Creating Firm Disclosures

Causes and Consequences of Firm Disclosures of Anticorruption Efforts

Using Transparency International’s ratings of firm disclosures on anticorruption efforts, we find that disclosures are related to firms’ country and industry exposures to corruption, and to enforcement and monitoring variables. We then examine whether firms’ residual anticorruption disclosures are related to subsequent allegations of corruption and subsequent performance. Firms with abnormally ...

Disclosures

Steven Cohen, MD Consultant with Allergan; Consultant with Galderma; investigator, FDA study with Cytori; Speaker with Cytori; Consultant with Cytori; Advisor with Cytori; Shareholder (excluding diversified mutual funds) with Cytori; Research Support Recipient from Cytori; Speaker with Tulip; Consultant with Tulip; none with Tulip; Consultant with Suneva; Research Support Recipient from Suneva;...

Information Content of Public Firm Disclosures and the Sarbanes-Oxley Act∗

We find evidence that public firm disclosure, in the form of Management Discussion and Analysis (Sections 7 and 7a of annual reports), is more informative about the firm’s future risk following the passage of the Sarbanes-Oxley Act of 2002. Employing a novel text regression, we are able to predict, out of sample, firm return volatility using the Management Discussion and Analysis section from a...

A Quantitative Examination of Firm Factors Influencing Occupational Health and Safety Disclosures in Annual Reports

This paper uses binary logistic regression to develop two models of firms’ Occupational Health and Safety disclosures, one based on disclosure / non-disclosure, the other based on above / below the median levels of disclosure. Industry and auditor are found to be important components of both models, whilst operating revenue contributes to the former and company age to the latter. These findings...

Creating Shared Value ( CSV ) Operationalising CSV Beyond The Firm