Dissertations / Theses on the topic 'Risk disclosures'
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Probohudono, Agung Nur. "A comparative analysis of voluntary risk disclosures." Thesis, Curtin University, 2012. http://hdl.handle.net/20.500.11937/2132.
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This thesis examines voluntary risk disclosures from 600 firm year annual reports in four countries’ (Australia, Indonesia, Malaysia, and Singapore) manufacturing listed companies for the 2007-2009 financial years. This is an important time span to investigate risk disclosures as it encompasses those years most directly impacted by the Global Financial Crisis (GFC). Longitudinal and cross country analyses test the veracity of agency theory to predict the level of firms’ risk disclosures. A comprehensive risk disclosure index (RDI) checklist is created and tested to explain the extent of such communication over time. T-tests, ANOVA, correlations and regression analysis are used for the statistical testing.The findings show that overall RDI scores over the economically-challenging GFC time period is relative low averaging 33.73%. The RDI rises every year ranging from 31.46% in 2007, 34.20% in 2008, and 35.54% in 2009. There is a vast disparity of communication across the various risk elements. The RDI item “Identifying, evaluating and managing significant risks” has the highest level of communication (91.17%), while “Effects of inflation on assets quantitative’’ is the lowest RDI item with no disclosure (0 %). The highest major sub-category for RDI is business risk (46.55%) while the strategy risk category (17.21%) is the lowest communicated.Multiple regression analysis provides evidence that size, managerial ownership, board independence, and profitability are positively associated with the extent of voluntary risk disclosure. There are also clear country differences, for instance, Indonesian companies have statistically lower levels of risk disclosure compared with Malaysia. These findings are useful for self-evaluation and benchmarking of risk communication by other corporations across the global landscape. The need for mandatory regulation regarding key risks elements is advanced. Overall, varying levels of risk disclosure over time and across countries are influenced by key firm characteristics and economic drivers consistent with agency theory tenets.
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Mandala, Waththage Gihani. "Auditors' materiality disclosures." Thesis, Queensland University of Technology, 2017. https://eprints.qut.edu.au/109794/1/Gihani_Mandala%20Waththage_Thesis.pdf.
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The purpose of this thesis is to investigate auditors' application of materiality in practice. By conducting a thematic analysis approach to analyse materiality disclosures in auditors' reports of entities listed in UK FTSE350, it identifies a list of key themes related to materiality benchmarks and rationales. Overall the findings reflect that there is a consistency between audit firms in disclosing materiality. The thesis contributes two strands of literature: it provides actual evidence of how auditors apply materiality in practice; and also shows that it is not more information, the better, but the meaningfulness of information matters when reducing expectations gap.
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Johansson, Sara, and Sofia Thörnberg. "Risk Disclosures in Listed Companies : Exploring the Swedish Context." Thesis, Högskolan Kristianstad, Sektionen för Hälsa och Samhälle, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-8437.
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Risk disclosure is an important issue, firstly to prevent future unexpected bankruptcies and economic scandals, secondly to create trust between a company and its stakeholders. Given the importance of the issue, previous literature has mainly focused on quantity of risk disclosures. In this dissertation, both quality and quantity of risk disclosures in the annual reports of 65 companies listed on the Nasdaq OMX Stockholm exchange are analyzed. The objectives are to describe the degree of risk disclosures and to understand whether the quality and quantity of this information can be explained by size, industry and/or performance of the company. By conducting a content analysis of the annual reports, we explored if the required risk information was disclosed (quantity) and how it was disclosed (quality). Afterwards, a statistical analysis was conducted in order to obtain a deeper understanding of the results from our content analysis. The findings of our study are that both quality and quantity of risk disclosures in our sample are only half as good as they should be according to requirements in the Swedish context. We found that there is a difference in quality and quantity of risk disclosures between two of the industry categories; Energy and Materials, where the first mentioned is the best and the second the worst. We did not find significant correlations between the quality and quantity of risk disclosure and the size or the performance for the whole sample. Still, we found some differences in both quality and quantity of risk disclosure information when looking at smaller parts of our sample. Size has a significant impact on both quality and quantity of risk disclosures within the Industrials and Information Technology companies. Among Information Technology companies, also performance has a significant impact on the quantity of risk disclosure.
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Hodder, Leslie Davis. "Reliability and relevance of market risk disclosures by commercial banks." Access restricted to users with UT Austin EID Full text (PDF) from UMI/Dissertation Abstracts International, 2001. http://wwwlib.umi.com/cr/utexas/fullcit?p3034549.
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Filzen, Joshua James 1981. "The Information Content of Risk Factor Disclosures in Quarterly Reports." Thesis, University of Oregon, 2011. http://hdl.handle.net/1794/11536.
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xiv, 95 p.I examine whether recently required Risk Factor update disclosures in quarterly reports provide investors with timely information regarding potential future negative outcomes. Specifically, I examine whether Risk Factor updates in 10-Q filings are associated with negative abnormal returns at the time the updates are disclosed and whether quarterly updates are followed by negative earnings shocks. I find that firms presenting updates to their Risk Factor disclosures have lower abnormal returns around the filing date of the 10-Q relative to firms without updates, although I find little evidence to suggest that the strength of this relationship is positively associated with the level of information asymmetry between managers and investors. Using analyst forecasts and a cross-sectional model to forecast earnings as measures of expected earnings prior to the release of Risk Factor updates, I find that firms with updates to their Risk Factors section have lower future unexpected earnings. I also find that firms with Risk Factor updates are more likely to experience future extreme negative earnings forecast errors. These findings suggest that the recent disclosure requirement mandated by the SEC was successful in generating timely disclosure of bad news. However, I also find some evidence that firms with updates to their Risk Factors section have stronger future positive performance shocks relative to firms without Risk Factor Updates, consistent with firms that disclose Risk Factor updates also having greater upside potential.
Committee in charge: Dr. Steven Matsunaga, Chairperson; Dr. Kyle Peterson, Member; Dr. Angela Davis, Member; Dr. Trudy Ann Cameron, Outside Member
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Rattanataipop, Phorntep. "Risk disclosures in the annual reports of UK banks, 1995-2010." Thesis, University of Newcastle upon Tyne, 2013. http://hdl.handle.net/10443/1885.
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The internationalisation of financial flows has meant that the assessment of risk reporting has recently become one of the most significant issues in financial markets. The findings of this study are analysed using decision-usefulness to enhance the understanding of the risk disclosures of UK banks. In particular, these findings have enhanced the understanding of risk categories, information richness, and the influence of societal discussion on the risk reporting of the banking sector. This study analyses risk disclosures in the annual reports of six UK banks (i.e. RBS, NatWest, Lloyds TSB, HBOS, and HSBC), between 1995 and 2010, and in three main areas, which are: risk category membership, information richness, and the intensity of societal discussion (on risks). Content analysis is developed in this study to investigate both longitudinal and intrasectoral aspects for interpreting the content of risk disclosures in annual reports. In addition, content analysis of the news coverage of UK newspapers is conducted by using the LexisNexis electronic database to analyse the association between volumes of longitudinal banking sector risk disclosures against the intensity of societal discussion as proxied by the frequency, by year, of relevant newspaper citations, and by risk category. The findings of this study show that credit risk is the most disclosed risk (by volume) for all banks and in all years. Almost all of the risks are disclosed with high information content (in both qualitative and quantitative aspects), although the proportion of quantitative disclosures has declined over time. In addition, the majority of risk disclosures are neutral news statements, while a small proportion of disclosures give a warning of bad news. Risk reporting has become proportionately more concerned with the narrative of opinion and perception rather than the reporting of facts and quantitative information. Both fact and quantitative information are found to be disclosed with decreasing proportions over time. The volume of overall risk disclosures has had a smooth increase over time; however, this trend conceals a volumetric increase with many switch points in many risk categories (particularly during 2005 to 2009). The causes of these switch points have been found to include the adoption of accounting standards in 2005 and the financial crisis of 2007. Moreover, the findings of the correlations between all of the risk categories disclosed and the number of newspaper citations are indicative that newspaper citations are positively associated with the disclosure of key strategic banking risks (i.e. risk management, credit risk, liquidity risk, market risk, equity risk, and insurance and investment risk). The pattern of volume fluctuation is most frequently observed in the disclosures of Lloyds TSB and HBOS. This study has found that the risk disclosures of all companies have increased over time. In particular, both the quantity of disclosures and the number of risk categories disclosed have increased, in both the overall analysis of all companies and in the analysis of the individual companies.
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Al, Smadi Safaa Adnan. "Corporate governance and risk disclosures practices in the annual reports of Jordanian banks." Thesis, University of Southampton, 2017. https://eprints.soton.ac.uk/419976/.
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Recent decades have witnessed an increasing demand for risk disclosures, a demand that has augmented since the 2007/2008 financial crisis (ICAEW 2011). According to Dobler et al. (2011), the lack of clarity in risk disclosures, coupled with a complex business environment, are factors, which have increased the need for research into firms’ disclosures about risk and risk management. Furthermore, business scandals and fraudulent cases (e.g. Enron and Worldcom), and the 2007/2008 credit crisis have shaken investor confidence in the information provided by firms (Rajab and Handley-Schachler 2009), and have called into question firms’ risk exposure and the reliability of financial reports (Oorschot 2009). It has been suggested that an increase in more relevant risk information would reduce investors’ uncertainty (Elshandidy and Neri 2015) and enhance the image and reputation of firms (Louhichi and Zreik 2015). This study intends to examine risk disclosure in annual reports of 15 listed Jordanian banks. Further, this research empirically examines the influence of corporate governance factors on the level of risk disclosure in the annual reports. This study will use mixed method research entailing quantitative and qualitative data analysis. Qualitative methods will employ semi-structured interviews, whilst the quantitative approach is based on content analysis and regression analysis over the period (2007-2016). Content analysis investigates risk disclosure volume, categories, nature, timeframe and news-type. Results showed that there is an increase in the number of total risk disclosures in the annual reports of the Jordanian banks for the period examined, banks in Jordan provided similar levels of risk disclosures in terms of total risk disclosure, risk categories, timeframe, news-type and nature (quantitative vs. qualitative). However, Banks did disclose low level of voluntary risk disclosures, most of the risk information was based on mandatory requirements, such as Basel and IFRS.
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Yahya, Sofri B. "The communicate effectivness of market risk disclosures in the annual reports of financial firms." Thesis, University of Southampton, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.249994.
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Nikam, Prashant Tukaram. "Impact of risk disclosures through direct-to-consumer advertising on elderly consumers' behavioral intent." Connect to this title online, 2003. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1054007801.
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Thesis (Ph. D.)--Ohio State University, 2003.Title from first page of PDF file. Document formatted into pages; contains xv, 159 p.; also includes graphics (some col.) Includes bibliographical references (p. 152-159). Available online via OhioLINK's ETD Center
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Bean, Anne J. "An exploration of the usefulness of the disclosures for derivatives in company annual reports." Thesis, Queensland University of Technology, 2016. https://eprints.qut.edu.au/95938/1/Anne_Bean_Thesis.pdf.
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The objective of the thesis was to explore whether the disclosure of derivatives transactions in company annual reports provides users with information that is useful, and to the extent that they do not, identify possible reasons. User perceptions of usefulness were examined through in-depth interviews, complemented by an analysis of the evolution of applicable international accounting standards over a ten-year period. Findings from both studies highlight that the disclosure of risk management strategies and risk exposures are demanded by users, and resisted by companies.
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West, Craig. "An investigation into the adequacy and usefulness of financial risk disclosures in listed South African banks." Master's thesis, University of Cape Town, 2000. http://hdl.handle.net/11427/5619.
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Bibliography: leaves 114-115.The proliferation of financial instruments in recent years has renewed the interest in financial risk disclosure and reporting. South Africa in particular has been exposed not only to the increased variety of derivative products, but has recently been re-entered to the world economy. This has created a need to review the standard of reporting by South African companies. Companies Within the financial services sector have been most impacted by these recent changes. As these companies deal in products that create and transfer risk, their financial risk reporting must be clear and detailed for the user to understand the various exposures to these risks.
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Elamer, Ahmed A. M. "Empirical essays on risk disclosures, multi-level governance, credit ratings, and bank value : evidence from MENA banks." Thesis, University of Huddersfield, 2017. http://eprints.hud.ac.uk/id/eprint/31700/.
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This thesis contains four essays that examine the relationships among risk disclosures, multi-level governance, credit ratings, and bank value in the Middle East and North Africa (MENA) banks. These essays concentrate on four closely linked risk disclosures, and governance topics that quantitatively investigate the antecedents and informativeness of risk disclosures by banks from 14 countries in MENA region over the 2006–2013 inclusive period. The first essay aims at investigating the impact of multi-layer governance mechanisms on the level of risk disclosures by banks. The essay result suggests a variation between MENA banks in the level of risk disclosures with a significant improvement from 2006 to 2013. Specifically, the findings are three-fold. First, the results suggest that Sharia Supervisory Board (SSB) is positively associated with the level of risk disclosures by banks. Second and at the bank-level, the essay finds that ownership (governmental ownership and family ownership) and board (board size and non-executive directors) structures have a positive effect on the level of risk disclosures by banks, whilst CEO duality is negative, but insignificantly related to bank risk disclosures. At the country-level, the evidence suggests that control of corruption has a positive effect on the level of bank risk disclosures, whilst political stability and absence of violence have a negative, but insignificant association with the level of bank risk disclosures. In the second essay, the thesis investigates the relationships among national governance quality (NGQM), Islamic governance quality (ISGQ), including other bank-level governance mechanisms, and risk management and disclosure practices (RMDPs); and consequently ascertains whether NGQM has a moderating influence on the ISGQ -RMDPs nexus. The findings are four-fold. Firstly, this study finds that RMDPs are higher in banks from countries with higher NGQM. Secondly, this essay shows that RMDPs are higher in banks with better Islamic governance. Thirdly, the study finds that board size and non-executive directors have a positive effect on the level of RMDPs. Finally, this study finds evidence that suggests that NGQM has a moderating effect on the Islamic governance quality-RMDPs nexus. The third essay explores whether RMDPs have a predictive effect (informativeness) on banks’ credit ratings (BCRs); and consequently ascertains whether governance structures can moderate such an association. The findings suggest that RMDPs have a predictive effect on BCRs. The study finds that the quality of the BCR is higher in banks that have higher risk disclosures, board size, government ownership, board independence, women directors and established SSB. On the other hand, the results indicate that the BCR quality is lower in banks that have higher foreign ownership, and CEO role duality. Furthermore, the findings suggest that governance structures moderate the relation between RMDPs and BCRs. The final essay examines the extent to which RMDPs and multi-level governance can explain observable changes in bank value in a number of ways. First, this essay seeks to examine whether RMDPs can influence the value of banks. The second objective is to examine how NGQM may affect the bank value. Finally, this essay explores the relationship between operating in better- or poorly-governed countries and the market value of banks. The results confirm the substantial role of risk disclosures and multi-level governance in improving bank valuation in MENA. More specifically, the results indicate that market valuation is higher in banks with bigger foreign ownership, board size, board independence, Islamic governance, and NGQM. The results also show a significant negative relationship between CEO power and bank value. The research’s empirical findings are largely in line with the predictions of the multi-theoretical framework that incorporates insights from agency, signalling, legitimacy, institutional, and resource dependence theories. The study findings are robust to alternative firm- and country-level controls, alternative multi-level governance mechanisms, risk disclosure proxies, alternative estimation techniques, and endogeneity problems. In doing so, this study extends, as well as contributes to the banking and governance literature in a number of ways. First, to the best of the researcher’s knowledge, this thesis provides a first-time cross-country evidence on the level of risk disclosures in MENA countries, especially following the 2007/08 financial crisis in the banking industry. Second, this thesis offers first-time evidence on the informativeness of Islamic governance quality and risk disclosures from equity and debt markets. Third, this thesis offers evidence and extends prior research on the influence of multi-level governance on bank value, and credit ratings, using a multi-theoretical framework. Fourth, the study offers first-time evidence on the effect of national governance quality on banks’ risk disclosures, credit ratings, and bank value.
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Deneuve, Emeline. "Three essays on key audit matters dissimilarity." Electronic Thesis or Diss., Cergy-Pontoise, Ecole supérieure des sciences économiques et commerciales, 2023. http://www.theses.fr/2023ESEC0002.
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Ma thèse se compose de trois essais rapportés dans trois chapitres différents, chacun lié à une question de recherche différente sur la section des Key Audit Matters (KAMs, en français, points clés d’audit) dans les rapports d’audit. Les KAMs ont été mis en oeuvre afin d’accroître la valeur communicative des rapports d’audit et la confiance de ses utilisateurs dans le processus d’audit et les états financiers des sociétés (EY Reporting, 2015). Les KAMs reflètent les plus grands risques d’anomalies significatives rencontrés au cours du processus d’audit, sur la base du jugement professionnel des auditeurs (FRC, 2020). Leur mise en oeuvre représente le changement le plus important apporté au rapport d’audit au cours des 70 dernières années. (EY Reporting, 2015 ; FRC, 2020) Les KAMs ont été mis en oeuvre pour la première fois au Royaume-Uni en 2013. Pour obtenir la plus grande période d’échantillonnage possible, j’utilise des données collectées manuellement auprès de sociétés non financières cotées à la Bourse de Londres. Les KAMs représentent des informations qualitatives supplémentaires dans le rapport d’audit, où les auditeurs signalent un KAM par risque rencontré au cours du processus d’audit. Chaque KAM représente un risque d’audit et est composé de deux parties. Les auditeurs décrivent d’abord le risque reconnu comme un KAM, puis ils expliquent les procédures d’audit suivies pour traiter le risque identifié. Je définie ces deux parties comme les composants des KAMs suivants : la description du risque et la réponse et l’observation des auditeurs. Bien que les auditeurs soient encouragés à rédiger les KAMs avec leurs propres mots (FRC, 2013b), les critiques de cette nouvelle exigence de divulgation craignent que les KAMs ne soient passe-partout et normalisées (Citi Research, 2014 ; Gray, Turner, Coram et Mock, 2011 ; Mock et coll., 2013). Bien que plusieurs chercheurs examinent les conséquences de la réglementation des KAMs dans le monde entier, je pense que l’examen du contenu des KAMs fournit des informations plus granulaires sur le processus d’audit. Je développe des mesures de dissimilarité pour capturer des informations spécifiques dans les KAMs. Ces mesures reflètent les différences dans les termes rédigés par les auditeurs pour le même type de KAM. Ma Thèse contribue à la littérature des KAMs en fournissant une analyse granulaire du contenu des KAMs et en complétant les études examinant les caractéristiques textuelles des KAMs (par exemple, Burke, Hoitash, Hoitash et Xiao, 2022 ; Chen, Nelson, Wang et Yu, 2020 ; Gutierrez, Minutti-Meza, Tatum et Vulcheva, 2018 ; Lennox, Schmidt et Thompson, 2022)My dissertation consists of three essays reported in three different Chapters, each related to a different research question about the Key Audit Matters (KAM) section in audit reports. KAM disclosures have been implemented to enhance the communicative value of audit reports and to increase users’ confidence in the audit process and the companies’ financial statements (EY Reporting, 2015). KAMs reflect the greatest risks of material misstatements encountered during the audit process based on auditors’ professional judgment (FRC, 2020). Their implementation represents the most significant change in the audit report for the past 70 years. KAMs have first been implemented in the United Kingdom (UK) in 2013. To get the largest sample period possible, I use hand-collected data from premium-listed non-financial firms on the London Stock Exchange (LSE). KAMs represent additional qualitative disclosures in the audit report, where auditors report one KAM per risk encountered during the audit process. Each KAM is related to a significant matter and is composed of two parts. Auditors first describe the risk encountered and then explain the audit procedures performed to address the risk identified. I define these two parts as the following two KAM components: the risk description and the auditors’ response and observation. Although auditors are encouraged to write KAMs in their own words (FRC, 2013b), critics of this new disclosure requirement fear that KAMs would be boilerplate and standardized (Citi Research, 2014; Gray, Turner, Coram, & Mock, 2011; Mock et al., 2013). Although several researchers examine the consequences of the KAM regulation worldwide, I believe that examining the content of KAMs provides more granular insights into the audit process. I develop measures of dissimilarity to capture specific information in KAMs. These measures reflect differences in words written by auditors for the same type of KAM. My Thesis contributes to the KAM literature by providing a granular analysis of the content of KAM disclosures and by complementing studies examining textual features of KAMs (e.g., Burke, Hoitash, Hoitash, & Xiao, 2022; Chen, Nelson, Wang, & Yu, 2020; Gutierrez, Minutti-Meza, Tatum, & Vulcheva, 2018; Lennox, Schmidt, & Thompson, 2022)
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Al-Hadi, Ahmed Khamis Hamdan. "Three essays on market risk disclosures: corporate governance, investment efficiency and implied cost of equity capital: evidence from gulf cooperation council countries (GCC)." Thesis, Curtin University, 2015. http://hdl.handle.net/20.500.11937/2215.
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This thesis examines the association between market risk disclosures and corporate governance, investment efficiency and implied cost of capital. The results show firms that have adopted risk management committee increase the market risk disclosures (both quality and extent). In addition, firms that disclose more market risk disclosures (both quality and extent) improve investment efficiency by reducing (both over-under investment). Market risk disclosures also reduce the firm’s implied cost of equity capital.
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Zreik, Ousayna. "Three essays on risk disclosure." Thesis, Rennes 1, 2016. http://www.theses.fr/2016REN1G004/document.
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Dans cette thèse, nous avons examiné l'impact de la communication des informations de risque dans les rapports annuels sur la liquidité, la réputation, et les risques spécifiques, systématiques et totaux. Nous avons développé une nouvelle méthodologie pour mesurer la communication sur les risques en utilisant six listes de mots (les mots incertains, d’opportunité, négatifs, de forme faible, des règlements juridiques et gouvernementaux, de l'environnement et de responsabilité sociale). En outre, nous avons utilisé plusieurs modèles empiriques (effets fixes, effet aléatoire, MCO, logistique groupée, effets fixes conditionnels logistiques, effets aléatoires logistiques, et le modèle linéaire mixte). L'analyse révèle plusieurs résultats importants. Premièrement, nous avons constaté que la communication des risques conduit à une baisse de liquidité, à une meilleure réputation, à une baisse des risques spécifiques, et à une augmentation des risques systématiques. Les résultats montrent également que la communication des risques n’influence pas la réputation des entreprises à haut risque. D’ailleurs, au cours de la dernière crise financière, la communication des risques a augmenté les risques spécifiques et totaux. Finalement, la communication des risques augmente les risques totaux et les risques systématiques pour les entreprises à haut risque, tandis qu'elle diminue les risques pour les entreprises à faible risqueThis Ph.D. dissertation explores the effect of the communication of risk on several factors in the French market. To measure communication about risk, we used content analysis. We developed a new method of measurement by using several word lists to capture different types of ambiguity and risk reporting (67 environmental and social responsibility words, 889 legal and government-regulation words, 2184 negative words, 306 uncertain words, 25 opportunity words, and 32 weak words). This thesis is organized into three chapters. The first chapter is devoted to studying the effect of risk communication on firm liquidity. The results show that an intense tone of risk and uncertain information in annual reports negatively affect liquidity. In the second chapter, we examine the effect of risk communication on companies’ reputations. We detect that risk reporting positively affects reputation. This result is robust for alternative empirical models (pooled OLS, fixed effects, and random effects) as well as for alternative measurements of reputation. In addition, we explore the risk-reporting behaviors of very high- and low-risk companies. We find that risk-disclosure behavior is sensitive to a company’s level of risk. The third chapter is dedicated to analyzing the effect of risk communication on company risks (unsystematic, systematic, and total risk). We find that risk communication is associated positively with systematic risk, and negatively with unsystematic risk. In contrast, during the financial crisis of 2008, we find a negative association between risk communication on the one hand and unsystematic and total risk on the other hand. Moreover, we observe that high-risk firms will not reduce their risks through more communication about risk
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Ahmad, Normah. "Narrative Risk Disclosure : The Malaysian Case." Thesis, University of Southampton, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.509526.
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Aerni, Matthias. "Public disclosure of market and credit risks : risk assessment methods, current reporting practices and recommendations relating to the public disclosure of market, credit and operating risks /." [S.l.] : [s.n.], 1999. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=008789196&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Cataldi, Bryan Daniel. "RISKY BUSINESS: HOW REVENUE MEASUREMENT AND RISK DISCLOSURE IMPACT EQUITY INVESTORS' VALUE JUDGMENT OF PRIVATE COMPANIES." OpenSIUC, 2014. https://opensiuc.lib.siu.edu/dissertations/804.
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The Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board (PCAOB) have proposed standards that could alter the judgments of users of financial statements. This study examines how certain regulations including revenue measurement choices made by management combined with risk disclosure as proposed by the PCAOB could interact with the propensity of the user to rely on financial information to affect how a class of private company financial statement users - seed equity investors - value a private company. Through experimental methods manipulating revenue measurement choice and risk disclosure, I find that seed equity investor value judgments of early stage companies are significantly influenced by accounting disclosures. Specifically, accounting disclosures regarding level of risk and revenue measurement that accompany financial models in the valuation process significantly alter a seed equity investor's value judgment of early stage companies. This segment of financial statement users tends to place the majority of their reliance on non-financial, subjective factors as predictors of future success of early stage companies. Further, their judgments are swayed by wholly different financial disclosures than their "Wall Street" investor counterparts in that conservative and low risk information creates large revisions in value judgment. The implication of this study is to suggest that "Main Street" investors consume financial information and their related disclosures differently than "Wall Street" investors - an inference important for standards setters to understand as they craft regulations that govern private companies.
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Nin, Guerrero Jordi. "Contributions to Record Linkage for Disclosure Risk Assessment." Doctoral thesis, Universitat Autònoma de Barcelona, 2008. http://hdl.handle.net/10803/5787.
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Cada dia una gran quantitat de dades són recollides pels instituts d'estadística. Aquest fet combinat amb el creixement que ha experimentat Internet en els darrers anys fa que hom es pregunti si les seves dades confidencials són emmagatzemades i distribuïdes d'una manera privada i segura.En aquest marc, els mètodes de protecció de dades tenen una gran importància, convertint-se en crucial anonimitzar les dades abans de la seva publicació. Quan anonimitzem un conjunt de dades amb un mètode de protectió, s'ha d'avaluar el grau de privadesa de les noves dades protegides. Les tècniques de re-identificació, com l'enllaç de registres, són unes de les tècniques més utilitzades per avaluar la seguretat d'un mètode de protecció.
Aquesta tesi aplica mètodes d'enllaç de registres al càlcul del risc de revelació dels diferents mètodes de protecció de dades. L'objectiu d'aquest procés és avaluar la seguretat d'un mètode de protecció d'una forma pràctica i real. Les principals contribucions d'aquesta tesis són:
· La definició de tres mètodes d'enllaç de registres dissenyats per avaluar el risc de revelació de dos dels mètodes d'anonimització més utilitzats: la microagregació i l'intercanvi de rangs.
· La formalització d'una mesura empírica que avalua el risc de revelació de la microagregació multi variable.
· El desenvolupament de noves variants dels mètodes de protecció clàssics que són resistents a les tècniques d'enllaç de registres definides dins d'aquesta tesi.
· L'estudi de nous escenaris on el risc de revelació encara existeix. Concretament, hem definit un mètode de re-identificació basat en funcions d'agregació que permet re-identificar individus quan l'intrús no té accés a les dades originals abans d'ésser protegides. També hem desenvolupat un marc per a l'avaluació de mètodes de protecció quan aquests s'apliquen a series temporals. En aquest darrer escenari hem definit una serie de mesures per avaluar la pèrdua d'informació i el risc de revelació.
Every day, a large amount of data is collected by statistical agencies. This fact combined with the growth that the Internet has experimented during the recent years makes one wonders whether its confidential data is stored and distributed in a secure way.
In this framework, data protection methods have a great importance, becoming crucial to anonymize confidential attributes before releasing them in a private and secure manner. When a protection method is applied, a new and challenging problem arises. This problem is the evaluation of the privacy provided by such method. Re-identification techniques, as record linkage methods, are one of the most common techniques for evaluating the security of a protection method.
This thesis applies record linkage techniques to the calculation of the disclosure risk of a protection method. The aim of this application is to evaluate the security of a protection method in a real and fair way. The main contributions are:
· The definition of three specific record linkage techniques for evaluating two of the most common protection methods: rank swapping and microaggregation.
· The definition of an empirical disclosure risk measure for microaggregation.
· The development of new variants of rank swapping and microaggregation resistant to record linkage methods and disclosure risk measures defined in this thesis.
· The study of new disclosure risk scenarios. In particular, we have developed a record linkage method which applies aggregation functions to re-identify individuals when the intruder has no access to any of the original attributes of the protected data. We have also developed a framework for the evaluation of protection methods when they are applied to time series data.
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Antal, Laszlo. "Statistical disclosure control for frequency tables." Thesis, University of Manchester, 2016. https://www.research.manchester.ac.uk/portal/en/theses/statistical-disclosure-control-for-frequency-tables(cfee4921-b2a9-49ea-a1b5-9f04e7476131).html.
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Disclosure risk assessment of statistical data, such as frequency tables, is a prerequisite for data dissemination. This thesis investigates the problem of disclosure risk assessment of frequency tables from the perspective of a statistical institute. In the research reported here, disclosure risk is measured by a mathematical function designed for the data according to a disclosure risk scenario. Such functions are called disclosure risk measures. A disclosure risk measure is defined for frequency tables based on the entire population using information theory. If the disclosure risk of a population based frequency table is high, a statistical institute will apply a statistical disclosure control (SDC) method possibly perturbing the table. It is known that the application of any SDC method lowers the disclosure risk. However, measuring the disclosure risk of the perturbed frequency table is a difficult problem. The disclosure risk measure proposed in the first paper of the thesis is also extended to assess the disclosure risk of perturbed frequency tables. SDC methods can be applied to either the microdata from which the frequency table is generated or directly to the frequency table. The two classes of methods are called pre- and post-tabular methods accordingly. It is shown that the two classes are closely related and that the proposed disclosure risk measure can account for both methods. In the second paper, the disclosure risk measure is extended to assess the disclosure risk of sample based frequency tables. Probabilistic models are used to estimate the population frequencies from sample frequencies which can then be used in the proposed disclosure risk measures. In the final paper of the thesis, we investigate an application of building a flexible table generator where disclosure risk and data utility measures must be calculated on-the-fly. We show that the proposed disclosure risk measure and a related information loss measure are adaptable to these settings. An example implementation of the disclosure risk and data utility assessment using the proposed disclosure risk measure is given.
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Linguanti, Riccardo <1998>. "Enterprise Risk Management and non-financial risks disclosure: The value of an integrated approach in communicating with stakeholders." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19866.
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The following thesis aims at examining in depth the relationship existing between enterprise risk management and non-financial disclosure.
Specifically, the first chapter focuses on a brief presentation of what is risk and how it can be classified, followed by a historical description of risk management, from the first silos approach to the always more integrated processes, expressing the need for business activities to pursue a more complete and exhaustive approach, which exploits opportunities deriving from risks and allows to manage them in a more integrated way. Successively the attention moves towards the theoretical description of ERM and its main peculiarities with a focus on the international framework provided by the Committee of Sponsoring Organizations of the Treadway Commission, with the objective of providing an effective framework for the implementation of ERM systems inside the organisation. The third chapter focuses more on the topic of non-financial risks, highlighting the effects on the financial performance of a company and the reason according to which this category of risks should be integrated with the management systems of all the other risks. Thereafter the composition analyses the topic of non-financial disclosure, remarking the importance of the transition from an “only financial” view to a more integrated approach to disclosure, which considers the interests of all stakeholders and, as a consequence, all the risks and aspects connected to non-financial issues.
Finally, in order to investigate whether companies with more sophisticated ERM systems and adopting a more integrated approach actually disclose to their stakeholders a greater level of information concerning their non-financial risks, the thesis through different case studies relates the level of ERM processes and the level of non-financial risk disclosure in a sample of Italian listed companies.
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IIJIMA, YOSHIHIKO. "RISK DISCLOSURE IN SECURITIES EXCHANGE AND MEDICAL TREATMENT CONTRACTS." Nagoya University School of Medicine, 2009. http://hdl.handle.net/2237/11337.
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Marzouk, Mahmoud. "A framework for the quality of corporate risk disclosure." Thesis, University of York, 2017. http://etheses.whiterose.ac.uk/19474/.
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Corporate risk disclosure (CRD) has gained considerable attention particularly after the US accounting scandals and corporate failures of the early 2000s and the global financial crisis of 2007-8. These crises served as a wakeup call for companies, investors, policy makers, capital market authorities and other stakeholder groups to pay more attention to risk management and risk reporting. Consequently, there has been a growing demand for companies to provide more, and better, risk information (RI). Professional bodies have proposed guidelines encouraging companies to provide more information on their risk exposure. Furthermore, there have been regulatory responses with different countries issuing regulations that oblige companies to report RI. Previous studies have focused on examining CRD quantity and its determinants. While some studies suggest companies have increased their risk disclosures, others highlight that companies are not necessarily reporting more informative RI. Concerns have been raised about CRD quality and usefulness, and yet CRD quality is still an under-researched area. This study departs from the mainstream literature in that it develops an in-depth understanding of and a framework for CRD quality. This is the first study to investigate the perspectives of the different stakeholder groups on various aspects of CRD quality using semi-structured interviews. The findings reveal a lack of a common definition of risk among the interviewees and highlight the importance of CRD to information users and companies. The results indicate that CRD has improved, yet there is considerable room for improvement. The findings also demonstrate a number of incentives and disincentives for risk reporting that could help explain managers’ CRD decisions. The FASB’s qualitative characteristics have been operationalised in the context of CRD and a number of characteristics have been developed that could help improve and assess CRD quality. This study has important implications for CRD policy, practice and future research.
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POLIZZI, Salvatore. "Essays on Risk Disclosure: Evidence from the Banking Industry." Doctoral thesis, Università degli Studi di Palermo, 2021. http://hdl.handle.net/10447/497919.
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Shariati, Samani Sahel. "Assessing disclosure risks with genomic data." Thesis, University of Manchester, 2018. https://www.research.manchester.ac.uk/portal/en/theses/assessing-disclosure-risks-with-genomic-data(9b148cbb-9e0d-415e-8d75-c2dc71d60795).html.
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The genomics revolution promises to bring advances in every area of our lives and is generating huge quantities of data for analysis. However, these data are sensitive and their potential cannot be realised without addressing complex questions of privacy. Genomics is not the first field to face these questions; for many decades, balancing confidentiality and data utility has been a concern for data stewardship organisations such as national statistical institutes. This led to the emergence of the field of Statistical Disclosure Control (SDC) to formulate this problem statistically. In this thesis, I explore some of the privacy issues of genomics data by drawing on key concepts from SDC. In the first paper, six possible scenarios where disclosure may occur are defined and analysed. The analysis shows that although assessing the disclosure risk of genomic data is not a straightforward task; the risk is potentially being overestimated in many cases. There are several factors that affect the overall risk of disclosure which have been neglected in most previous work. In particular, having a detailed knowledge of the data and a significant expertise in genetics and genomics is crucial. The risk also depends on the data environment and this research suggests that the disclosure risk of each genomic dataset must be assessed individually and systematically, with a focus on the actual attack procedure. In paper two, one high profile attack scenario, a patrilineal linkage attack, is considered in detail and a model of the risk of re-identifying genomic data (in the population of Wales and England) via this route is developed. The work demonstrates that re-identification is possible; however, the risk is low in the studied population. This work re-emphasises the importance of the data environment and external resources used in an attack and shows that they significantly affect overall risk which also depends on the characteristics of an individual genomic dataset. The paper also demonstrates how attaching geo-demographic metadata to genomic data can facilitate re-identification and hence advises caution with such attachments. Paper three considers the issue of linkage disequilibrium - the non-random correlation of allelic forms of different genes - and its impact on the intruder's power to carry out inference attacks on regions of the genome which are suppressed for privacy reasons. By generating a variety of genomic data models, the work demonstrates that intruders can design more powerful attacks using higher-order correlations. The evaluation shows that this correlation cannot be captured properly using the lower-order models found in the existing literature, and therefore they cannot be relied upon when designing privacy-preserving techniques. The overarching conclusion is that SDC and genomic privacy can both learn from each other. Genomic privacy can benefit from the systematic approach that SDC provides. SDC can benefit from considering the new and more complex genomic data forms and therefore enhance its relevance as we move from the world of singular rectangular databases to one of an interconnected web of variegated data.
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Louw, Marike. "The contribution of risk governance and disclosure in integrated annual reporting to risk management." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/59854.
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This research was conducted with the aim in determining if risk governance and risk disclosures in integrated reports contribute to risk management and show improvement year on year. The volatile and challenging operating environments that organisations currently operate in has placed significant pressure on organisations assure stakeholders of their ability to create and maintain value, despite the risk of unknown events and circumstances. Integrated annual reports provide a means for organisations to communicate to stakeholders about their commitment to risk management and risk governance through risk disclosure.
This research followed an explorative and quantitative approach. A checklist was created using the risk governance principles from the King Code of Governance Principles for South Africa, application of which is required by the Johannesburg Stock Exchange for all listed companies on an apply or explain basis, the International Integrated Reporting Framework and the G4 Sustainability Reporting Guidelines. Using content analysis, this checklist was completed through inspection of the integrated annual reports for the companies listed in the general retail sector of the Johannesburg Stock Exchange for the past five years. Key risks identified in the integrated annual reports were compared to industry norm risks identified.
The study showed a slight improvement in application of risk governance and risk disclosure principles from year to year. In addition, a slight improvement was noted on the comparison between the key risks identified in the integrated annual reports and the industry norm risks. The results suggest improvement in risk governance and risk disclosure as elements of risk management in the past five years.Mini Dissertation (MBA)--University of Pretoria, 2017.
pa2017
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
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Khaledi, Soheila. "Corporate Risk Disclosure: A Content Analysis of Swedish Interim Reports." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-231965.
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The aim of this research is to examine the determinants of the level of corporate risk disclosure (CRD) in the interim reports of Swedish non-financial companies. A quantitative research approach is used, the sample data of which consist of 166 firms with 4,849 interim reports over a 10-year period. By utilizing the notion of risk and its definition, I have distinguished three categories of risk, namely risk as uncertainty, risk as threat and risk as opportunity. A systematic content analysis is conducted with the use of a software program, which is specifically designed for this purpose. The number of sentences that contain keywords related to the three risk categories is counted as the total CRD score, which is transformed to the disclosure index. I have examined the impact of firms’ characteristics and corporate governance mechanisms on the level of CRD based on agency theory. The ordinary least squares regression method with control for fixed year effects is used to analyse the data, which show that firm size and audit committee have a positive relationship with the level of corporate risk disclosure. The result demonstrates also that there is a negative relationship between family ownership and the level of CRD, and an insignificant relationship between leverage and the level of CRD.
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Al-Maghzom, Abdullah. "The determinants and consequences of risk disclosure in Saudi banks." Thesis, University of Gloucestershire, 2016. http://eprints.glos.ac.uk/4135/.
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Purpose- The aim of this research is to address the current gap in the disclosure literature by investigating risk disclosure in a developing economy (Saudi Arabia). The current study aims to widen the understanding of risk disclosure levels, determinants and economic consequences, by firstly examining the levels of risk disclosure in the annual reports of both Islamic and non-Islamic listed banks, secondly by empirically exploring corporate governance and the demographic traits of top management teams as the determinants of voluntary risk disclosure practices in and thirdly by investigating whether the levels of voluntary risk disclosure in Saudi listed banks are value-relevant or not. Design/Methodology/Approach- The sample consists of all banks listed on Tadawul. All data was collected from the annual reports of the sample banks from 2009 to 2013 using manual content analysis. Other variables were collected using DataStream and Bloomberg. This study develops two holistic risk disclosure indices to measure the levels of risk disclosure in both Islamic and non-Islamic banks. It also uses ordinary least squares regressions analysis to examine the effect of a combination of determinants stemming from corporate governance and demographic traits on risk disclosure. Ordinary least squares regressions analysis is also used in determining whether the levels of voluntary risk disclosure in Saudi listed banks are value-relevant or not. Results- The first empirical analysis shows that Islamic banks report less risk information than non-Islamic banks. However, the analysis also reveals that both Islamic and non-Islamic banks report relatively the same amount of risk information regarding the banks’ non-Islamic risk-related items. The second empirical analysis shows that Islamic banks report very low levels concerning Islamic risk-related items. It also shows that external ownership, audit committee meetings, gender diversity, education levels and profitability are primary determinants of risk disclosure practices in Saudi listed banks. Thirdly findings also exhibit that there is no association between the levels of voluntary risk disclosure and firm value as measured by the market to book value (MTBV). But, the results generated from the accounting based measure (ROA) show that there is a positively significant association between the levels of voluntary risk disclosure and firm value. Potential Contributions- This study contributes to the literature on general accounting disclosure and in particular advances and contributes to the literature on risk disclosure in developing economies. It also contributes to the understanding of the role of accounting information in relation to the levels, determinants and market valuation of a firm. Specifically, this study is significant in that it sheds light on the voluntary risk-disclosing practices of banks that operate in an environment that is often considered to be opaque. This investigation makes major contributions to the literature and increases the knowledge on risk disclosure and reporting practices in the annual reports of all listed Saudi banks, namely Islamic and non-Islamic banks. It makes a healthy contribution to the discussion on the levels, determinants, economic consequences and risk disclosure in banks annual reports. To the best of the researchers’ knowledge, no prior research has been conducted on the levels or the determinants voluntary of risk disclosure in Saudi Arabia. Also no prior research has been conducted on the relationship between firm value and levels of risk disclosure in general or in emerging markets. Therefore, this is the first study to investigate the levels, determinants and economic consequences of risk disclosure in this context. This study has also pioneered a novel contribution to the field of disclosure by incorporating the upper echelons theory into investigating disclosure. Particularly in this study this theory is extended into exploring the determinants of voluntary risk disclosure. Implications- The reported results should be useful to accounting and regulatory bodies by providing information about the inadequacies of risk reporting in Saudi banking sector. Regulatory institutions should be above all concerned about the disclosure needs of users. Therefore, SAMA, SOCOPA and CMA are called upon to find solutions to improve the reporting of risk information in the Saudi banking industry. The study also provides information for managers to keep investors satisfied about the risk that their banks encounter. Investors may use the findings for understanding risk disclosure behaviour of listed banks. It also informs regulators and investors about the importance and current levels of risk disclosure in all Saudi listed banks as well as informing them of the influence voluntary risk disclosure has on the value of the firm. It also calls upon managers who prefer to withhold from offering information to shareholder to be more transparent if they prefer to increase their banks market value and entice more investment. This can be used to increase the value relevance in the banking sector.
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McClay, Michael Matthew. "The Effect of Disclosure of Suicide Attempt on Suicide Risk." TopSCHOLAR®, 2017. https://digitalcommons.wku.edu/theses/2031.
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Survivors of suicide attempts are at increased risk for future suicide, and there are few empirically validated treatments designed to reduce suicidal thoughts and behaviors among this population. The Interpersonal Psychological Theory of Suicide proposed that reducing suicidal individuals’ feelings of burdensomeness on others and disconnectedness from others will decrease the desire for suicide. Disclosing one’s history of suicidal behavior to a trusted confidant has been found to have a positive impact on depression symptoms, so the present study sought to evaluate the benefits of disclosing on measures of social support and proximal suicide risk described by the Interpersonal Psychological Theory of Suicide. Data were collected from 99 undergraduate students who reported at least one lifetime suicide attempt. Results indicated that disclosing one’s history of suicide attempt to one or two confidants had a positive indirect effect on depression, Perceived Burdensomeness, and Thwarted Belongingness via a pathway mediated by peer social support. However, disclosing to 3 individuals attenuated these positive effects. Results support existing treatments that incorporate disclosure of suicide attempt history or active suicidal ideation as a suicide prevention technique and recommend the use of disclosure as a way to facilitate increased social connectedness, thereby reducing desire for suicide.
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Petzel, Arthur Richard III. "Does the Permanently Reinvested Earnings Assertion Influence Perceptions of Credit Risk?" Diss., Virginia Tech, 2017. http://hdl.handle.net/10919/76647.
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In recent years, the impact of the permanently reinvested earnings (PRE) assertion on the financial reporting environment has grown tremendously. Under Accounting Standards Codification (ASC) 740, a firm making the PRE assertion is able to avoid recognizing residual U.S. taxes on earnings of its foreign subsidiaries so long as it reinvests those earnings outside of the U.S. Suboptimal reinvestment is a potential consequence for PRE-asserting firms due to limited reinvestment opportunities abroad. Suboptimal foreign reinvestment, typically high amounts of reinvestment in financial assets, may be viewed negatively by financial statement users, particularly those users concerned with the default risk of a firm.
The disclosure of PRE-related information varies substantially and the actual degree of compliance with this accounting standard has been questioned by the Securities and Exchange Commission (SEC). While firms may believe it is advantageous to obscure their PRE-related activity due to media or political concerns, recent academic literature has highlighted a negative relation between disclosure quality in financial statements and credit risk.
The purpose of this study is to examine the relations among foreign reinvestment strategy, PRE disclosure, and long-term credit ratings. First, I examine the direct effect of a firm's reinvestment strategy on its long-term credit rating. Second, I investigate the relation between a firm's reinvestment strategy and its choice to disclose PRE-related information. Third, I study the relation between a firm's choice to disclose PRE-related information and its long-term credit rating. Finally, I examine the potential attenuating effect of the PRE disclosure on the negative relation between financial reinvestment and credit ratings. Using hand collected PRE data for Fortune 500 firms from 1997-2010, I find a negative relation between the intensity of a firm's reinvestment in financial assets and its (1) long-term credit rating and (2) choice to disclose PRE-related information. Furthermore, I find a positive relation between a firm's choice to disclose PRE and its credit rating.Ph. D.
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Mokhtar, Mokhrazinim. "Measurement, management and disclosure of risk and return in Islamic banks." Thesis, University of Southampton, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.423558.
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Scapolo, Elena <1997>. "Analisi della coerenza tra business model e non financial risk disclosure." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/19851.
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La tesi mira ad esplorare la coerenza che sussiste tra i business model e le non financial risk disclosure di note società quotate del fast fashion. In particolare, nel primo capitolo si va ad esaminare la normativa 2014/95/EU e la situazione europea, punto di riferimento per quanto concerne la disclosure dei business model e dei rischi non finanziari delle aziende. Infine, si va ad esaminare lo stato dell'arte e i gap del settore del Fast fashion al fine di dimostrare il motivo di interesse. Nel capitolo due, dopo una breve rassegna degli studi per le analisi dei business model e dei rischi non finanziari, si procede con una descrizione della metodologia di analisi per la valutazione dei modelli adottati dalle società in esame per poi, nel capitolo tre, andare a confrontare la pertinenza e la coerenza di questi ultimi con i rischi non finanziari dichiarati negli annual report e andare a valutare se, eventualmente, la situazione pandemica creata dal Covid-19 ha impattato in qualche modo le dichiarazioni delle società.
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Guo, Chan. "A longitudinal study of corporate earnings guidance in Australia’s continuous disclosure environment." Thesis, Queensland University of Technology, 2011. https://eprints.qut.edu.au/46693/1/Chan_Guo_Thesis.pdf.
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Since the introduction of a statutory‐backed continuous disclosure regime (CDR) in 1994, regulatory reforms have significantly increased litigation risk in Australia for failure to disclose material information or for false and misleading disclosure. However, there is almost no empirical research on the impact of the reforms on corporate disclosure behaviour. Motivated by the absence of research and using management earnings forecasts (MEFs) as a disclosure proxy, this study examines (1) why managers issue earnings forecasts, (2) what firm‐specific factors influence MEF characteristics, and (3) how MEF behaviour changes as litigation risk increases. Based on theories in information economics, a theoretical framework for MEF behaviour is formulated which includes antecedent influencing factors related to firms‟ internal and external environments. Applying this framework, hypotheses are developed and tested using multivariate models and a large sample of hand-collected MEFs (7,213) issued by top 500 ASX-listed companies over the 1994 to 2008 period. The results reveal strong support for the hypotheses. First, MEFs are issued to reduce information asymmetry, litigation risk and signal superior performance. Second, firms with better financial performance, smaller earnings changes, and lower operating uncertainty provide better quality MEFs. Third, forecast frequency and quality (accuracy, timeliness and precision) noticeably improve as litigation risk increases. However, managers appear to be still reluctant to disclose earnings forecasts when there are large earnings changes, and an asymmetric treatment of news type continues to prevail (a good news bias). Thus, the findings generally provide support for the effectiveness of the CDR regulatory reforms in improving disclosure behaviour and will be valuable to market participants and corporate regulators in understanding the implications of management forecasting decisions and areas for further improvement.
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Alzead, Ramzi Suliman. "The determinants and economic consequences of risk disclosure : evidence from Saudi Arabia." Thesis, University of Portsmouth, 2017. https://researchportal.port.ac.uk/portal/en/theses/the-determinants-and-economic-consequences-of-risk-disclosure(781d6a77-7f9c-419b-9cbb-efd38e40caac).html.
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This study makes a valuable contribution to the existing literature on corporate risk disclosure (RD)in emerging economies with a focus on the Saudi Arabian economy in the context of the Middle East. The vast majority of previous RD literature has placed emphasis on the context of developed nations. This study undertakes a detailed analysis of RD practices by adopting a quantitative approach for the collection and analysis of datasets using a sample of non-financial firms listed on the Saudi Stock Exchange (Tadawal) over the period 2010 to 2014. The measurement of risk reporting is thus based on a manual content analysis technique, regression analysis models are used to identify the factors that affect risk reporting, and the value of firms in the stock market were measured using the Tobin's Q valuation model. Regression analysis is used to examine the impact,if any, of risk reporting on the value of the firms in the sample. The data gathered shows that the average RD level among all the samples is 17%. The result of the examination of the effect of the corporate governance mechanisms on risk disclosure shows that, of board related characteristics,board size and independent directors are negatively related to a statistically significant degree. Auditor type is positively statistically significant at the 1% level, and governmental ownership is negatively associated with RD to a statistically significant degree at the 1% level. The result of the examination of the impact of RD on firm value shows that the relationship between RD and firm value (as measured by TQ) is found to be negatively statistically significant.
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Zambon, Francesco <1995>. "Offerte pubbliche iniziali: relazione tra risk disclosure e performance di breve periodo." Master's Degree Thesis, Università Ca' Foscari Venezia, 2021. http://hdl.handle.net/10579/18883.
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Il recente passato ha visto svariate società ampliare le proprie fonti di finanziamento attraverso la quotazione nei mercati azionari. Molte di queste hanno riscontrato ottimi risultati dalla propria quotazione, ma altrettante hanno ottenuti risultati che non possono dirsi positivi.
La normativa prevede che, per trasparenza e tutela degli investitori, le società intenzionate a quotarsi redigano, sulla base delle caratteristiche aziendali, fogli informativi che permettano al pubblico sia di informarsi in merito alla situazione attuale della società che di analizzarne il rischio soggettivo.
Gli investitori, dal canto loro, sono tenuti ad analizzare la situazione aziendale per evitare di incorrere nei diversi rischi in cui la quotazione di una società può condurre, rischi che possono presentarsi anche per l’azienda stessa. Infatti, un fenomeno tipico che si realizza il giorno della quotazione è rappresentato da un prezzo per azione inferiore a quello che sarebbe il suo reale valore, il cosiddetto underpricing. Questo è sicuramente un aspetto negativo per l’azienda che vedrà la quotazione del proprio titolo nel mercato ad un prezzo inferiore a quello previsto ma, per l’investitore che acquista al prezzo di collocamento, rappresenta sicuramente un’opportunità di investimento.
L’obiettivo di questa tesi è quello di analizzare il mondo delle IPO italiane, focalizzando l’attenzione sulla comunicazione dei rischi contenuta nei prospetti informativi delle aziende quotande, anche alla luce dei recenti interventi normativi.
Più nello specifico, essendo il mondo finanziario molto vasto, l’analisi empirica effettuata ricade sulle principali nuove quotazioni azionarie avvenute nell’ultimo decennio nel mercato italiano analizzando e calcolando l’underpricing riscontrato nel momento della quotazione e relazionandolo sia con la performance a breve termine ottenuta che con la comunicazione dei rischi avvenuta ante quotazione.
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Wan, Abdullah Wan Amalina. "Determinants of Corporate Governance Disclosure Practices of Islamic Banks." Thesis, Griffith University, 2013. http://hdl.handle.net/10072/365236.
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The Islamic community has an expectation that Islamic banks place utmost importance on corporate governance (CG), due to the additional risks embedded in Islamic financial instruments. However, recently, Islamic banks have been exposed to CG failures similar to conventional banks. Therefore, a higher standard of CG is now expected from Islamic banks to increase stakeholders’ confidence in their financial system.
The central proposition of this study is that the difference in the capital structure of Islamic banks as compared to conventional banks and the need to comply with Shari’ah lead to different CG settings in Islamic banks such as Shari’ah governance and risk management systems. Solomon and Solomon (2004) argue that corporate disclosure transparency is an important component of a good CG system. Therefore, the aim of this thesis is to investigate factors determining CG disclosure transparency unique to the Islamic banking context. In analysing the CG disclosures of Islamic banks, the SSB Report is also examined.
It is argued that specific characteristics of Islamic banks (the characteristics of the SSB and the mudarabah (profit-sharing investment account) influence the extent of CG disclosure of Islamic banks. Apart from the above-mentioned characteristics, this thesis also explores the association between CG disclosures and CG characteristics of Islamic banks and firm size. In order to mitigate the country-bias effect on the sample, the impact of the legal system and the level of political and civil repression on the CG disclosures of Islamic banks are also investigated. Subsequently, the determinants of the extent of disclosure in the SSB Report are also examined.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
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DE, LA PAZ GIAN CARLO, and SVEN STECK. "IFRS 7: Disclosure of Financial Instruments Do European banks comply with the new standard in terms of credit risk and risk management?" Thesis, Karlstads universitet, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-7944.
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With the increasing complexity of banking operations, the demand for extensive disclosure has advanced over the years. In 2007, the International Accounting Standards Board (IASB) has consolidated and expanded disclosure requirements related to financial instruments in IFRS7. Arguably, the adoption of IFRS7 in Europe was met with substantial differences in implementation among countries. Moreover, IFRS7 was launched a few months before the global financial crisis hit Europe. This study examines the level of disclosure according to IFRS7 of 12 banks spread across Europe using their annual accounts from 2007-2010. The banks were chosen on the basis of their market capitalization by the end of 2007. A disclosure index based on IFRS7 was created for this study to evaluate the level of disclosure of the banks. After examining the disclosure level, this paper analyzes if there is a correlation between compliance on disclosure index and bank performance as measured by the Total Shareholder Return. This study aims to find out if a high compliance significantly affects performance in terms of TSR and if it helped banks weather the global financial crisis. The background part provides a broad perspective on disclosure, financial reporting, accounting standards, and IFRS7. It also provides a situation on bank run, and on the recent financial crisis. With the use of secondary data from published accounts of banks, the empirical study presents the disclosure level of banks and TSR performance. The findings suggest that most banks have a selective compliance and moderate fulfillmenton disclosure obligations. Inadequacy is particularly seen in areas where additional disclosure is required by using the implementation guidance of IFRS7. The correlation between compliance and performance is seen to be very minimal which suggests that a high disclosure during a financial crisis does not help prevent huge financial losses.
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Holm, Jesper, and Emelie Bergström. "Does quantity matter? : An investigation of the quantity of information in risk reports effect on the financial performance of EU banks." Thesis, Umeå universitet, Företagsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-91347.
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Banks within Europe have a major role in the European financial system. The financial collapse in 2008 made regulators well aware of the importance of corporate transparency to allow stakeholders to assess the banks health and maintain a stable market. Risk reporting within the European Union (EU) contributes to transparency in terms of disclosing information on risk management activities. The heavy regulations and demand from investors have caused the extent of risk reports to increase over time. The purpose of this research is to investigate if there is a relationship between the quantity of information in risk disclosures and the financial performance for banks in the EU and thus contribute with new knowledge to the field of finance, and increase managers' as well as stakeholders' understanding of the impact of risk reports. The methodological standpoints guide our choices throughout the research process. Our epistemological view is positivism and our ontological view is objectivism. A deductive research approach and a quantitative research method are adopted to collect archival data from risk reports and on financial performance from a sample of 41 banks. Our population consist of banks within the EU. The research design is cross-sectional using data from one point in time, the time period 2013-04-01 - 2014-03-31. Based on relevant theories and previous research, quantity proxies in terms of number of pages, words, characters and recurrence of keywords together with financial performance measures in terms of stock return, standard deviation and beta are used to investigate the relationship. 3 hypotheses are derived and tested by running regressions where the financial performance measures are the dependent variables and our proxies for quality are the independent variables. Our tests show that no significant relationship exists between the quantity of information in risk disclosures and the financial performance of banks within the EU. The results from our research contribute with new knowledge to academics within the field of finance by increasing the understanding of the explanatory variables for financial performance. Moreover, academics may use our results to justify the choice of other proxies than quantity when investigating quality in corporate disclosures. Additionally, our results indicate that practitioners should not use quantity of information in risk reports as an indicator of quality, as no relationship with the financial performance of a bank could be statistically proven.
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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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Bouazzaoui, Rhita. "Réglementations Financières et Gouvernance par les Risques : le cas des entreprises non-financières françaises soumises à la réglementation Sarbanes Oxley." Thesis, Paris 10, 2014. http://www.theses.fr/2014PA100045.
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La divulgation d’informations sur les risques est une problématique centrale de la communication des entreprises cotées. De nombreuses dispositions réglementaires ont été mises en œuvre aux Etats-Unis et en Europe pour promouvoir la transparence sur les risques et les dispositifs de contrôle mis en place pour leur gestion. Les exigences de certification de l’efficacité de ces dispositifs conduit à la question de savoir si ou comment les entreprises non-financières françaises, ayant une double cotation aux Etats-Unis et en France, sont conformes à ces règlementations. Dans ce contexte, il est soutenu que la mise en évidence des différents niveaux de formalisation des dispositifs de contrôle des risques, à travers la communication des entreprises, permet de dégager des typologies originales de mise en conformité et de gouvernance des organisations. La démarche de recherche adoptée est basée sur l’étude de cas longitudinale qui permet de suivre les entreprises du lancement des projets de mise en conformité, à la stabilisation des processus de production de la certification des procédures de contrôle des risques. Les données recueillies (entretiens, rapports annuels) font l’objet d’une analyse de contenu à travers le COSO2. Une seconde étape est leur traitement statistique pour discriminer les réponses stratégiques dans le temps et entre entreprises. Les observations empiriques mettent en exergue différentes réponses stratégiques en fonction de deux périodes et des préoccupations économiques et stratégiques des entreprisesRisk oriented disclosure is a central issue of listed companies communication. Many Risk-based regulations have been implemented in the US and Europe to promote transparency about risks and controls mechanisms. Under the requirements of the SOX, executives must certify the public company’s financial results (section 302) and have to issue a report on the effectiveness of the company’s internal controls over financial reporting (section 404). The increase of mandatory risk reporting leads to the question of whether or how the French non-financial companies cross-listed in the US and France are compliant with these regulations. In this context and across corporate communication, it is argued that different levels of risk control’s formalization can highlight original typology of compliance and corporate governance. This research uses a longitudinal case study in order to explore the implementation of risk control measures and the risk narrative disclosure strategies to enhance organizational legitimacy. The collected data (interviews, risk disclosures within annual reports) are subject to a content analysis through COSO2. A second step is a statistical analysis to discriminate strategic responses over the time and between companies. Empirical observations point to different strategic responses to institutional processes based on two periods as well as economic and strategic business concerns. The first phase shows that risk control process is structured in order to build the auditability of organization. While, in the second phase companies develop different strategic responses more consistent with their concerns
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Aryani, Dwi Nita. "The determinants and value relevance of risk disclosure in the Indonesian banking sector." Thesis, University of Gloucestershire, 2016. http://eprints.glos.ac.uk/3429/.
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The aim of the current study is to analyse the association between the determinants and the value relevance of risk disclosure in the Indonesian banking sector. The purpose will be derived into four research objective: to measure the extent of risk disclosure in the Indonesian banking sector; to compare the risk disclosure practice between listed and unlisted banks, and between Islamic and non-Islamic banks; to study the determinants of risk disclosure and what factors affect a bank's decision to disclose risk information; and to analyse the value relevance information on risk disclosure of listed banks, unlisted banks, Islamic banks, and non-Islamic banks. Agency theory, signalling theory, stakeholder theory, and communication theory were used for underpinning theory. The annual reports of 120 banks which released between 2008 and 2012 were employed for testing in this research. Risk disclosure was measured by the number of Indonesian risk keywords divided by the number of Indonesian sentences in annual reports. Firm value for listed banks was measured by Tobin’s Q. The Black Scholes Merton model was employed for measuring firm value of unlisted banks. The number of risk keywords, number of sentences, and risk disclosure in the Indonesian banks showed an upward trend. The delta of size, liquidity, profitability, leverage, and earnings reinvestment did not have association with the delta of risk disclosure in all banks, LB IB, NIB. The delta of firm value in all banks, LB, ULB, and NIB has an association with aggregate the delta of firm characteristics and the delta of risk disclosure. Risk disclosure in annual reports was not value relevant for stakeholders. This method will construct a new measurement of risk disclosure; and firm value for unlisted banks. The regulators, banks’ managers and bank supervisory should pay more attention to increasing the usefulness of disclosure, the completeness of the risk information, and how to deliver signals and information more understandably and readably for stakeholders. This research adds to the limited literature relating to earnings reinvestment, new measurement of risk disclosure, and firm value for unlisted banks. The results enrich agency, signalling, stakeholder, communication and dividend theories.
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Buttarello, Giulia <1994>. "L’Enterprise Risk Manager e la relativa disclosure: un’analisi empirica delle società quotate italiane." Master's Degree Thesis, Università Ca' Foscari Venezia, 2018. http://hdl.handle.net/10579/13749.
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L’argomento principe del presente lavoro è l’enterprise risk management. Nella prima parte della tesi viene prima di tutto delineata la definizione del concetto di rischio e successivamente descritte le diverse tipologie di rischi che un’impresa può trovarsi ad affrontare. Nel secondo capitolo è approfondito il sistema di gestione dei rischi, evidenziandone l’evoluzione dal traditional risk management all’enterprise risk management, insieme al processo di risk management e alle diverse fasi. Si giunge poi alla rappresentazione del modello di gestione dei rischi elaborato dal Committee of Sponsoring Organizations of the Treadway Commission (COSO) nel 2004, ricostruendo tutti i componenti chiave del framework. Nel terzo capitolo viene presentata la comunicazione dei rischi, con la sua evoluzione, sottolineandone l’importanza in un efficace processo di gestione dei rischi. È presentata poi la voluntary disclosure, ovvero l’informativa che le imprese divulgano indipendentemente dai vincoli normativi a cui sono sottoposte, insieme alle teorie che ne sostengono l’utilità. A partire da ciò, vengono esaminati gli studi e le ricerche in campo internazionale in merito alla disclosure dei rischi negli annual reports di diversi paesi, cercando di evidenziare i fattori che la determinano e gli effetti sulle performance. Infine, è presentato il quadro di riferimento normativo, prima comunitario e poi italiano, che le imprese devono osservare. Il quarto ed ultimo capitolo è dedicato all’analisi del rischio nelle relazioni sulla gestione attraverso la Content Analysis di un campione di società quotate italiane degli indici STAR e MIB di Borsa Italiana.
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Troßbach, Maximilian Bernhard [Verfasser], Lutz [Gutachter] Johanning, and von Bieberstein Frauke [Gutachter] Marschall. "Experimental studies on risk preferences, investment risk disclosure, and motives for risk-taking / Maximilian Bernhard Troßbach. Gutachter: Lutz Johanning ; Frauke Freifrau Marschall von Bieberstein." Vallendar : WHU - Otto Beisheim School of Management, 2016. http://d-nb.info/1113594780/34.
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Troßbach, Maximilian Bernhard Verfasser], Lutz [Gutachter] [Johanning, and von Bieberstein Frauke [Gutachter] Marschall. "Experimental studies on risk preferences, investment risk disclosure, and motives for risk-taking / Maximilian Bernhard Troßbach. Gutachter: Lutz Johanning ; Frauke Freifrau Marschall von Bieberstein." Vallendar : WHU - Otto Beisheim School of Management, 2016. http://nbn-resolving.de/urn:nbn:de:hbz:992-opus4-1091.
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Clinton, Sarah Beth. "Voluntary risk-related disclosures." 2007. http://purl.galileo.usg.edu/uga%5Fetd/clinton%5Fsarah%5F200705%5Fphd.
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Wei, Hsiang-Chin, and 魏向璟. "How informative are accounting disclosures about market risk?" Thesis, 2006. http://ndltd.ncl.edu.tw/handle/88706799253509286269.
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碩士國立政治大學
會計研究所
94
Financial institutions in the United States are required by the Securities and Exchange Commission to disclose their Value at Risk (VaR) in the footnotes of the financial statements. Over the years, VaR has been used by institutional investors, industry consultants, and regulators as one of the key measures of market risk. However, there are a number of approaches to calculating VaR and some of them may involve various statistical models and assumptions. Due to the fact that different models and assumptions may be used, the VaR numbers produced by different institutions are difficult to compare with one another. The usefulness of these numbers is therefore decreased. This thesis examines the usefulness of disclosures of VaR information. In order to compare with VaR disclosures, the implied potential maximum losses of trading assets are simulated by using Monte Carlo simulation. We then employ the OLS regression and the panel data models to investigate the following research questions: (1)whether VaR and implied potential maximum losses of trading assets disclosed by financial institutions are instrumental in predicting the variability of trading revenue for the next quarter; (2)whether VaR and implied potential maximum losses of trading assets disclosed by financial institutions affect investors' investing decision; (3)how useful are VaR and implied potential maximum losses of trading assets in predicting the volatility of daily stock return next quarter. The empirical results indicate that VaR and implied potential maximum losses of trading assets are significantly related to the variability of trading revenue and the volatility of daily stock returns next quarter. This evidence suggests that both types of disclosures provide incremental information on predicting the variability of trading revenue and investment risk in the future. Nevertheless, we also find that both VaR disclosures and implied potential maximum losses of trading assets are positively associated with future average stock trading volume, implying that investors tend to trade stock more frequently when the market risk information is disclosed.
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Oliveira, Jonas. "Essays on risk reporting disclosures by Portuguese companies." Doctoral thesis, 2012. http://hdl.handle.net/1822/19718.
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Tese de doutoramento em ContabilidadeA presente tese explora as práticas e as motivações do relato financeiro do risco [RFR]. O seu principal objectivo é contribuir para o conhecimento das práticas do RFR em Portugal. Nela desenvolvem-se enquadramentos teóricos para explicar o RFR das empresas não financeiras (teoria da agência, teoria da legitimidade e a resources-based perspectives) e o RFR das empresas financeiras (teoria da legitimidade e a resourcesbased perspectives). De acordo com estes enquadramentos teóricos, o RFR pode ser explicado pelas características do governo das sociedades, pela reputação da empresa e pela sua visibilidade pública. Este trabalho investiga as práticas do RFR nos relatórios e contas anuais de 81 empresas Portuguesas não financeiras cotadas e não cotadas e nos relatórios e contas anuais de 190 instituições de crédito Portuguesas. Através de uma análise de conteúdo da totalidade dos relatórios e contas anuais o RFR das empresas não financeiras foi classificado nas seguintes categorias: riscos financeiros; riscos não financeiros; e estrutura de gestão de riscos. O RFR das empresas financeiras foi classificado nas seguintes categorias: políticas e objectivos de gestão de risco; riscos de crédito; riscos de mercado; riscos de liquidez; riscos operacionais; e estrutura e adequabilidade de capital. Os principais resultados indicam que o RFR não satisfaz as necessidades de informação dos investidores. O RFR é essencialmente qualitativo, histórico, genérico e vago. No sector financeiro, o RFR não é totalmente transparente. A falta de comparabilidade e compreensibilidade são as deficiências mais comuns, mesmo após a adopção da IFRS 7 (Instrumentos Financeiros: Divulgações). Estas deficiências enfraquecem a disciplina de mercado e são indicativas da necessidade de melhores mecanismos de enforcement. Esta tese também fornece uma extensa revisão da literatura compreendendo os estudos sobre o RFR desenvolvidos na década de 2000 (antes dos colapsos financeiros das empresas Enron e Worldcom até após a crise financeira mundial de 2008/09). A literatura sobre o RFR aumentou substancialmente nesta década. Contudo, este campo de investigação continua a estar pouco desenvolvido. Através desta revisão da literatura são propostos vários caminhos para futuros estudos que poderão melhorar a investigação sobre o RFR nos próximos anos
This thesis explores two subjects: risk-related disclosure [RRD] practices; and motivations for RRD. Its primary aim is to extend knowledge of RRD. Multi-theoretical frameworks are developed to explain RRD by non-finance companies (combining agency theory, legitimacy theory, and resources-based perspectives), and RRD by finance companies (combining legitimacy theory and resources-based perspectives). According to these theoretical frameworks the drivers of corporate RRD are related to corporate governance characteristics, corporate reputation, and public visibility. This research into risk reporting in Portugal investigates RRD practices in the annual reports of 81 listed and unlisted Portuguese companies in the non-finance sector, and in the annual reports of 190 Portuguese credit-granting institutions [PCI]. Using a content analysis of annual reports, RRD by non-finance companies was classified into the following categories: financial risks; non-financial risks; and risk management framework. RRD by finance companies was classified into the following categories: risk management objectives and policies; credit risk; market risk, liquidity risk; operational risk; and capital structure and adequacy. The main findings indicate that risk reporting is not satisfying the information needs of investors. RRD is basically qualitative, backward-looking, generic, and vague. RRD lacks transparency in the finance sector. The deficiencies identified most often involved a lack of comparability and understandability, even after the adoption of International Financial Reporting Standards [IFRS] 7 (Financial Instruments: Disclosures). These deficiencies undermine market discipline. They indicate the need for improved enforcement mechanisms. This thesis also provides an extensive literature review of the risk research developed in the decade from 2000 (that is, from before the Enron and Worldcom collapses until after the Global Financial Crisis [GFC] of 2008/09). The risk reporting literature has grown substantially in this decade. Nonetheless, risk reporting continues to be under-researched. Several avenues for future research are proposed.
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Sung, Yi-Ju, and 宋怡儒. "Level 3 Fair Value Disclosures and Crash Risk." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/00823338075729808651.
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碩士國立臺灣大學
會計學研究所
104
In response to the harsh public criticism of the inadequate disclosures mandated by SFAS No. 157, Fair Value Measurements, the FASB issued ASU (Accounting Standards Updates) 2010-06, Improving Disclosures about Fair Value Measurements, and ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP (the Updates hereafter), in an effort to further increase the reporting transparency, especially for Level 3 measurements. Using annual reports of banking firms, I examine whether the increased fair value disclosures by the Updates can effectively decrease “crash risk”, defined as the frequency of extreme negative stock returns. In support of the hypothesis, I find that firms, especially for those with Level 3 estimates, experience a decrease in crash risk after the Updates. In the additional test, I find evidence that firms with high Level 3 transaction volume experience a decrease in crash risk after the amendment to disclosures of Level 3 activity by the Updates. This suggests that the enhanced disclosures about transactions of Level 3 measurements can effectively reduce stock price crashes. Moreover, I find evidence that managers operating in firms with strong corporate governance show a lower tendency to conceal bad news, leading to lower stock price crash risk. Therefore, the impact of the Updates on bad news hoarding, thus crash risk, is limited. Taken together, my results are consistent with increased transparency from the Updates reducing crash risk among U.S. banking firms.
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Lu, Ying-Ying, and 呂盈瑩. "The Information Content of Risk Factor Disclosures in Annual Reports." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/37469268519097085080.
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碩士國立臺灣大學
會計學研究所
102
In 2004, the Financial Supervisory Commission revised the “Regulations Governing Information to be Published in Annual Reports” which mandated firms to include a section of risk factor disclosures. Understanding the information conveyed by risk factor disclosures is important to users of annual reports. To find out whether investors benefit from the information of the newly-created section, this study examines the information content of risk factor disclosures in annual reports. In this study, we create a database of risk keywords through the techniques of text mining; thus we can identify and quantify the features of risk that firms revealed. In addition, based on the research design of Campbell (2010), this study examines the correlation between risk factor disclosures and the risk proxies of firms. Further, we perform regression analyses to examine whether market participants incorporate the information conveyed by risk factor disclosures into their evaluations of stock prices, and whether risk factor disclosures decrease the information asymmetry. Overall, the empirical evidence indicates that risk factor disclosures meaningfully reflect the risks of firms. Additionally, this study finds that market participants incorporate the information conveyed by risk factor disclosures to evaluate stock prices. Therefore, the risk factor disclosures decrease the information asymmetry. These results provide further insight into the relationship between disclosures and firm risks.
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Hsu, Yu-Hsi, and 許瑀希. "Derivatives disclosures and crash risk: Evidence from SFAS No. 161." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/77828531708057049754.
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碩士國立臺灣大學
會計學研究所
104
This study investigates whether the SFAS No. 161 adoption affects firm-level crash risk of derivative users based on a sample of non-financial firms in the USA. Using a difference-in-difference design, I find that, relative to the association with the control sample of non-users, the association between crash risk and derivative users is more negative after the adoption of SFAS No. 161. The results suggest that SFAS No. 161 has improved the financial reporting transparency, leading to the reduction in the future stock price crash risk. Moreover, I also find that the mitigating effect of SFAS No. 161 adoption is more pronounced for firms with high intensive usage of derivatives than low usage. Overall, the results are consistent with the notion that increased financial reporting transparency would reduce a firm’s stock price crash risk.