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Voluntary Assurance of Voluntary CSR Disclosure
Journal of Economics & Management Strategy, 2014We study a firm's decisions to engage in socially responsible activities, voluntarily report on them, and purchase external assurance of the report. In our signaling model, neither firm type nor the level of activity is observed. We show that if voluntary assurance is not too expensive, the firm that engages in more socially responsible activities ...
Mark Bagnoli, Susan G. Watts
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The Accounting Review, 2020
ABSTRACT This paper studies equilibrium voluntary disclosures for a company financed with both debt and equity, where the firm's manager is compensated based on a linear combination of the market prices of the firm's equity and enterprise values (i.e., the sum of its values of equity and debt). Such compensation policies span “all equity”
Anne Beyer, Ronald A. Dye
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ABSTRACT This paper studies equilibrium voluntary disclosures for a company financed with both debt and equity, where the firm's manager is compensated based on a linear combination of the market prices of the firm's equity and enterprise values (i.e., the sum of its values of equity and debt). Such compensation policies span “all equity”
Anne Beyer, Ronald A. Dye
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Voluntary Disclosure of Sensitivity
SSRN Electronic Journal, 2008Starting in 1997, the U.S. Securities and Exchange Commission required that some firms disclose information about risks. One format for risk disclosures let firms disclose correlations by allowing firms to report the sensitivity to market risk factors of cash flows related only to financial instruments and derivatives.
Bjorn N. Jorgensen +1 more
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Voluntary Disclosure of Bad News
Journal of Business Finance & Accounting, 2005Abstract: This paper shows that in a voluntary disclosure environment entailing both a fixed disclosure cost and a variable proprietary cost, partial disclosure equilibria may arise in which firms voluntarily disclose bad private information to the public.
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Voluntary Sensitivity Risk Disclosure
SSRN Electronic Journal, 2016This paper examines the voluntary disclosure of an important liability-driven risk on the balance sheet. Using hand-collected data for a sample from 2005 to 2010 of FTSE 350 firms that sponsor defined benefit plans, we document the practice of voluntary risk disclosure in the form of sensitivities of defined benefit obligations (DBO) to actuarial ...
Yanling Guan, Yong Li
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2019
Abstract In the course of doing business, company managers may discover that the company has violated the law, thereby exposing the company to potential civil or criminal liability. When this occurs, an inevitable question is whether the company should voluntarily disclose this information to the government.
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Abstract In the course of doing business, company managers may discover that the company has violated the law, thereby exposing the company to potential civil or criminal liability. When this occurs, an inevitable question is whether the company should voluntarily disclose this information to the government.
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Hedge Fund Voluntary Disclosure
SSRN Electronic Journal, 2015ABSTRACT Using a dataset of 3,234 letters sent by 434 hedge funds to their investors during 1995–2011, we study what motivates hedge fund managers to make voluntary disclosures. Contrary to the hedge fund industry's reputation for opacity, we observe that managers provide their investors with an array of quantitative and qualitative ...
Gavin J. Cassar +4 more
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Voluntary Disclosure and Investment*
Contemporary Accounting Research, 2012This paper examines the determinants and economic efficiency of corporate voluntary disclosure. The focus is on the trade-off for an individual firm when the costs and benefits of voluntary disclosure stem from the consequences of its investment decisions and the impact on its share price.
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Mandatory versus voluntary disclosures
Information Development, 2016The aim of this paper is to develop the findings of previous research on policies regarding online proactive information disclosure, both voluntary and mandatory. We present and analyze new evidence on the factors that influence decisions taken in this respect.
Manoli García-Tabuyo +2 more
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Credibility of Voluntary Disclosure
The RAND Journal of Economics, 2000I examine the credibility of a manager's disclosure of privately observed nonverifiable information to an investor in a repeated cheap-talk game setting. In the single-period game no communication occurs. In the repeated game, however, the manager almost always truthfully reveals his private information provided the manager is sufficiently patient, the
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