The Effects of Disclosure Regulation on Innovative Firms: Private Values* by Jos Jansen Firms in an R&D race actively manage rivals’ beliefs by disclosing and concealing information on their cost of investment. The firms’ disclosure strategies affect their incentives to invest in R&D, and to acquire information. We compare equilibria under voluntary disclosure with those under mandatory disclos...

We examine the impact of biases in managerial judgment and in accounting reports on the voluntary disclosure of private managerial information. We show that any biased managerial judgment in interpreting private information that is voluntarily disclosed, and negatively biased accounting (conservatism), reduce voluntary timely disclosure by firms. Only positively biased (less conservative) accou...

Proactive security activities encompass voluntary disclosure concerning information security that firms are taking to improve the security of their information and information systems. Examples of voluntary disclosures falling into this category include discussions about a firm’s use of encryption, secure socket layers data transmission, implementation of network security measures, or disclosur...

This paper analyzes voluntary disclosure equilibria when the voluntary disclosure model presented in WAGENHOFER (1990) is modified so as to include fixed disclosure costs as used in VERRECCHIA (1983). It turns out that incorporating both disclosure and proprietary costs rules out full disclosure equilibria. Moreover, it yields additional disclosure equilibria that differ significantly from the ...

This paper investigates the voluntary disclosure made by 297 Chinese listed firms in their 1995-2006 annual reports. It aims to determine how firms in the Chinese stock market have responded to the coercive pressure exerted upon them by the market regulatory body, the Chinese Security Regulatory Commission (CSRC) in terms of providing transparent information to the stock market. The findings sh...

Abstract Classical models of voluntary disclosure feature two economic forces: the existence an adverse selection problem (e.g., a manager possesses some private information) and cost ameliorating costs associated with disclosure). Traditionally these forces are modelled independently. In this paper, we use simple model to motivate empirical predictions in setting where jointly determined––wher...

background: hospitals have responsibility for responding to legitimate demands for release of health information while protecting the confidentiality of the patient health records. there have always been challenges concerning medical records confidentiality and their disclosure and release type in medical record departments. this study investigated and compared laws and policies of disclosure o...