, the results show that changes in capital need is positively and significantly related to changes in disclosure, whereas changes in analyst following, blockholding of 5% or more, and corporate size are negatively and significantly related to changes in the extent of disclosure among consecutive years. In order to examine the relationship between industry behaviour and the extent of forward-looking information, disclosure of cash flow forecasts is chosen as a proxy for forward-looking information. This is done, because of the difficulty of measuring the disclosure practices of other companies in the same industry by means of a scoring sheet. The results of logistic regression analysis document that operating cash flow, industry behaviour, cross-listing, and company size are positively and significantly related to disclosure of cash flow forecasts, whereas performance and competition rate are negatively and significantly related to disclosure of cash flow forecasts

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Abdul, Rahman Azhar Bin. "Disclosure of corporate financial information in Malaysia." Thesis, University of Newcastle Upon Tyne, 1998. http://hdl.handle.net/10443/168.

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This study examines empirically the relationship between a number of corporate attributes and levels of disclosure of information in annual reports of Malaysian public listed companies. The perceived importance of selected information items to two user groups; accountants and fmancial analysts is also examined using a structured questionnaire. Three unweighted disclosure indices (overall disclosure index, mandatory disclosure index and voluntary disclosure index) were applied to 54 corporate annual reports for three different years: 1974, 1984 and 1994. The results indicate that the level of disclosure has improved over the twenty-year period. The overall and mandatory disclosure scores show a substantial increase in 1984 and a moderate increase in 1994. However, only a marginal increase in disclosure level for voluntary disclosure items is noted for the same period. The association between the extent of disclosure and fifteen corporate attributes was examined using several multiple regression models. The results indicate that: (a) the variable total assets shows significant relationship with the three disclosure indices; (b) the variables liquidity ratio, scope of business operations, leverage, and type of management are significantly associated with some of the disclosure indices; (c) the variables number of shareholders, corporate image and fmancial year end show weak relationships with some of the disclosure indices; and (d) the other variables namely, total sales, market capitalisation, proportion of shares owned by outsiders, profit margin, parent company size and type of external auditor show no significant relationship with disclosure scores. Except for total assets, all variables in (b) and (c) above produce inconsistent results when employed under different regression models. The two user groups also demonstrate significant differences in perceptions on 31 (55%) out of 56 items of information. Overall, the financial analysts' group perceive a substantial number of items of information as more important than the accountants' group

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Quigley, Daniel Hugh. "Essays in the economics of information disclosure." Thesis, University of Cambridge, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.648766.

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Leung, Tsz Kin. "Essays in Information Disclosure and Processing Behavior." Thesis, Toulouse 1, 2018. http://www.theses.fr/2018TOU10030.

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Le résumé en français n'a pas été communiqué par l'auteur This paper studies firms’ disclosure decisions of product information in a duopoly setting, as well as the welfare implication of compulsory disclosure policy. I show that there is a problem of externality between the two firms: even if disclosure weakens price competition in the market and increases total industry profits, a firm could have incentive not to disclose product information because it decreases his market share. As a result, regulatory policy could increase total industry profits as it could rectify the problem of externality. Therefore, despite more information allows consumers to make a better choice between different alternatives, it might backfire as it could increase the average price in the market. I also present simple conditions on when providing more information could harm consumers, and when it will improve consumer welfare. This paper studies the information processing behavior of a decision maker (DM) who has limited information processing ability. More specifically, the DM can process only a subset of all available information. Before taking an action, he chooses whether to process or ignore signals about the state of the world which he receives sequentially. I show that at the optimum, the DM processes only signals which are strong enough, but will process a weaker signal if it confirms his existing strong belief or if it supports a much more desirable state of the world. This explains some phenomena which have been well documented in the psychology literature, such as preference for strong signals, confirmation bias for individuals with strong prior and wishful thinking. Moreover, I analyze how the Internet, and in general changes in information structures, affects the processing behavior of the DM. The results shed light on different issues in the information era, including polarization and media strategy. This paper studies experimentally whether confirmation bias arises when individuals are exposed to information overload, or equivalently have limited ability to perfectly update their belief with all available information. In our experiment, subjects have to form beliefs as they navigate a sequence of signals within a limited period of time. We compare belief formation under two settings, where the treatment setting imposes a larger information/cognitive load than the control setting. We find that subjects in the treatment setting exhibit a stronger confirmation bias than those in the control setting. Upon receiving a belief-challenging signal, subjects in the treatment group update their belief less than those in the control group. In contrast, upon receiving a belief-confirming signal, subjects update similarly in both settings. As a result, subjects in the treatment setting are also less likely to switch sides: once they believe that one state is more probable than another, they are less likely to switch even if they receive enough belief-challenging signals. Not only do these results show that the limited ability of information processing plays a role in the formation of confirmation bias, they also improve our understanding on the impact of information overload, for example on polarization

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Hall, Filip, and Henrik Ekenberg. "Dominerande frivillig information på Stockholmsbörsen." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-46497.

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Background: In the last decades voluntary disclosure has become more common. The available research on the subject has mainly focused on the motive of voluntary disclosure rather than the content or what kind of information is published most frequent. There is a shortcoming in the academic literature about what information outflow is focused on and to whom. Henceforth this study aims to analyze the voluntary disclosure in the annual report among listed companies on the Swedish Stock Exchange. Purpose: The purpose of the study is to operationalize and describe voluntary disclosure to contribute empirically to the knowledge gap within the subject. The study intends to clarify the type of voluntary disclosure that dominates in annual reports on Stockholm Stock Exchange. Method: To answer our purpose of this study as well as possible we conducted a qualitative content analysis with selected companies’ annual reports. This literature study has an abductive research strategy based on collecting empirical data from the annual reports of the companies with the most new owners by 2020. Based on a checklist and a coding scheme, the empirical data will be quantified, analyzed and compared. Results and conclusions:We found in accordance that the companies published a considerably high amount of voluntary disclosure in their annual report. The companies with the most new owners distinguished themselves by publishing more voluntary information than companies with fewer new owners. The categories of voluntary disclosure that were given the highest priority were financial information about the company and organization.

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Mathew, John. "Disclosure apprehension the influence of media and survey technique on the disclosure of sensitive information /." Online access for everyone, 2008. http://www.dissertations.wsu.edu/Dissertations/Summer2008/j_mathew_043008.pdf.

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Ström, Niklas. "Essays on Information Disclosure : Content, Consequence and Relevance." Doctoral thesis, Uppsala universitet, Företagsekonomiska institutionen, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-6988.

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This thesis provides new insight into the information environments of Initial Public Offerings (IPOs) and analysts’ equity reports. The thesis consists of four essays that address the issues of firm disclosure and the relevance of information for analysts and investors in the capital market. The research question concerns the role of accounting information on the capital market. The present thesis entails the following analyses: (i) An analysis of the content in IPO prospectuses (ii) Cross-sectional analyses on factors affecting prospectus disclosure (iii) An analysis of the short- and long-run returns of IPOs (iv) An analysis of the relevance of IPO disclosure on IPO valuation (v) An analysis of non-financial information content in analysts’ reports (vi) An analysis of the valuation relevance of non-financial information The first essay examines prospectus disclosure and looks at explanations as to the factors that drive the disclosure. The findings reveal that IPO firms provide more information in their prospectus in comparison with non-IPO firms. The second essay analyzes how prospectus disclosure affects IPO valuation in the secondary market. It is hypothesized that increased disclosure in the prospectus decreases valuation uncertainty, which implicates lower underpricing for the IPO firm. The essay shows that Swedish IPOs are underpriced. However, disclosure is not found to be related to underpricing. The third essay examines the extent and type of forecasts provided in the prospectuses and the value relevance of this information. The study reveals a reduction in profit and sales forecast disclosures while at the same time shows an increase in sales growth forecasts for the period 1996-2004. The essay finds that forecast information is particularly relevant to investors and analysts. Forecast disclosing firms demonstrate a significantly lower underpricing and lower long-run return compared with non-forecast disclosing firms. The fourth essay concerns the valuation relevance of non-financial information contained in analysts’ equity reports. The essay notes that valuation relevance of non-financial information is positively related to the size of the target firm. Moreover, analysts were observed to rely more heavily on forward-looking non-financial information than historical non-financial information in their valuation.

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Hyndman, Noel. "The disclosure of information by UK charitable institutions." Thesis, Queen's University Belfast, 1988. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.356930.

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Saleh, Mustafa Mohamad. "Accounting information disclosure and accountability cases from Libya." Thesis, Sheffield Hallam University, 2001. http://shura.shu.ac.uk/20313/.

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Research to date has focused on explaining disclosure and accountability practices mainly in liberal market economies. Accountability and disclosure studies have been embedded in Western/Euro-centric economic and social theories. Although there have been a growing number of theoretical accountability studies, few empirical studies have been conducted to explore the nature of accountability in the public sector and the private sector. Disclosure and accountability practices in non-competitive markets have been given little attention in the literature. The focus of this thesis is to understand information disclosure practices and accountability construction processes in the predominant socialist and Arabic context of Libya. This study contributes to knowledge by explaining how the practices of disclosure and accountability in such context occur. Explaining disclosure and accountability practices in relation to the state and the public contributes to the current debate around these practices. This study reported on data collected from two case studies conducted in Libya: the Secretary of Industry (SI) and the National Trailers Company (NTC). The Secretary of Industry's responsibilities included supervising thirty-one companies including the National Trailers Company. The National Trailers Company was a joint venture company where the State, represented by the Secretary of Industry, owned 75 per cent of the capital and an Italian company, Calabrese, owned 25 per cent of the capital. The aim of the study was to understand how information was disclosed and accountability was constructed and to explain the relationships between disclosure and accountability in the SI-NTC context. The study used Sinclair's (1995) forms of accountability as a point of reference to explore whether these forms were identified and understood similarly in the Libyan context. The study's observations showed that disclosure and accountability practices within the SI-NTC context were different from those identified in the literature. Information was disclosed upon request and followed mainly accountability routes. The role of managerial and financial accountability in this process was emphasised. The study proposed an explanation for the SI-NTC disclosure and accountability practices that took into consideration the role of not only economic, but also social and cultural aspects in these practices. This explanation encompassed values and beliefs that were related not only to secular, but also to sacred activities. The observations showed that Islamic construction of identity and accountability of a person (all persons) to Allah was embedded in the accountability process. The study's contribution was two-fold. The first was related to the process and the practice of disseminating the company's information - information enclosure - and the second was related to the accountability construction process - accountability webs. Information enclosure theory was proposed to explain the company's disclosure (enclosure) practices. The proposed theory was different from the conventional disclosure theories in that it reflected the role of not only economic but also social relationships in the information provided. Information was provided to those who constituted "the organisational web" of accountability where the influence of social relationships and personal connections - "the social web" - was present.

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Pénin, Julien. "Open knowledge disclosure, collective innovations and incomplete information." Université Louis Pasteur (Strasbourg) (1971-2008), 2004. https://publication-theses.unistra.fr/public/theses_doctorat/2004/PENIN_Julien_2004.pdf.

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Le sujet de cette thèse de doctorat porte sur la révélation volontaire et ouverte de connaissances. En particulier, nous nous intéressons aux motivations qui conduisent des entreprises à adopter de tels comportements. Nous insistons particulièrement sur les effets de réputation qui découlent de la révélation de connaissances et qui facilitent, par exemple, la formation de liens de coopérations entre entreprises innovantes. Nous commençons par un rappel de la théorie classique des externalités de connaissances. Cela nous permet de montrer en quoi la littérature sur la révélation ouverte de connaissances se situe dans le prolongement naturel des travaux sur les externalités de recherche. Ensuite, nous donnons une définition de la révélation ouverte de connaissances. Nous fournissons également un aperçu empiriques de tels comportements ainsi que de plusieurs raisons permettant de les justifier. Dans le troisième chapitre nous montrons que, du fait de problèmes de sélection adverse qui perturbent le processus collectif d’innovation, certaines entreprises peuvent être incitées à révéler ouvertement des connaissances afin d’accroître leur réputation et de pouvoir collaborer plus facilement avec d’autres organisations. Dans le quatrième chapitre nous développons un modèle dynamique de formation de liens de collaboration en R&D en insistant particulièrement sur le rôle de la révélation ouverte de connaissances. Ce modèle est ensuite testé à l’aide de simulations numériques. Enfin, dans le dernier chapitre, nous nous intéressons au rôle du brevet comme moyen de révéler ouvertement des connaissances. En combinant une discussion théorique avec les résultats d’une enquête de terrain dans le domaine des biotechnologies, nous montrons que la fonction de révélation de connaissances d’un brevet revêt une importance non négligeable The topic of this thesis deals with behaviours of open knowledge disclosure. In particular, we investigate the economic motives that encourage firms to adopt such behaviours. What are the reasons that lead rational profit-seeking firms to let their researchers publish their work in scientific journals or present their researches in conferences? We put a specific emphasis on reputation effects that are triggered by open knowledge disclosure and that can facilitate, for instance, the formation of cooperative links among agents who are part of the innovation process. We start this thesis by a reminder of the classical theory of knowledge externalities, which enables us to show that it is by endogenising knowledge externalities that economic scholars came to deal with behaviours of open knowledge disclosure. Then we give a definition of open knowledge disclosure. We also provide an overview of empirical evidence and economic rationales of such behaviours. In the third chapter we show, with the help of a simple model that, due to problems of adverse selection, firms willing to collaborate in R&D may wish to openly disclose knowledge in order to increase their reputation, which in turn may facilitate the establishment of links with other agents. In the fourth chapter we develop a theoretical model describing the formation of R&D collaborations among firms, with specific emphasis put on the role played by open knowledge disclosure during this process. The model is then tested with numerical simulations. In the last chapter, we focus on the role of patents as devices to openly disclose knowledge. By combining a theoretical discussion on patents with the first elements of a case study in the field of biotechnologies we show that firms may sometimes value the function disclosure of the knowledge underlying a given innovationʺ of patents as much as the function protection of a given innovationʺ

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Iren, Perihan. "Information Disclosure and Banking Sector Performance and Stability." Cleveland State University / OhioLINK, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=csu1277996727.

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Daouda, Dala Moustapha. "Essays on Supervisory stress tests and information disclosure." Thesis, Limoges, 2016. http://www.theses.fr/2016LIMO0076/document.

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Cette thèse étudie l’impact des stress tests bancaires sur les différents acteurs du marché. Le premier chapitre analyse comment les actionnaires et les détenteurs d’obligations bancaires réagissent à l’information transmise par les stress tests durant une période de crise. Il s’appuie sur le test de résistance conduit en 2011 par l’Autorité Bancaire Européenne (ABE) au moment de la crise de la dette souveraine. Une étude économétrique de nature événementielle révèle que les actionnaires réagissent davantage aux informations spécifiques à chaque banque alors que les détenteurs d’obligations ont en général des réactions de nature plus macroéconomique et sont plus influencés par l’impact global de la crise financière. Cependant, si on va plus loin dans l’analyse, en prenant en compte différentes catégories d’obligations, on montre que le comportement des détenteurs de dette subordonnée tend à rejoindre celui des actionnaires. Cette réaction spécifique des actionnaires et des créanciers qui en sont les plus proches démontre que ce sont les acteurs les plus à même d’exercer une discipline de marché en période de crise financière. Le second chapitre prend en compte les stress tests bancaires menés en Europe et aux Etats-Unis et analyse leur contenu informationnel à partir de leur impact sur le cours des actions bancaires. L’objectif est de déterminer si cet impact est fonction du degré d’opacité des banques. On montre tout d’abord que le marché réagit significativement à l’annonce des résultats des stress tests à la fois pour les banques testées et les banques non testées. On met ensuite en évidence une relation non linéaire entre le degré d’opacité des banques et l’impact des stress tests, indiquant que les tests ont un contenu informatif pour les banques moyennement opaques mais pas pour celles qui sont déjà très transparentes ou au contraire très opaques. Le troisième chapitre étudie l’impact de la publication des résultats des stress tests sur les divergences de notations à l’émission des obligations bancaires. On met l’accent sur les notations de Moody’s et de Standard & Poor’s concernant les obligations émises par les banques ayant participé aux différents stress tests européens et américains. L’analyse de l’évolution des divergences de rating sur les périodes avant et après chaque stress test montre que la publication des résultats peut globalement accroître ou réduire ces divergences selon le test considéré. Les agences de notation peuvent donc interpréter les résultats détaillés des stress tests différemment et leur impact n’est donc pas univoque, pouvant même provoquer plus de divergences. Cependant, dans des périodes fortement troublées, telles que celle de la crise de la dette souveraine européenne, où le marché est confronté à beaucoup d’incertitudes et à un fort besoin d’information, les résultats des stress tests conduisent à une plus grande convergence des agences sur leurs notations des obligations bancaires This dissertation studies the impact of banks’ stress tests on the different market players. The first chapter analyzes how stockholders and bondholders react to the information disclosed in the financial market during crisis periods. We consider the 2011 EBA stress test as it discloses detailed information about banks and it is conducted during the European sovereign debt crisis. We use an event study methodology and find that stockholders’ reaction is more specific to the information disclosed, while bondholders have generally macro reaction and are more sensible to the financial crisis. However, when we go further in our analysis by considering the different categories of bonds, we find that the behavior of subordinated bondholders tends to be closer to the behavior of stockholders. This specific reaction of stockholders during financial distress may make them more susceptible to impose market discipline when there is a financial crisis. In a second chapter, we consider European and US banks’ stress tests to analyze the information value of the stress tests using stock market prices. We investigate if the stock market reactions to the stress test results are different according tothe degree of opacity of banks. We find that the stock market reacts significantly to the disclosure of the stress tests’ results on the whole banks (tested and non-tested) meaning that the stress test transparency has an impact not only on tested banks but also on banks that do not participated to the stress test. By separating the sample of banks in less opaque and highly opaque banks, we find a non-linear relation between opacity and market reaction. The third chapter of this thesis investigates the impact of the disclosure of the stress tests results on the credit rating agencies’ split ratings on bonds issued by banks. To calculate the split rating variable, we consider bonds jointly rated by Moody’s and Standard & Poor’s and issued by banks that participated to the European and US banks’ stress tests. The analysis of the split ratings on the period before and after each stress test results disclosure in Europe and in the US shows that the stress tests have mixed effect on credit rating agencies. Market participants could interpret the detailed data disclosed by the stress tests differently and these different interpretations may create more disagreements. However, we remark that in periods of distress i.e. during the European sovereign debt crisis, because of the high information need and the greater uncertainty, the stress tests results disclosure tends to decrease the split ratings

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Wells-Britton, Kaighley. "Disclosure of negative intrusions : the relationship with thought-action fusion, shame, guilt and fear." Thesis, University of Surrey, 2017. http://epubs.surrey.ac.uk/842143/.

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Background: Given their highly unacceptable nature, negative intrusions are likely to promote the experience of negative affect such as fear, shame and guilt. Moreover, moral thought-action fusion (believing that negative thinking is the equivalent of acting immorally) is likely to inflate the occurrence of negative affect when intrusions are experienced. In turn, negative affect is likely related to disclosure. The current study investigated whether thought-action fusion beliefs predict anticipated disclosure of hypothetical negative intrusions, and whether this was mediated by anticipated negative affect. Method: An online survey was completed by a sample from the general population (n=175). The survey assessed anticipated negative affect and anticipated disclosure of hypothetical negative intrusions, guilt and shame proneness, frequency of negative intrusions, thought-action-fusion beliefs, and general self-concealment. Results: A strong positive relationship was found between TAF-Moral beliefs and anticipated negative affect from experiencing negative intrusions. The analysis indicated evidence of co-operative suppression: when both TAF-moral beliefs and negative affect were entered into a model predicting anticipated disclosure, the effect of both predictors increased. Whereas TAF-Moral beliefs predicted lower likelihood of disclosure, negative affect predicted increased likelihood of disclosure. Conclusion: The current findings add to the literature in that they suggest that individuals may be less inclined to disclose unacceptable intrusions. Further work is needed to understand the conditions under which negative intrusions are more or less likely to be disclosed. Limitations and recommendations are discussed.

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García, Jorge. "Essays on asymmetric information and environmental regulation through disclosure /." Göteborg : Dept. of Economics, School of Business, Economics and Law, Göteborg University, 2007. http://hdl.handle.net/2077/4382.

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Wilson, David W. "Overcoming Information Privacy Concerns: Learning from Three Disclosure Contexts." Diss., The University of Arizona, 2015. http://hdl.handle.net/10150/555938.

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Advances in information technology have amplified issues related to privacy and the disclosure of personal information. New technologies have enabled an explosion in the amount and variety of information created, stored, and potentially shared about people, and there has been a corresponding explosion in privacy-related concerns and conversations in academic and non-academic forums. This dissertation contributes to one such conversation, adding to our understanding of the mechanisms that shape individuals' privacy concerns in the context of disclosure of personal information. Individuals must overcome their information privacy concerns in order for personal information disclosure to take place, but the mechanisms surrounding this process are highly dependent on the context of disclosure. Accordingly, this research seeks to build understanding around the ways in which privacy concerns are mitigated or counterbalanced in three different disclosure contexts. Essay 1, positioned in the e-commerce context, contributes uniquely to an emerging stream of disclosure research that considers irrationality within the privacy disclosure decision process. Essay 2 is focused on a less frequently examined disclosure context - online social networks - and examines the tension between individuals' privacy concerns and their desire for social benefits and personal expression, focusing especially on the social network technology's ability to support impression management behavior. Finally, Essay 3 examines the mitigation of privacy concerns in the context of involuntary disclosure - increasingly common in the modern online environment - wherein the primary goal is to reduce concerns or anxiety regarding the information already disclosed. In comparing disclosure processes across these contexts, this research provides insights regarding consistencies and distinctions among the different domains. Insights gained, both within and across these contexts, are valuable to both privacy researchers and professional stakeholders.

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Zhang, Gaoqing. "An Economic Inquiry Into Information Disclosure By Banking Institutions." Research Showcase @ CMU, 2014. http://repository.cmu.edu/dissertations/371.

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McLean, Sheila Ann Manson. "Information disclosure, consent to medical treatment and the law." Thesis, University of Glasgow, 1987. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.298800.

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Suwaidan, Mishiel Said. "Voluntary disclosure of accounting information : the case of Jordan." Thesis, University of Aberdeen, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.337395.

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The focus of this study is the voluntary disclosure of information in corporate annual reports in Jordan, and its objectives are threefold: (1) to evaluate voluntary disclosure practices in the annual reports of Jordanian companies listed on the Amman Financial Market (AFM); (2) to examine the relationship between a number of explanatory variables and the extent of voluntary disclosure; and (3) to investigate the impact of raising equity capital on the AFM on the voluntary disclosure behaviour of companies which raised equity capital on the AFM. The findings of the study revealed that the actual level of voluntary disclosure in Jordanian corporate annual reports is low, with 61% of the items disclosed in less than half the annual reports. In addition, the study found that annual report disclosure varies from one type of information to another, with both the balance sheet and income statement information notably better disclosed than other types of information, such as forecast information. The study also found that the level of voluntary disclosure varies depending on certain company characteristics. The results of univariate and multivariate analyses identified the size of the company, size of auditing firm, government ownership and the industry type to be significant variables in explaining variation in the level of disclosure. Among these variables, size was the most important and was also the most important variable in explaining variation in the disclosure of different types of information and within each industry. Finally, the study found that companies have significantly increased their level of voluntary disclosure around the time they raised equity capital in AFM, compared with that of a control group.

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Esposito, Lucia. "Theoretical essays on delay, policy interactions and information disclosure." Thesis, Boston University, 2012. https://hdl.handle.net/2144/31546.

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Thesis (Ph.D.)--Boston University PLEASE NOTE: Boston University Libraries did not receive an Authorization To Manage form for this thesis or dissertation. It is therefore not openly accessible, though it may be available by request. If you are the author or principal advisor of this work and would like to request open access for it, please contact us at open-help@bu.edu. Thank you. My dissertation focuses on economic settings where agents have strong incentives to coordinate their choices. Coordination plays a prominent role in bank runs, debt crises, currency attacks, investment crashes, and sociopolitical change. In all these contexts agents may fail to take an action that would be in their collective interest because they are concerned that others will not do so. This study, assuming that the information is dispersed throughout the economy, proposes three models to analyze Delay (Chapter 1), Policy Interactions (Chapter 2) and Information Disclosure (Chapter 3) in such coordination environments. Chapter 1 Leaders and Followers in a Speculative Attack. In this paper, I develop a stylized model of regime change in which agents are heterogeneously informed about the strength of the status quo and have to decide whether to attack it or not. There are two periods and two types of players, leaders and followers. Given some restrictions on the information structure, the equilibrium probability of regime change is univocally determined and it is higher if in the population there are many leaders. Chapter 2 Debt Crisis: Central Bank and Government in a Global Game. In this paper, I study the interaction between monetary and fiscal policy in presence of a speculative attack triggered by a high level of debt. The model explores the consequences of central bank and government choosing a publicly observable policy. Since policy interventions convey information that is relevant for the coordination game, multiple equilibria arise. Chapter 3 Information Disclosure. In this paper, I analyze a model in which an authority has the option to collect and disclose information on financial intermediaries. Anyone who trades with a bank, would find this information valuable and would take it into account when deciding whether to trust the intermediary or not. Since disclosure creates common knowledge, in this model the interaction between the authority and the markets is characterized by multiple equilibria. 2031-01-01

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Li, Zhiyun. "Essays on information disclosure in auctions and monopoly pricing." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:a8e5d861-9c67-414b-9976-64c16b3d708f.

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The existing literature on information disclosure commonly assumes full commitment to truthful disclosure and therefore revelations are always credible, which can be quite unrealistic in many circumstances. This thesis mainly contributes to the literature by studying information disclosure in the form of cheap-talk in auctions and monopoly pricing, which allows for mis-reporting and false disclosure. The thesis is composed mainly of three research papers. The first paper (Chapter 2), also the major chapter of this thesis, investigates cheap-talk information disclosure in auctions, where bidders' preferences are horizontally differentiated. The seller may reveal information of product attributes before the auction, and the disclosure policy is characterized by a partition of the attribute space. In a symmetric setting, I first show that informative equilibria reveal the feature that more precise information is provided for less popular product attributes. Second, I prove an equilibrium existence theorem that an informative equilibrium can be supported by an information partition of any degree, as long as the number of bidders is sufficiently large. And finally, the optimal disclosure policy reveals a complementarity relationship between the number of bidders and the optimal degree of equilibrium partitions. In this chapter, optimal information structure is endogenously determined. In the second paper (Chapter 3), I turn to study how a monopoly seller should reveal a product's horizontal attributes, when consumer preferences conform to a mixture distribution. I show that the optimal disclosure policy largely depends on the characteristics of the mixture distribution. Specifically, when consumer preferences are highly heterogenous, it is better for the seller to reveal information and serve different groups of consumers separately. And when the preference distribution becomes more asymmetric, cheap-talk disclosure is more likely to be dominated by no disclosure at all. In this chapter, information structure is taken as given. The third paper (Chapter 4) studies optimal regulation of risk-averse producers, in a setting of complementary production with independent cost realization. The production can be organized in the form of either component, or integrated production. I show in this paper that the relative virtues of these two forms of production depend on the degree of risk aversion of the producers.

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Hsu, Meng-Sheng, and 許孟椉. "Does the Negative Information Disclosure Event impact on Stock Price?" Thesis, 2015. http://ndltd.ncl.edu.tw/handle/02369822739385027311.

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碩士 亞洲大學 國際企業學系碩士在職專班 103 In this article, we observe the influence of the negative environmental and safety events on stock prices for Taiwan's listed companies, and the sample period is 2002 to 2014. We take use of the logistic model to analyze the factors that effected by the negative information disclosure events. From the empirical results, we find the corporate governance and agency problem are the key factors that affect the negative information disclosure events. With the announcement effect of negative information disclosure events, the negative information disclosure events have a negative stock price effects and the internalization of the chairman results in a significant negative cumulative abnormal returns, and higher foreign ownership and profitability will have a greater negative cumulative abnormal returns, too.

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Lin, Yi Ching, and 林薏晴. "Could Transparency of Information Disclosure and Evaluation System Mitigate the Negative Effect of Ultimate Ownership on Earnings Informativeness?" Thesis, 2014. http://ndltd.ncl.edu.tw/handle/54553009715752038989.

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碩士 東吳大學 會計學系 102 Due to the inherent ownership structure, there is usually divergence between control rights and cash flow rights, that is core agency problem, in Taiwan. This divergence brings negative effect to earnings informativeness. This study combines the core agency problem and information transparency which is measured by “Information Disclosure and Evaluation System” to examine whether the existence of Information Disclosure and Evaluation System could mitigate the information asymmetry derived from controlling shareholders and minority shareholders. The empirical results indicate that the higher or improved information transparency could mitigate the negative effect of controlling shareholder agency problem on earnings informativeness. Furthermore, this effect becomes more evident when “Information Disclosure and Evaluation System” has a more detailed ranking mechanism.

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Chen, Hsu-Ping, and 陳旭屏. "THE IMPACTS OF PRODUCT HARM ON FIRM'S ETHICAL EVALUATION-THE MODERATING EFFECTS OF PRODUCT KNOWLEDGE AND NEGATIVE INFORMATION DISCLOSURE." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/89947832555709150695.

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碩士 大同大學 事業經營學系(所) 96 Early examinations of ethical behavior largely focused on the need to establish public confidence in such profession as the legal, medical, accounting, and marketing communities. Yet, recent corporate scandals brought to light by the implosion of firms such as Enron, Tyco, and Worldcom have again negatively impacted public perceptions of a profession’s ability to self-regulate. A normative prescriptive framework for ethical conduct on the part of the business community is vital and an adequate understanding of ethical evaluation of corporate behaviors by consumer is imperative. Nwachukwu et al., Smith and Cooper-Martin indicated that earlier studies have implied that despite product category, the marketing of more harmful product to any group was generally considered to be unethical. Smith and Cooper-Martin argued that harmful products have been defined as any product that is known to be unsafe and/or unfit for its intended use. When the consumer is unable to identify or incorrectly identifies either the level of product harm or the degree of consumer vulnerability, the consumer may not even recognize that a moral issue is present, resulting in a flawed ethical evaluation process. There are few studies considered the effects of the product harm, product knowledge and negative information on firms’ ethical evaluation. For this reason, the main purpose of this study is to explore the effects of product knowledge and negative information, in addition to product harm, on firms’ ethical evaluation. Especially, the moderating effects of product knowledge and negative information on the relationship between product harm and firms’ ethical evaluation will be examined. In this study a 3×2×2 between-subject design with three level of product harm (harmless, less harmful & more harmful), two level of product knowledge (low knowledge & high knowledge), and two treatments of negative information (disclosure & undisclosure) is used to test research hypotheses. The data is collected by convenient sampling from female consumers and there were 387 effective questionnaires with an effective response rate of 86 percent. This study adopted SPSS 14.0 for windows to testing hypothesis of this study. The result of this study reveals that: 1. The level of product harm influences the firms’ ethical evaluation. Product harm will reduce the firms’ ethical evaluation. 2. The degree of subjective product knowledge influences the firms’ ethical evaluation, while it does not influence the relationship between the product harm and firms’ ethical evaluation. The degree of objective product knowledge does not influence the firms’ ethical evaluation. 3. The disclosure of negative information reduces ethical evaluation. 4. The level of firms’ ethical evaluation positively influences purchase intention. Key words: Product Harm, Product Knowledge, Negative Information Disclosure, Ethical Evaluation

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Chang, Hsiu-Pei, and 張修珮. "Information Disclosure and Corporate Governance." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/33359269061577168787.

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碩士 國立交通大學 管理學院碩士在職專班經營管理組 97 Corporate governance is the focus of recent development. Information disclosure is the measure for stakeholders to rapidly understand the corporate governance. This study applies the structure-conduct-performance (SCP) model to analyze the coporate governance under the cross-strait trade opening. The incidents of Sanlu, Yili, King Car, and Wei Chuan companies are used for case studies. For instance, the powdered milk poisoning incidents are included as case scenarios. The major findings are as follows: 1. To promote the fundamental significance of corporate governance is to enable enterprises sustain business. 2. Proactive information disclosure helps gain the stakeholders’ trust and understanding. 3. Enterprises with better corporate governance tend to have self-sustaining governance practices and information disclosure, in order to obtain better performance. 4. Enterprises with better corporate governance are more capable of crisis management. 5. The often-seemed co-playing the chairman and general manager causes lack of check and balances. 6. The implementation of corporate governance should be extended to non-listed companies, especially to the food and beverage industries. 7. Information disclosure is fundamental for sound corporate governance.

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Huang, Li-Ting, and 黃莉婷. "Information Disclosure in Corporate Merger." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/63454505910249468140.

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碩士 銘傳大學 法律學系碩士班 100 This essay primarily discusses information disclosure in corporate mergers. In Taiwan, stipulations on corporate information disclosure are scattered in various commercial laws rather than as one unified provision. Beginning with the definition of information disclosure, the essay attempts to establish the principles of information disclosure in civil and commercial laws through a discussion of related stipulations in Taiwan’s civil and commercial laws, and legislative precedents in other countries. The essay also discusses whether information disclosure principles under civil and commercial laws are applicable in the information disclosure of corporate mergers; and it analyzes Taiwan’s legal provisions and measures that are related to the United States Federal Law and Delaware Corporation Law from the perspective of the subject and object of corporate merger disclosure. In the case of the subject of merger disclosure and its responsibility, directors’ responsibility and limitation of liability are reinforced through director primacy and business judgment rule; and for the object of merger disclosure, information disclosed is determined by materiality principle and possibility and impact in the basis case. Furthermore, the essay discusses flaws in Taiwan’s laws and regulations relating to merger disclosure through three actual cases in Taiwan, i.e. the Global Securities Finance Corp. merger, TCB-Farmers Bank of China merger and Jabil-Green Point merger. It also attempts to propose solution and recommendation for revision of relevant laws and regulations in the hope of outlining the direction and blueprint for Taiwan’s legal system in the future.

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Moulton, Elizabeth Edythe. "The Disclosure of Sensitive Information." Thesis, 2020. https://doi.org/10.7916/d8-s9bq-gp08.

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The real-life disclosure of sensitive information is associated with intra- and interpersonal benefits in the disclosure literature, but the current work suggests it is often associated with regret. In Chapter 1, an overview is provided of the disclosure literature, and common constructs across sub-disciplines are identified and categorized on select attributes. A general process model of disclosure is proposed. Chapter 2 features empirical examination of factors that contribute to regret following the disclosure of sensitive information. Across five survey-based studies, the qualities of 11,854 disclosures from 974 participants are correlated with participants' reports of post-disclosure regret and gladness. Specific qualities of disclosure are identified that are associated with post-disclosure regret, including that people disclose unintentionally. Conclusions from these studies suggest that planning the disclosure of sensitive information is associated with less post-disclosure regret.

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SHIH, SHIN-RU, and 施欣汝. "Information Disclosure and Institutional Ownership." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/44960041184879684765.

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Träutlein, Sarah. "Employees' sensitive information disclosure behavior in enterprise information systems." Phd thesis, 2017. https://tuprints.ulb.tu-darmstadt.de/6935/7/PhD_END_DRUCK.pdf.

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The dissertation "Employees' Sensitive Information Disclosure Behavior in Enterprise Information Systems" examined the willingness of employees to disclose private and personal information in enterprise software. More and more, social intranets, smartphone apps, HR analysis tools, or personal feedback systems are being introduced in companies to enable employees to be more efficient in their workplaces and better understand their behavior, especially their needs. The dissertation shows that the introduction of such enterprise software not only leads to an increase in work performance and a more comprehensive view of one's own working behaviour, but can also have the opposite effect. For example, employees feel that the data could be misused against them. Referring back to the results, the work specifically discusses this "perceived information-based vulnerability" of employees. Furthermore, the dissertation examines the resulting willingness to disclose sensitive information or to develop strategies of resistance against the system. Based on the findings, recommendations for a successful implementation of enterprise software could be derived.

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Hsu, Pei-jung, and 許倍榕. "The Information Content on VaR Disclosure and Information Asymmetry." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/07322813041604876917.

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碩士 國立成功大學 企業管理學系碩博士班 97 Abstract We hypothesize that firms’ quantitative market risk disclosures, including three alternative formats: tabular, sensitivity analysis and Value at risk (VaR) in their 10-K reports mandated by the Securities and Exchange Commission (SEC) Financial Reporting Release Number 48 (FRR No. 48) in 1997 convey useful information to investors, especially for VaR disclosures. First, we repeat Linsmeier et al. (2002) analysis: (1) In the absence of FRR No. 48 information, trading volume is positively associated with the absolute value of underlying market rate changes. (2) Trading volume sensitivity to absolute changes in underlying market rates is lower after FRR No. 48 disclosures than before the disclosures. We observe that firms’ trading volume is positively related to underlying market rate, but experiences a slightly greater coefficient of underlying market rate in the post regime than in the pre regime. We assume this difference attributes to time series data difference. In this paper, we collect data going through seven years. The macro effect may offset the significance in our result. Moreover, we further test whether the VaR disclosure is better than tabular/ sensitivity disclosures and whether VaR value has a significant effect on reducing investors’ information asymmetry. Consistent with our hypotheses, our results suggest that VaR disclosures are more informative to investors than the others, and VaR values are positively associated with trading volumes as well. Therefore, FRR No. 48 information is useful to investors, particularly in VaR disclosures.

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Chen, Chin Pei, and 陳進培. "Information Disclosure Quality and Firm Valuation." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/37571287611851378795.

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碩士 國立臺灣大學 會計與管理決策組 99 The purpose of this study is to discuss the information disclosure system built by the Securities and Futures Institute of Taiwan. Evaluated results of Information Transparency Raking System were used as the disclosure transparency proxy variable to examine whether the firms with better disclosure have higher valuation. Evaluation results from the third through the seventh round of evaluation of Taiwanese listed companies were used as samples for the Ohlson regression model and Spearman Rank Order Correlation, to see whether the system improve financial reporting of information vital to investors and thus have an impact. The empirical results showed that: Companies with higher transparency have a higher book value per share and fundamental value than companies with lower transparency. The evaluation system built by the Securities and Futures Institute can effectively disclose information, but research showed the association between P/B ratio and disclosure rank is not significant.

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LIU, MICHELLE, and 劉珮如. "Information Disclosure of Permission Marketing Analysis." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/6cd9mg.

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碩士 東吳大學 國際經營與貿易學系 105 This study tries to explore Taiwan’s information disclosure of permission marketing. The purpose of this study is to investigate the online ad information disclosure of permission marketing in Taiwan. First, we collection 70 cases using permission marketing from online ads. Second, through induction to three types: (1) partial disclosure of product information price, using the information asymmetry of price to attract consumer to opt in, (2) event time, the activity time is not clear that consumers think they can still participate in activities (3) limiting condition, in the ads would not show the limiting condition so the consumer were not provided with sufficient information. Permission marketing should be created on "recognition" of consumers, and be able to bring out business benefits.

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Zhang, Mengxi. "Optimal information disclosure and optimal learning." Thesis, 2015. https://hdl.handle.net/2144/14533.

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This dissertation addresses the effect of information on firm and individual behavior. The first chapter examines the design of an optimal feedback mechanism by an informed principal and uses the results to explain why firms tend to assign coarse subjective ratings to their employees. When a firm has private information about an employee's ability, it can communicate this information through a subjective evaluation mechanism. I characterize the firm's optimal disclosure policy as a function of the worker's ability distribution and provide an algorithm to compute it. Further, I show that with some reasonable restrictions on the ability distribution, the firm's optimal strategy is always to reward the best workers, fire the worst ones, and assign one central rating to the rest. The second chapter investigates an informed principal's optimal feedback strategy in a dynamic setting. I first consider the case where both parties have non-binding outside options. In this case, if the principal ever wants to reveal any information, she will do so at the earliest possible stage. Moreover, the optimal disclosure policy can be characterized in the same way as in the static case. The same conclusion holds for the case where both parties have binding and constant outside options. I also discuss the case where both parties have binding and time-variant outside options. After incorporating firms' need to promote and/or to retain workers, the model is used to explain wage dynamics. The third chapter models a decision maker who "rationally" distorts his own belief to avoid the feeling of regret. People often suffer from regret when they realize that their previous choices were suboptimal. As a result, in a dynamic setting where information is revealed gradually, people are tempted to deny new negative information in order to avoid regret. At the same time, they are also aware of the economic cost of such belief distortions. A "rational" decision maker will optimally trade off these two concerns and choose his own belief accordingly. This tradeoff makes the past affect current decisions and hence can explain the sunk cost fallacy.

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Chen, Kuei-Fen, and 陳桂芬. "Factors Affecting Personal Health Information Disclosure." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/25384978199805407706.

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碩士 國立交通大學 資訊管理研究所 103 The implementation of electronic medical record (EMR) exchange is an important tread. However, EMR exchange suffers from some problems. For example, concern for health information privacy may cause individuals unwilling to provide personal health information. To better understand individuals’ intention, we tried to examine the correlation between individuals’ concern for information privacy and their intention. Beside this, based on a social exchange theory perspective, the antecedents in organizational dimension of CFIP were examined. In this study, our proposed model was empirically validated by 138 respondents in Taiwan. Four hypotheses were assessed by Structural Equation Modeling (SEM) via statistical analysis software SmartPLS 3.0. Three hypotheses were significant supported which indicate that all of the components of social exchange theory were critical, and the proposed model is applicable in EMR exchange context.

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HUANG, CHIEN-YUN, and 黃千雲. "Information Disclosure in Differentiated Duopoly Markets." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/21549198010629437376.

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碩士 國立臺北大學 經濟學系 104 The goal of this thesis is to investigate the optimal disclosure strategy for a duopolistic firm that possesses private information regarding the degree of product differentiation and the appropriate disclosure policy by government under Cournot and Bertrand competition, respectively. 　　Chapter 1 motivates the study, reviews the related literature, and describes the analytical framework as well as the solution concept employed in the thesis. 　　In chapter 2, we consider a private duopoly market in which two firms produce differentiated products, and only one firm has private information about the product heterogeneity. We find that it is a dominant strategy for the firm that possesses private information to disclose information when the goods are close (not close) substitutes under Cournot (Bertrand) competition. Thus, in equilibrium, the firm cannot conceal its private information regardless of the competition mode. The findings imply that mandatory disclosure requirements by government are not necessary. 　　In chapter 3, we consider a mixed duopoly market in which two firms produce differentiated products, and only the private firm has private information about the product heterogeneity. We show that the optimal disclosure strategy does not depend on the competition mode. However, we still obtain the result that the private firm cannot hide its information in equilibrium under both Cournot and Bertrand competition. Thus, a mandatory disclosure requirement by government is an unnecessary policy. This is because even if the government imposes such a requirement, it will not affect the competitive behavior of firms and social welfare. 　　Chapter 4 concludes.

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Tsui, Chen-Shiuan, and 崔震萱. "Corporate Information Disclosure and Corporate Performance." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/56989011682108030423.

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碩士 國立交通大學 管理學院碩士在職專班管理科學組 95 In this thesis, we undertake a study on the relationship between corporation’s disclosure quality and their financial performance. Main sources of data include the public disclosure evaluation conducted by the Securities and Futures Institute during 2003~2005, as well as annual reports published by publicly listed Taiwanese companies. The quantitative methods, OLS (Ordinary Least Square Approach) and 2SLS (Two Stage Least Square Approach), were adopted to uncover the correlations and to reduce Homoskedasticity problems. The empirical results show that there is a consequential positive correlation between credit risk and disclosure quality. The quality of disclosure is also positively correlated with size of foreign institutional shareholding, and negatively correlated with the presence of large domestic shareholders. Further, there is indeed a positive correlation between disclosure quality and financial performance, inline with our research hypothesis. Other ancillary findings show that R&D expenditure is positively correlated with financial performance, whilst sizable government holding is a negative factor for performance. Size of holding by the senior management team also turns out to be a negative performance factor, we believe, due to the Mutual Back Scratching Effect that impairs management effectiveness. Board of Directors compensation showed a positive factor for performance. This indicates that higher compensation has encouraged board members to get more involved in monitoring and guiding the company’s developments. The presence of Independent Directors proved a further positive factor for performance. This result also shows that the Cronyism Effect commonly witnessed in the U.S. capital markets is not currently demonstrated in Taiwan.

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Lin, Ju-Pei, and 林朱培. "On Information Disclosure and Corporate Governance." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/51631668101811260478.

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碩士 國立高雄第一科技大學 金融營運所 93 ABSTRACT Full disclosure is one way to solve the information asymmetry among the management, stockholders, and debtors. Therefore, the requirement by law on information disclosure should be looked upon a minimum for any enterprise. The most important goal is to improve the communication with investors and debtors, revealing all relevant information on decision making. This paper explores and compares some cases, discussing issues on information disclosure and corporate governance.

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Hsiao, Po-Yung, and 蕭博雍. "A Study of Voluntary Information Disclosure, Mandatory Information Disclosure and Earnings Management-An Application of Benford’s Law." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/ggy3yf.

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碩士 崑山科技大學 企業管理研究所 102 Recent Taiwan Authorities promote corporate governance mechanism to encourage firm’s voluntary information and improve firm’s information disclosure and transparency particularly through revised laws and regulations, and to reduce the external investment of asymmetric information in order to strengthen public investors’ confidence in capital markets. However, the accuracy and reliability of voluntary information disclosure are still considerable doubt. This study investigates the effects of earnings management on voluntary and mandatory information disclosure and adopts Benford’s law use the condition of digits distribution to examine whether the financial statements of earnings before tax data are manipulated by the management and appear significantly anomaly. This study adopts listed companies from 1988 to 2012 in Taiwan to be research samples. And uses earnings before tax in month data to be proxy index of voluntary information index, and adopts earnings before tax in quarter and annual data to be proxy index of mandatory information index. Empirical results indicate earnings management behavior exists on both voluntary information disclosure and mandatory information disclosure. Further analysis finds that voluntary information disclosure deviated from the Benford’s law are larger than the mandatory information disclosure. Besides, the earnings before tax of annual data deviated from the Benford’s law are larger than the quarter data. The findings provided the empirical evidence of voluntary information disclosure tends to have strongly incentive on earnings management than mandatory information disclosure. Government authorities might consider strengthening governance and monitoring mechanism on voluntary information disclosure and mandatory information disclosure. The mechanism will help to enhance the overall transparency of corporate financial information disclosure, and can truly achieve the benefits of voluntary disclosure.

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Su, Hau-Shiou, and 蘇浩修. "Empirical Study on The Association Among Corporate Social Responsibility, Annual Information Disclosure, Environmental Information Disclosure and Equity Value." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/47199362932321947217.

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碩士 崑山科技大學 企業管理研究所 103 Confronting to the pattern of sustainable economic development, the emphasis of social responsibility is an indispensable condition for corporates to improve self-competitiveness in the 21st century. The objects of this study are the listed companies and over-the-counter companies from 2006 to 2013 in Taiwan. The first motivation and the target of this study is to examine how the values of equity would be affected by the variables of “whether the corporate was awarded by corporate social responsibility,” “earnings per share,” “book values per share,” “the total score of annual report information disclosure,” and “the total score of environmental information disclosure” respectively. The second motivation and the target of this study is to examine if the variable “whether the corporate was awarded by corporate social responsibility” is an significant mediator between the variables of “earnings per share,” “book values per share,” “annual report information disclosure,” “environmental information disclosure,” and “the values of equity.” The results reveal that, the values of equity is positive affected by the variables of “whether the corporate was awarded by corporate social responsibility,” “earnings per share,” and “environmental information disclosure;” the values of equity is negative affected by “book values per share.” Reviewing the mediator, the variable “whether the corporate was awarded by corporate social responsibility” would cripple the relevance between “earnings per share” to the values of equity, and between “book values per share” to the values of equity. On the contrary, the variable of “whether the corporate was awarded by corporate social responsibility” would significant increase a positive relevance between “annual report information disclosures” to the values of equity, and between “environmental information disclosures” to the values of equity. The connotation of management in this study is that, the values of equity would be upgraded by the variables of “whether the corporate was awarded by corporate social responsibility,” “annual report information disclosures,” and “environmental information disclosures;” furthermore, “awarded by corporate social responsibility” would significant enhance the positive connection between information disclosure and the values of equity.

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Winter, Sophie. "From disclosure overload to decision-useful information: Quality of disclosure in voluntary reporting." 2019. https://slub.qucosa.de/id/qucosa%3A74928.

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As a result of new information technology and globalization, there has never before been a time when people have had better access to information, than nowadays. The potential overload of information builds the basis for the research questions of this cumulative dissertation, which relates to the extensively discussed 'disclosure overload problem'. Special focus is put on decision-useful information in voluntary reporting of capital market-oriented companies. In this context the first manuscript investigates the quality of information in voluntary strategy reporting and formulates qualitative principles. Based thereon, the second manuscript examines determinants influencing the quality of strategy reporting. The third manuscript is focusing on Corporate Social Responsibility (CSR) reporting and investigates the relation of transparency in CSR reports and external assurance. The prior discussed topics as well as financial reporting and new reporting concepts, like integrated reporting, are put into context in the fourth manuscript. In this educational case study special emphasis is placed on the determination of material information, which is of high importance for future-decision leaders.

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Liao, Yu-Ting, and 廖毓婷. "A study on NPO’s financial information disclosure." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/73361511352265943884.

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碩士 中原大學 會計研究所 95 This paper adopts Literature Review Method to probe into the importance of information disclosure, and the groupings and current status of non-profit organizations. The paper further analyses and compares the strict polices of information disclosure given to profit organizations and non-profit organizations in U.S.A. and China. Lastly, the paper sets the framework for information disclosure for non-profit organizations in Taiwan. Judging from literature analysis and current policies, non-profit organizations in Taiwan are classified as highly developed. However, the policies on information disclosure of non-profit organizations are extremely limited and unstructured. As administrated by different governing bodies, current policies on whether to disclose financial data are determined only by the characteristics of organizations. This prevents the positive growth on non-profit organizations. Derived from the stringent regulations of information disclosure on profit organizations (Public Companies) and referenced from regulations of profit organizations in China, this paper attempts to set a framework, designed distinctly for non-profit organizations, on information disclosure and offer a clearer operating guidance, and hope to eventually improve its creditability and encourage more donations. Key Words: Non-profit Organizations, Information Disclosure

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Chen, Chu Tai, and 朱苔禎. "A Study of Hospital Financial Information Disclosure." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/63904588985878588523.

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碩士 長庚大學 醫務管理學研究所 93 Hospital financial information disclosure is long debated but insufficiently studied in Taiwan. This study tries to conduct a preliminary research in this topic by comprehensively reviewing related literatures and regulations. In the hope to propose a feasible solution to Taiwan, I studied financial information disclosure practice in securities industry in Taiwan to seek insights about general rules. Furthermore, I studied the practice of non-for-profit hospitals in the USA to see whether and how do they disclose their financial information. The suggestion of this study is as follows: 1.Non-for-profit hospitals and public hospitals in Taiwan enjoy tax privilege, receive subsidies from the state, or receive public donation. Therefore, non-for-profit hospitals and public hospitals should disclose their financial information. On the other hand, private hospitals do not have to disclose their financial information, because they do not receive those kinds of subsidies. 2.Financial information disclosure is essential for hospital accountability. The Department of Health should stipulate relevant laws and regulations to establish financial accounting principles which suitable for hospitals. 3.The content of financial information disclosure should include balance sheet, statement of activities, statement of cash flows and other necessities. 4.Hospitals can disclose their financial information by declaring to the Department of Health or by putting the information on website. Alternatively, they can print a volume and put it in the library or the public reading room.

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Wu, Shu-Fun, and 吳淑芳. "Board Characteristics, Ownership Structure and Information Disclosure." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/13231608478840506604.

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碩士 國立高雄第一科技大學 財務管理所 97 There have been numbers of scandals and corruption around the world since 1998, and those events have aroused a huge influence in the financial market. The controlling shareholders control the board of directors and dominate the major decisions regarding the operation, management, cash flow and allocation of company resources. Because lack of information transparency leads to the asymmetry problem and makes the interest of minority shareholders damaged. In response to solve the problem, the governments amend the related laws and establish lots of regulations to require the companies should build the internal control mechanism and fully disclose all information of financial and important operation decisions. The information disclosure could provide the investors necessary information to do the right choice of investment and also give the outside shareholders a chance to monitor the management of the company. What determines the level of information disclosure? In this study we examine this question from two dimensions one is the characteristics of the board and another is the ownership structure. We hope that we can find some useful proposal for the authorities and some reference for the investors from this empirical evidence. We use the annual report of the firms listed on the stock market in 2007 and the TEJ database for the testing. Empirical results indicate that: the board size, the ratio of independent directors and auditors and the ownership of institution have a positive relationship with the level of information disclosure. The divergence between voting-rights and cash-flow-rights and the ownership of large shareholders have a negative one

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HU, CHIA WEN, and 胡家雯. "Information Disclosure Effect of Emerging Stock Market." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/ye2zv9.

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碩士 東海大學 經濟系 105 This investigation is focus on event studies for stock price from the REG and OTC to TES eventually. At meanwhile, the Financial leverage ratio and CAPM model have been used to estimate the stock price and confirm the effect of the information revealed of the opening business transaction. There are 29 TSE corporation resource of the investigation is form the Taiwan Stock Exchange, and assume the corporation for secondary exchange market as the studied sample. Form the result, it is not obvious for the positive abnormal return at the beginning of the REG. It can be determined that these companies in the emerging stock market before the establishment of the rules have been done in the market part of the information revealed. With the enterprise from the emerging stock market to TES trading; abnormal pay continued cumulating significantly. In the first day of the TES trading; there are existed abnormal compensation and accumulated abnormal compensation significantly. When the company re-converts to the TES trading market, there are existed the significantly and positively abnormal remuneration and accumulated abnormal compensation with the day before the day of the trading event is the day of the trading event. But in the trading event after the third day there will be a significantly negative abnormal reward. And then, the company's financial ratio is used to calculate the estimated price and the actual transaction price to be comparised. From the empirical results, it’s confirmed that the enterprises that have switched to the market twice can be responded to the real value of the business in the shortest time, effectively shortening the honeymoon period. Keywords: Event Studies, Abnormal Return, Information Disclosure Effect, CAPM, Financial Ratio Analysis

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Dissertationen zum Thema „Disclosure of Negative Information“

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