Abstract This paper investigates how institutional investor distraction affects the assimilation of narrative content in the MD&A section of the 10-K filing. We introduce the Aggregate Attribute Index (AAI) and an alternative formulation (AltAAI), which capture linguistic features beyond tone to provide a broader measure of corporate narrative richness. Using machine learning and natural language processing, we analyze U.S. firms that follow a staggered reporting strategy, releasing quantitative results before full narrative disclosures. This design isolates the incremental effects of complex language when other portfolio events distract investors. We find that narrative complexity does not trigger short-term return responses but significantly affects stock prices over longer horizons. Complexity moderates how and when attention-constrained investors adjust prices. These effects are not captured by dictionary-based tone or readability metrics, underscoring the distinct role of multi-dimensional attributes in shaping delayed market reactions and price discovery.

ABSTRACT To respond to public criticism on environmental issues, some businesses have significantly improved their environmental performance. Others, on the other hand, have responded symbolically by making little to no changes or by performing greenwashing. While much research has examined greenwashing, AI‐based techniques for identifying it have received less attention. The aim of this study is to validate the robustness of our AI‐based greenwashing detection (AI‐GW). In this study, our proposed AI‐GW model is cross‐tested with the existing ESG datasets from trusted and reputable financial and market data providers, namely Thomson Reuters and Bloomberg. Further, we examine the impact of greenwashing on corporate performance. To test the hypotheses, we use panel data gathered from all the Indonesian companies that have provided full ESG disclosures from 2017 to 2022. This study finds no difference between greenwashing scores based on our AI‐GW and the database. This study also finds a positive correlation between AI‐GW and greenwashing scores from a database. Further, the findings show that greenwashing consistently has a negative significant effect on financial performance when using our AI‐GW‐derived scores and the database‐derived data. The results of this study provide support for the validity of the AI‐based greenwashing detection method we developed.

The study aims to explore the interaction between macroeconomic factors and disclosure levels of standards, in addition to showing the joint impact on the credit rating of banks listed on the Iraq Stock Exchange. The official website of the Central Bank of Iraq was used to determine the number of Iraqi public and private banks for the year 2024 (7 public banks) and (74 private banks), and we relied on the data published by international credit rating agencies for the credit rating variable, while to determine the economic factors variable, we relied on the Early Warning Report for the Banking Sector for the third quarter of 2023 of the Central Bank of Iraq, while the extent of disclosure levels of international financial reporting standards provided by Iraqi banks was measured using a checklist. The study concluded that macroeconomic factors and disclosure levels of international financial reporting standards play a crucial role in determining credit ratings in the Iraqi banking sector, and the study recommends that the banking sector provide full disclosures in accordance with international financial reporting standards to meet the aspirations of users of financial statements and reports. In addition, banks in Iraq should seek to improve the reality of credit and governance and apply the highest level of compliance with international standards.

Strong long-term demand outlooks are driving investments in energy transition minerals. New mines must be developed to supply the 34 minerals necessary for low-carbon energy technologies and infrastructure. Responsible investment is critical to ensure that mining for the energy transition does not come at unacceptable social and environmental costs. Investment decisions rely on access to site-level information. Achieving both reliable and sustainable mineral supply chains is a complex proposition that requires deep local-level knowledge for all sites across the supply chain. This paper analyses a global dataset of local disclosures for 444 geolocated mining projects hosting the bulk of future energy transition minerals supply. The dataset captures disclosures related to the interactions between mining projects and their local context and connects a supply source point and its host context to global supply chains. Our analysis reveals the paucity of local-level data, with 37% of analysed records containing no context-related disclosure, and another 30% containing minimal, compliance-centred disclosure. We also find evidence of disclosure not matching reality, e.g. 78% of records of projects intersecting Indigenous peoples land do not have Indigenous people-related disclosures. These findings put into question the capacity of investors and governments to make informed decisions about mining development, including which sites to develop and how. We also analyse the magnitude and types of costs incurred at mine sites and find that 12% of projects face or have faced severe costs originating from interactions with the local context. We stress the need for full local disclosures to ensure responsible governance and investment in the mining sector.

<p class="MsoNormal" style="margin-top: 12pt; text-align: justify;"><span lang="EN-US" style="font-family: 'times new roman', times, serif; font-size: 14pt;">We offer an extensive analysis of the significance of information within the realm of Gaussian quadratic economies. We build upon the seminal papers of Morris and Shin (2002, 2007) and consider a signal game of incomplete information. Particularly, we question the suitability of partial transparency portrayed by fragmented information in addition to the private signal in terms of welfare effects. We can summarize our findings in two main points. First, fragmented information, in conjunction with a private signal, can reduce the reliance on public signals. Second, a conflicting effect arises between increasing full disclosure and increasing the precision of fragmented (semi-public) information when examining different complex scenarios, involving for example endogenous private information or imperfect correlated signals. For a critical threshold, an optimal communication strategy designed by fragmented information should be implemented whenever that kind of information is acquired at a high precision.</span></p>

The relevance of the article lies in the fact that the development of Ukrainian statehood, implementation of reforms in education and development of civil society is impossible without the development of Ukrainian spirituality. The process of globalization of today's society has a huge number of global problems associated with the obstacles to achieving harmony between man and nature, underestimating the development of each individual as unique, playing a crucial role in creating a special spiritual atmosphere, in revealing the creativity of life. Spirituality in the socio-cultural space should be understood as "man in man", as a quality of man, characterizing the motivation of human behavior, the process of his self-knowledge and the choice of life goals. The highest value of human existence is the human person. The notions of human qualities that allow full self-expression in the service of universal human interests are analyzed. Philosophy of education notes that the main purpose of human development is not only the satisfaction of needs, but also self-development, the full disclosure of the intellectual and cultural abilities of man. The article deepens the concept of the spiritual potential of today's mass culture in the current philosophy of education; reveals the ways of formation of spiritual potential in the postmodern space; outlines the quality of time in the socio-cultural space of postmodernism.

The paper intended to evaluate the extent of corporate disclosure compliance and its effect on the financial performance of Bangladeshi pharmaceutical companies listed on the DSE during a twelve-year period, from 2007 to 2020. The study explored the affinity between the Corporate Governance Disclosure Index (CGDI) and firm financial performance employing econometric techniques, such as fixed effect and random effect models. The study calculated the disclosure scores as a percentage of a given firm's overall score to the probable score it could achieve. The CGDI of the sample companies showed a positive and substantial effect on company performance as an accounting measure ROA and an insignificant effect as a market measure Tobin’s Q. The study also revealed that sample firms followed the BSEC guidelines partially. These findings have implications for companies that fail to comply with the full disclosure principle, which holds that a company must disclose all material information in its financial statements in order to touch the reader's comprehension of those statements. In addition, these results imply that the code of CG requires a thorough examination to make essential modifications.

ABSTRACT We study the role of reporting systems in the context of bank runs. In our model, a bank receives an early but imprecise estimate of its investment performance, and its financial reporting system generates a report. We find that, from a financial-stability standpoint, the optimal reporting system requires full disclosure when the bank’s early estimate is below a certain threshold, but no disclosure otherwise. Importantly, such optimal reporting threshold should be tailored to the bank’s exposure to bank-run risk. In particular, the threshold is nonmonotonic and U-shaped in the bank-run risk. We also relate our results to current accounting standards and discuss their implications for policy-making and empirical research. JEL Classifications: G21; G28; M41; M48.

Information design in an incomplete information game involves a designer that aims to influence players' actions through signals generated from a designed probability distribution to optimize its objective function. For quadratic design objective functions, if the players have quadratic payoffs that depend on the players' actions and an unknown payoff-relevant state, and signals on the state that follow a Gaussian distribution conditional on the state realization, the information design problem is a semidefinite program (SDP) [1]. In this note, we seek to characterize the optimal information design analytically by leveraging the SDP formulation, when the design objective is to maximize social welfare or the agreement among players' action. We show that full information disclosure maximizes social welfare when there is a common payoff state, the payoff dependencies among players' actions are homogeneous, or when the signals are public. When the objective is to maximize the agreement among players' actions, not revealing any information is optimal. When the objective is a weighted combination of social welfare and agreement terms, we establish a threshold weight below which full information disclosure is optimal under public signals for games with homogeneous payoffs. Numerical results corroborate the analytical results, and identify partial information disclosure structures that are optimal.

ABSTRACT Based on 12 in-depth, semi-structured interviews, this study explores the attitudes of news media professionals toward Codes of Practice and guidelines and how they may conflict in the coverage of murder-suicide incidents. There is a dearth of research in this area, even though four organizations in Ireland have issued guidelines on how journalists should report on cases of this nature. This study found that news media professionals have a largely positive attitude toward guidelines and codes; however, news media conventions and routines can conflict with recommendations. Furthermore, the interview subjects’ sense of duty to the public, to provide a full and frank disclosure of information often outweighed their responsibility to any guide or code in the context of covering cases of murder-suicide. This raises critical issues for the coverage of cases of this nature, particularly when news values clash with Codes of Practice and guidelines.

Мирча Элиаде – румыниялық мәдениет философы, дінтанушы, мифология зерттеушісі, жазушы. Бұл зерттеу жұмысында М.Элиаденің жан–жақты классикалық зерттеу әдістері қарастырылады. Оның рухани құндылықтар концепциялары шығыстық және батыстық дінтану, философия, мәдениеттану, әдебиеттану үшін де маңызды. Элиаде бойынша фактілерді дұрыс түсіну үшін қолданбалы дінтану мен мифтердегі қарапайым фактілерді негізге алу керек. Оның жазбаларында діни құрылым және құбылыстардың мағынасы тереңдетіп түсіндіреді. Ол үшін мифтік символикалар және мәдени рәміздер адамды нұрландырып, өмір сүру принциптеріне интуициялық инсайттар береді. Осындай интуициялық мәдени түйсіктердің өз ішкі шындықтары бар. Адам өмір сүруін шектеу, яғни шығармашылық еркіндіктерін шектеу мен рухани құлдырату жағдайларында «ішкі мәдени шындық» арқылы адам бәрін жеңе алады. Осылайша Элиаде тұжырымдамасы шынайы діни өмірдің қайнар көздерінен бір нәрсені табуға үміттенді. Ойшылдың діни жобасында «құдай» идеясы «қасиетті» сөзімен алмастырылды. Қасиетті мағынасын толық ашу үшін рационалдық және ирроционалдық тұрғысынан қарастыру керек дейді. Қасиетті, аты-жөні жоқ, бет-бейнесі жоқ абсолютті шындық Элиаде армандаған «планетарлық гуманизмнің» негізіне айналуы тиіс еді.

Financial instruments are increasingly diverse and complex that makes users' requirements for information of financial instruments more demanding. It is necessary to clearly understand the full disclosure of information about financial instruments in enterprises. Therefore, researching the current status of presentation and disclosure of information about financial instruments in enterprises in Vietnam serves a basis for perfecting the system of legal documents related to accounting for financial instrument. This article studies the current status of presentation and disclosure of information about financial instruments in non-financial enterprises listed on the Vietnam Stock Exchange to help researcher and issuers in promulgating accounting standards for financial instruments in Vietnam.

Disclosure of HIV status to adolescents living with HIV has been associated with improved treatment outcomes. However, there are limited data regarding the experiences of, perceptions of, and preferences for the process of disclosure of HIV status among adolescents and young adults living with HIV (AYLH), especially in sub-Saharan Africa. Young adults living with HIV from 20 HIV clinics in Kenya who participated in a clinical trial evaluating the effectiveness of a disclosure and transition package completed an anonymous survey in 2019. We described their experiences and preferences using counts and proportions and assessed factors associated with satisfaction with the disclosure process using linear regression, reporting age-adjusted mean differences (aMD), and 95% confidence intervals (95%CIs). Of the 375 enrolled AYLH, 265 (71%) had perinatally acquired HIV, of whom 162 (61%) were female. The median age of the enrolled AYLH was 16 years (IQR: 14-19 years), and all of them were on antiretroviral therapy (ART). For over half (55%) of the participants, caregivers disclosed their HIV status, and 57% preferred that their caregivers disclose the status to them. Most (78%) of the participants preferred full disclosure by 12 years of age. The majority (69%) believed the disclosure was planned, and 11% suspected being HIV positive before the disclosure. Overall, 198 (75%) AYLH reported that they were ready for disclosure when it happened, and 86% were satisfied with the process. During both pre-disclosure (67 and 70%, respectively) and post-disclosure (>75% for each), AYLH felt supported by the clinic and caregivers. Factors associated with higher satisfaction with the disclosure process were pre-disclosure clinic support (aMD: 0.19 [95%CI: 0.05-0.33]) and pre-disclosure (aMD: 0.19 [0.06-0.31]) and post-disclosure (aMD: 0.17 [0.03-0.31]) caregiver support. AYLH who suspected they were HIV positive before they were disclosed to tended to have lower satisfaction when compared to those who never suspected (aMD: -0.37 [-0.74-(-0.01)]). Overall, they reported that disclosure positively influenced their ART adherence (78%), clinic attendance (45%), and communication with caregivers (20%), and 40% reported being happier after disclosure. Young adults living with HIV advocated for an appropriately timed disclosure process with the involvement of caregivers and healthcare workers (HCWs). Support from caregivers and HCWs before and during disclosure is key to improving their disclosure experience.

Among gay, bisexual, and other men who have sex with men (GBM), sexual orientation disclosure to social groups can act as a significant risk for depression. The primary goal of this research is to understand the association between disclosure and depression, the association of social support and intimate partner violence (IPV) experiences, depression, and disclosure. This project uses a secondary dataset of Thailand from a larger cross-sectional study distributed in the Greater Mekong Sub-Region. This study utilized web-based answers from 1468 Thai GBM respondents between the ages of 15-24 years. Prevalence of depression was over 50%. Across the social groups of interest, those who disclosed to everyone had the lowest depression prevalence. This association was statistically significant for all groups (p<0.050) except for "Family members" (p = 0.052). There was a statistically significant association illustrated between full disclosure to social groups and increased social support. Most respondents (43.9%) had low social support, and additionally this group had the highest level of depression, compared to those with high social support. There was a statistically significant association for lowered depression outcomes and increased social support. IPV experiences that occurred within the last six months had a statistically significant relationship with depression (p = 0.002). There was a notable association between those with experiences of being a victim of IPV, alone and in conjunction with experience of being a perpetrator of IPV, which was associated with increased odds of depression. However, the type of IPV experiences an individual had did not differ based on disclosure status. This study provides strengthened evidence of the impact that differences in supportive networks can have on mental health outcomes. In addition, they provided a wider consideration for how people may have different IPV experiences, either as a perpetrator, victim, or both, and how those shapes health outcomes of depression. GBM communities still face adversity and challenges that affect their long-term health outcomes, even if they do live in what is considered an accepting country.

Introduction: Atrial fibrillation (AF) burden contributes to stroke risk. AF detection rates increase with monitoring duration, but the relationship between time to the first AF episode and AF burden has not been described. We aimed to identify AF free monitoring durations after which a given AF burden can be ruled out. Methods: We included all subjects without permanent AF (n=13,106, median age 65 years (IQR 51-74 years), 40.1% male) monitored for ≥14 days in 2021 in the USA with PocketECG (MEDICALgorithmics), a full disclosure mobile cardiac telemetry device. We graphed 14-day AF burden (% time in AF/total time) by time in days before detection of prespecified AF durations (&lt;30s (micro-AF), ≥30s-6 minutes, ≥6 minutes-1 hour and ≥1 hour in mutually exclusive strata) and calculated the 95th percentile of 14-day AF burden by time to first AF episode of different durations. Confidence intervals were estimated using bootstrapping with 1000 replications. Results: There were 5,605 patients with micro-AF episodes, 1,788 patients with 30s-6min AF episodes, 748 patients with 6 min-1 hour AF episodes and 227 patients with ≥1 hour AF episodes (Fig 1 a-d). The overall AF burden was higher in subjects with longer episodes, but decreased by time to first episode for all episode durations, Figure 1e-h. After 3 days of monitoring the 95th percentile for overall AF burden was 0.03% (95%CI 0.02-0.03%) in patients without micro-AF, 0.1% (95%CI 0.08-0.11% in patients without ≥30s AF, 0.4% (95%CI 0.3-0.4%) without ≥6-minute AF episodes, and 1.5% (95%CI 1.2-1.8%) without ≥1 hour episodes of AF. Conclusions: The probability of a high AF burden decreases as AF-free monitoring time increases, and AF free monitoring time can be used to inform the need for longer monitoring. When no AF episodes lasting ≥1 hour have been detected after 3 days of monitoring the probability of an AF burden &gt;2% can be effectively ruled out.

We create a continuous-time setting in which to investigate how the management of a firm controls a dynamic choice between two generic voluntary disclosure decision rules (strategies) in the period between two consecutive mandatory disclosure dates: one with full and transparent disclosure termed candid, the other, termed sparing, under which values only above a dynamic threshold are disclosed. We show how parameters of the model such as news intensity, pay-for-performance and time-to-mandatory-disclosure determine the optimal choice of candid versus sparing strategies and the optimal times for management to switch between the two. The model presented develops a number of insights, based on a very simple ordinary differential equation characterizing equilibrium in a piecewise-deterministic model, derivable from the background Black–Scholes model and Poisson arrival of signals of firm value. It is shown that in equilibrium when news intensity is low a firm may employ a candid disclosure strategy throughout, but will otherwise switch (alternate) between periods of being candid and periods of being sparing with the truth (or the other way about). Significantly, with constant pay-for-performance parameters, at most one switching can occur.

Full disclosure in competitive Bayesian persuasion

The impact of tourism industry activities can cause various environmental problems that are detrimental to various parties. This is a social burden, which must be taken seriously. Environmental Management Accounting is a concept that helps companies contain business impacts in the form of monetary units. The application of Environmental Management Accounting helps companies deal with environmental problems by recording all production activities to be reported in the company's environmental cost report. Although until now there is no standard that requires full environmental accounting disclosure. The research methodology uses case studies. This research aims to develop a model in the form of an accounting policy that contains the concept; emphasize relationship patterns and clarify environmental management accounting practices in the hotel industry. Data analysis was carried out using the Miles and Huberman model. The research results show that environmental management accounting is still considered necessary because it does not affect the business climate. In addition, the relationship between a company's environmental performance presented in the company's accountability report and its financial or economic performance is still doubtful.

The aim of the research is the analysis and modeling of the process of sedimentation of the solid phase of the pulp in the technological units of processing plants to assess the density of particles of crushed ore. The paper analyzes domestic and foreign experience; methods of mathematical modeling were used, as well as methods of mathematical statistics and probability theory for processing the results of experiments. Scientific novelty consists in developing and substantiating a method for estimating the density of crushed ore particles in the process of their sedimentation directly in the process units of beneficiation plants. Practical value consists in developing a methodology for determining the characteristics of the enriched raw materials, which make it possible to form the degree of grinding necessary for the full disclosure of mineral formations. It was proposed to use the density of ore particles as an indicator of changes in the quality characteristics of the ore received for beneficiation, which is determined on the basis of measurements of the attenuation of volumetric ultrasonic waves and Lamb waves propagating in the pulp and the wall of the technological sump that is in contact with it. These measurements must be synchronized with the results of measurements of the pulp level in the sump during its working operation. The proposed method makes it possible to dynamically correct the parameters of the model of a closed ore grinding cycle, depending on the quality characteristics of the feedstock, and thereby form the conditions for the full disclosure of inclusions of the useful component in the product entering the magnetic separation or flotation.

Optimal R&D disclosure in network industries