Limited Disclosure Research Articles

What's Right About Knowing?

In Sperm donor anonymity and compensation: an experiment with American sperm donors, the authors contribute to our knowledge about the impact of moving toward a system of known sperm donation in the USA by surveying a population of active and inactive actual sperm donors. Their conclusions — slightly more than a quarter would refuse to contribute, while the remaining donors would require an additional $60 per donation — are interesting and useful in modeling the implications of moving towards a new regime that allows for limited disclosure. Yet this study must be placed in a larger context that considers not just the market for sperm donors but also the implications of anonymity and disclosure for family formation. A number of developments call into question the ethics of anonymity and, indeed, the ability to ‘promise’ anonymity itself: (i) donor-conceived offspring increasingly advocating for additional information about their donors; (ii) growing numbers of families that cannot ‘cover’ their use of a donor; (iii) improved searching techniques available from genetic testing and the internet; (iv) claims that lack of access to information violates offsprings’ right under the Convention on the Rights of the Child; and (v) more technological means for using the intending parents’ own gametes (through, for example, in vitro gametogenesis). Providing information on the financial implications of ending complete anonymity is thus a useful exercise in assessing the consequences of changing the current US system, and the authors’ thoughtful caveats on both the ‘underground’ market and fertility tourism provide even more grounding for assessment. This brief comment summarizes these contextual issues as a way of adding depth to the article’s implications.

Do it once, get it right: Wholesale regulatory intervention in price and cost disclosure

Price regulation of the utility sector occurs mainly at the wholesale level. In contrast, in Australian superannuation, regulation requires limited disclosure of fees and costs at the retail level. This paper reviews the regulatory theory that has led utilities regulators to focus on wholesale-level disclosure. It then applies the insights used in these sectors to analyse mechanisms for price and cost disclosure which could be applied to Australian superannuation. The paper argues that intervention done once, but done right, may reduce the need for mandatory retail-level disclosure and would reduce some aspects of regulatory information asymmetry.

What's right about knowing?

In Sperm donor anonymity and compensation: an experiment with American sperm donors, the authors contribute to our knowledge about the impact of moving toward a system of known sperm donation in the USA by surveying a population of active and inactive actual sperm donors. Their conclusions — slightly more than a quarter would refuse to contribute, while the remaining donors would require an additional $60 per donation — are interesting and useful in modeling the implications of moving towards a new regime that allows for limited disclosure. Yet this study must be placed in a larger context that considers not just the market for sperm donors but also the implications of anonymity and disclosure for family formation. A number of developments call into question the ethics of anonymity and, indeed, the ability to ‘promise’ anonymity itself: (i) donor-conceived offspring increasingly advocating for additional information about their donors; (ii) growing numbers of families that cannot ‘cover’ their use of a donor; (iii) improved searching techniques available from genetic testing and the internet; (iv) claims that lack of access to information violates offsprings’ right under the Convention on the Rights of the Child; and (v) more technological means for using the intending parents’ own gametes (through, for example, in vitro gametogenesis). Providing information on the financial implications of ending complete anonymity is thus a useful exercise in assessing the consequences of changing the current US system, and the authors’ thoughtful caveats on both the ‘underground’ market and fertility tourism provide even more grounding for assessment. This brief comment summarizes these contextual issues as a way of adding depth to the article’s implications.

Overcoming the intelligence-sharing paradox: Improving information sharing through change in organizational culture

ABSTRACTExisting organizational cultures among agencies in the intelligence community serve as barriers to information sharing. These cultures are characterized by secrecy and limited disclosure of information. Their practices of limited information distribution and existing extensive compartmentalization of information serve as impediments to information exchange between agencies in the intelligence community. To remedy this, changes in the organizational cultures of agencies in the intelligence community are required. Without a change in organizational culture, the culture of information sharing envisioned by the reforms that have occurred in the intelligence community post-9/11 will not be realized.

Family Presence During Resuscitation (FPDR): Observational case studies of emergency personnel in Victoria, Australia

IntroductionFamily Presence During Resuscitation (FPDR), although not a new concept, remains inconsistently implemented by emergency personnel. Many larger metropolitan emergency departments (ED) have instigated a care coordinator role, however these personnel are often from a non-nursing background and have therefore limited knowledge about the clinical aspects of the resuscitation. In rural emergency departments there are simply not enough staff to allocate an independent role. A separate care coordinator role, who is assigned to care for the family and not take part in the resuscitation has been well documented as essential to the successful implementation of FPDR. MethodsOne rural and one metropolitan emergency department in the state of Victoria, Australia were observed and data was collected on FPDR events. The participants consisted of resuscitation team members, including; emergency trained nurses, senior medical officers, general nurses and doctors. The participants were not told that the data would be recorded around interactions with family members or team discussions regarding family involvement in the resuscitation, following ethical approval involving limited disclosure of the aims of the study. ResultsSeventeen adult presentations (Metro n=9, Rural n=8) were included in this study and will be presented as resuscitation case studies. The key themes identified included ambiguity around resuscitation status, keeping the family informed, family isolation and inter-professional communication. ConclusionDuring 17 adult resuscitation cases, staff were witnessed communicating with family, which was often limited and isolation resulted. Family were often uninformed or separated from their family member, however when a family liaison person was available it was found to be beneficial. This research indicated that staff could benefit from a designated family liaison role, formal policy and further education.

CEO Perquisites in Canada, 1971-2008: Certainly Not 'Pure' Managerial Excess

This paper explores Canadian market data on CEO perquisites gathered by a large consulting firm over the period from 1971 to 2008. Typical perquisites (perks) provided to Canadian CEOs include company-provided vehicles, sport and business club memberships, tax and financial planning services, as well as an array of other executive-only benefits. Perquisites are one of the least documented total compensation components in the academic literature on executive pay. Scant existing literature may be due to the relatively recent and limited corporate disclosures on CEO perquisites, as well as to the comparatively modest monetary value of perquisites relative to other total CEO compensation components. Meanwhile, CEO perquisites regularly capture the public’s imagination in the media because of some excesses, such as immoderate personal use of corporate aircraft (see Rajan and Wulf, 2006). To shed some empirical light on this debate, this paper explores Canadian market data on CEO perquisites from 1971 to 2008. We document a significant evolution in CEO perquisites practices over the period. Consistent with a nascent body of literature, this paper supports empirically hypotheses arguing that CEO perquisites do not uniquely occur as a result of an agency problem. The objectives of this paper are therefore to provide an explorative historical account of the evolution of CEO perquisites practices in Canada over the period 1971-2008, and to assess whether perks are uniquely the product of agency problems, or if they can also be a wise compensation investment made by, or on behalf of, shareholders. Our results suggest that perquisites can also serve a legitimate, value-creating, business purpose for the benefit of shareholders.

Introduction of new intellectual capital disclosures framework in Indonesia

Intellectual capital has gained increasing attention, and its importance has been acknowledged widely including in Indonesia. Despite the importance of intellectual capital, several researchers emphasise the limitation of such studies in non-developed countries. Furthermore, the majority of prior studies on intellectual capital disclosures employ content analysis despite its weaknesses. Therefore, this research constructed an Indonesian intellectual capital disclosure framework, a framework based on data of Indonesia that may overcome content analysis weaknesses. Furthermore, this research also offers a new joint theoretical framework, intellectual capital theoretical framework, which may be useful for future intellectual capital disclosure research. This research contributes to limited intellectual capital disclosure research in Indonesia and provides valuable insights into the practice in Indonesia. This research also contributes to the development and introduction of intellectual capital theoretical framework and Indonesian intellectual capital disclosure framework.

Introduction of new intellectual capital disclosure framework in Indonesia

Intellectual capital has gained increasing attention, and its importance has been acknowledged widely including in Indonesia. Despite the importance of intellectual capital, several researchers emphasise the limitation of such studies in non-developed countries. Furthermore, the majority of prior studies on intellectual capital disclosures employ content analysis despite its weaknesses. Therefore, this research constructed an Indonesian intellectual capital disclosure framework, a framework based on data of Indonesia that may overcome content analysis weaknesses. Furthermore, this research also offers a new joint theoretical framework, intellectual capital theoretical framework, which may be useful for future intellectual capital disclosure research. This research contributes to limited intellectual capital disclosure research in Indonesia and provides valuable insights into the practice in Indonesia. This research also contributes to the development and introduction of intellectual capital theoretical framework and Indonesian intellectual capital disclosure framework.

Limited disclosure and hidden orders in asset markets

Opacity assumes at least two prominent forms in asset markets. Dark exchanges and over-the-counter markets enable expert investors to hide their orders while originators carefully control the disclosure of fundamental information about the assets they source. We describe a simple model in which both forms of opacity – hidden orders and limited disclosure – complement one another. Costly investor expertise gives originators incentives to deliver assets of good quality. Keeping expert orders hidden generates the rents investors need to justify investing in expertise in the first place. Limiting disclosure mitigates the resulting adverse selection issues. Originators prefer to restrict the information they can convey to experts because it encourages the participation of non experts. This optimal organization of asset markets can be decentralized using standard financial arrangements.

Accounting and Accountability ofWaqf, Zakat and Baitul Mal (WZB) in Malaysia: A Review of Literature

This article reviews literature on accounting and reporting for waqf, zakat and baitul mal (WZB). Given that WZB are under the purview of the State Islamic Religious Councils (SIRCs), the structure of the administrative machinery of Islamic affairs is discussed and how this gives rise to the unique demarcation in powers and authority on policies pertaining to Islam between the Federal and state governments is clarified. The notion of accountability as is generally understood in the West is elaborated and subsequently compared with the concept of accountability from Islam’s perspective. Prior studies on waqf and zakat examining the accounting and reporting aspects were reviewed. Issues suchaspoordocumentation and record keeping, absence of sound accounting system, limited disclosure on the level and types of information, absence of separate financial statements are some of the pertinent findings of such studies. The paper also raises important questions about the validity of the current accounting practices of WZB and put forth various suggestionsfor future research. Finally, the initiative by the Accountant General’s Department (AGD) to develop a financial accounting and reporting framework and standards for WZB is indeed laudable, timely and significant for the proper development of annual performance initiative should involve reporting of SIRCs. However, such an initiative should involve regulatory bodies such as the Jabatan Kemajuan Islam Malaysia (JAKIM), SIRCs as well as academics. Expertise from both accounting and Sharia should also be involved in this endeavour. Keywords: Accountability, State Islamic Religious Councils (SIRCs), waqf, zakat, baitul

Corporate tax avoidance and firm value: evidence from Brazil

Este trabalho investiga a relação entre a elisão fiscal empresarial e o valor da firma no Brasil. Embora se possa esperar que as práticas de elisão fiscal resultem em geração de valor para o acionista, teorias alternativas sugerem que isto nem sempre ocorre; custos de agência implícitos, detectados recentemente pela literatura, podem exceder os benefícios da economia tributária, causando destruição de valor. Para verificar o que ocorre, foi conduzida uma análise de dados em painel incluindo 323 companhias negociadas em bolsa nos anos de 2006 a 2012, totalizando 1.704 observações do tipo firma-ano. Foram adotados a BTD, controlada por accruals, como proxy para a elisão fiscal e o q de Tobin como proxy para valor da firma. Os resultados mostram que a elisão fiscal e o valor da firma estão negativamente associados. Avaliou-se também o efeito da governança corporativa, encontrando-se evidências limitadas de que ela pode mitigar a destruição de valor.

The double‐edged effect of knowledge acquisition: How contracts safeguard pre‐existing resources

Research summary: Acquiring knowledge on a partner's pre‐existing resources plays an important yet ambiguous role in collaborative relationships. We formally model how contracts trade off productive and destructive uses of knowledge in a buyer‐supplier relationship. We show that, when the buyer's pre‐existing resources are vulnerable to the revelation of sensitive knowledge, the supplier overinvests in knowledge acquisition as it expects to use the knowledge as a threat in price negotiations. A non‐renegotiable closed‐price contract prevents such overinvestment and reduces the supplier's ability to expropriate the buyer ex post. Our results extend to the cases of renegotiable closed‐price contracts, repeated interactions between a buyer and a supplier, and the use of nondisclosure policies. We draw theoretical, empirical, and managerial implications from our model.Managerial summary: This study yields new insights regarding the use of contract design in protecting pre‐existing, nonrelationship specific assets in buyer‐supplier arrangements. Anecdotal examples illustrate the “dark side” of these arrangements where opportunistic suppliers exploit knowledge of buyers' pre‐existing resources to seek rent and appropriate value. When a supplier is likely to act harmfully, a closed‐price contract that specifies the price of the supplier's component upfront may reduce the supplier's incentives to overinvest in acquiring and exploiting knowledge of the buyer's pre‐existing resources. As such, when a buyer's pre‐existing resources are highly valuable, and thus more vulnerable to use by the supplier outside of the arrangement, a non‐renegotiable closed‐price contract is more efficient. Additionally, limited disclosure policies and informal agreements based on repeated interactions complement indirect governance via price contracts. Copyright © 2015 John Wiley & Sons, Ltd.

Police officer perspectives on the implementation of a sex offender community notification scheme

Community notification statutes, popularly known as ‘Megan’s Law’, were passed in rapid succession throughout the United States following the enactment of landmark legislation in the state of Washington in 1990. Calls for the adoption of similar legislation in Australia gained momentum following the introduction of ‘limited disclosure’ schemes in the United Kingdom and, in 2012, one Australian state introduced a limited form of community notification. This study presents an analysis of in-depth interviews with specialist police officers ( N=21) who are responsible for coordinating the ongoing management, registration and monitoring of sex offenders who live in the community in this jurisdiction to understand their perspectives on the scheme’s implementation. Systematic thematic analysis revealed that the officers were particularly interested in understanding the impact that notification has on offenders, victims and the broader community, and the police agency. The practice-based wisdom distilled from these interviews is used to inform a discussion about the more widespread implementation of this type of public policy both in Australia and in other countries that may be giving this consideration.

Attitudes of Lay Stakeholders and Transplant Professionals About Disclosure to Living Kidney Donors in Exchanges and Chains.

Current policies require very limited informational disclosure between living kidney donors and recipients regardless of the relationship type. No specific policies exist to suggest that exchange/chain donors and their recipients should be treated differently. We surveyed transplant professionals (surgeons and nephrologists) and members of the National Kidney Foundation (NKF) to determine their support for disclosing to donors the health, health behavior, and social information of their exchange/chain donors and exchange/chain recipients. Twenty questions regarding disclosing to donors information about both their exchange/chain donors and exchange/chain recipients were included in 2 larger surveys on disclosure about kidney transplantation. Survey A was sent electronically to NKF list-servs, and survey B was sent to transplant professionals both electronically and by postal mail. Survey A yielded 236 valid surveys from NKF donors and recipients (lay stakeholders). Survey B yielded 111 valid surveys from transplant professionals. Both sets of stakeholders support disclosing to donors some health and health behavior information of their exchange/chain donor and exchange/chain recipient, and mostly oppose disclosure of social information. Lay stakeholders favored disclosing significantly more information than transplant professionals. Among lay stakeholders, donor respondents were more supportive than recipient respondents in disclosing to donors health information about the exchange/chain recipient. Among transplant professionals, surgeons were more supportive than nephrologists in disclosing to donors information about the exchange/chain recipient that may impact graft survival. There is broad stakeholder support for disclosing some health and health behavior information to donors about their exchange/chain donors and recipients.

A Danish Survey of Antihistamine Use and Poisoning Patterns.

The first-generation antihistamine, promethazine, became a prescription-only drug in Denmark as of December 2014. First-generation antihistamines are known to have a higher toxic potential than second-generation antihistamines. The aim of this study was to provide a nationwide description of the antihistamine use and poisoning pattern from 2007 to 2013 in Denmark based on two independent databases. There were 1049 antihistamine exposures in the national, advisory telephone service specialized in poisonings, the Danish Poison and Information Centre (DPIC), and 456 exposures in the three registers used within the State Serum Institute of Denmark (SSI), a department under the Danish Ministry of Health dealing with research-based health surveillance in Denmark. First-generation antihistamines constitute 61% and 73% of antihistamine registrations in DPIC and SSI, respectively. Antihistamine exposures increased by 7 exposures/10,000 enquiries per year in DPIC and six admissions per year in SSI - this increase is not significant due to a sudden decrease in 2012. Intentional exposures constituted 65% in DPIC of which 82% was due to suicide attempts, and 78% of the involved antihistamines were first-generation antihistamines. Accidental exposures constituted 33% of which 61% were due to play and 29% involved first-generation antihistamines. Single antihistamine exposures constituted 65% of DPIC exposures of which 98% involved only one brand of antihistamine. Multidrug exposures constituted 35% of DPIC exposures with equally distributed coingestants. Hospitalization was recommended in 78% of DPIC exposures. Admissions required only 1-day of treatment in 91% of the SSI exposures. One of the 14 identified deaths in the SSI study population was directly related to antihistamine poisoning. Results support the limited disclosure of promethazine in Denmark and illustrate a generation-specific pattern indicating a suspected replacement of promethazine with other first-generation antihistamines.

E-Cigarettes: The Science Behind the Smoke and Mirrors.

E-cigarettes are a diverse set of devices that are designed for pulmonary delivery of nicotine through an aerosol, usually consisting of propylene glycol, nicotine, and flavorings. The devices heat the nicotine solution using a battery-powered circuit and deliver the resulting vapor into the proximal airways and lung. Although the current devices on the market appear to be safer than smoking combusted tobacco, they have their own inherent risks, which remain poorly characterized due to widespread product variability. Despite rising use throughout the United States, predominantly by smokers, limited evidence exists for their efficacy in smoking cessation. Pending regulation by the FDA will enforce limited disclosures on the industry but will not directly impact safety or efficacy. Meanwhile, respiratory health practitioners will need to tailor their discussions with patients, taking into account the broad range of existing effective smoking cessation techniques, including pharmaceutical nicotine replacement therapy.

The usefulness of the business model disclosure for investors’ judgements in financial entities. A European study

The business model concept is a common topic investigated in different fields of research. To participate to the debate around such concept in the accounting field, the objective of this paper is showing whether and how the voluntary disclosure of the non-mandatory IASB (2010) macro-components, that we consider the key elements of a business model of financial entities, increases the value relevance of accounting amounts. Analyzing a sample of 124 European financial entities over the period 2010–2013, the paper shows that the value relevance of accounting amounts of entities that provide a wide disclosure of their business model is higher than the one of entities that provide a limited disclosure of their business model. These findings not only shed lights about the importance of disclosing information relating to the business model to improve the usefulness of accounting amounts for investors’ strategies, but also have implication for regulators and standard setters that from results could learn the opportunity to make the disclosure of IASB (2010) compulsory for all the IAS/IFRS compliant entities.

Analysis of the corporate political activity of major food industry actors in Fiji.

BackgroundNon-communicable diseases (NCDs) are the leading cause of mortality in Fiji, a middle-income country in the Pacific. Some food products processed sold and marketed by the food industry are major contributors to the NCD epidemic, and the food industry is widely identified as having strong economic and political power. However, little research has been undertaken on the attempts by the food industry to influence public health-related policies and programs in its favour. The “corporate political activity” (CPA) of the food industry includes six strategies (information and messaging; financial incentives; constituency building; legal strategies; policy substitution; opposition fragmentation and destabilisation). For this study, we aimed to gain a detailed understanding of the CPA strategies and practices of major food industry actors in Fiji, interpreted through a public health lens.Methods and resultsWe implemented a systematic approach to monitor the CPA of the food industry in Fiji for three months. It consisted of document analysis of relevant publicly available information. In parallel, we conducted semi-structured interviews with 10 stakeholders involved in diet- and/or public health-related issues in Fiji. Both components of the study were thematically analysed. We found evidence that the food industry adopted a diverse range of strategies in an attempt to influence public policy in Fiji, with all six CPA strategies identified. Participants identified that there is a substantial risk that the widespread CPA of the food industry could undermine efforts to address NCDs in Fiji.ConclusionsDespite limited public disclosure of information, such as data related to food industry donations to political parties and lobbying, we were able to identify many CPA practices used by the food industry in Fiji. Greater transparency from the food industry and the government would help strengthen efforts to increase their accountability and support NCD prevention. In other low- and middle-income countries, it is likely that a systematic document analysis approach would also need to be supplemented with key informant interviews to gain insight into this important influence on NCD prevention.Electronic supplementary materialThe online version of this article (doi:10.1186/s12992-016-0158-8) contains supplementary material, which is available to authorized users.

MANDATING DISCLOSURE OF CONSCIENCE-BASED LIMITATIONS ON MEDICAL PRACTICE.

Stakeholders in law, medicine, and religion are unable to reach consensus about how best to address conflicts between healthcare providers' conscientious objections to treatment and patients' rights to access medical care. Conscience laws that protect objecting providers and institutions from liability are criticized as too broad by patient advocates and as too narrow by defenders of religious freedom. This Article posits that some of the tension between these stakeholders could be mitigated by statutory recognition of a duty on the part of healthcare institutions or providers to disclose conscientiously motivated limitations on practice. While this solution would not guarantee a patient's access to treatment, referral, or information from any given provider, it would prevent some of the more egregious cases of denial of treatment--those where patients are not made aware that a legal and clinically defensible treatment option is excluded from a provider's or institution's scope of practice and so have no opportunity to seek care elsewhere.

Identifying Collusion in English Auctions

We develop a fully nonparametric identification framework and a test of collusion in ascending bid auctions. Assuming efficient collusion, we show that the underlying distributions of values can be identified despite collusive behaviour when there is at least one bidder outside the cartel. We propose a nonparametric estimation procedure for the distributions of values and a bootstrap test of the null hypothesis of competitive behaviour against the alternative of collusion. Our framework allows for asymmetric bidders, and the test can be performed on individual bidders. The test is applied to the Guaranteed Investment Certificate auctions conducted by US municipalities over the Internet. Despite the fact that there have been allegations of collusion in this market, our test does not detect deviations from competition. A plausible explanation of this finding is that the Internet auction design involves very limited information disclosure.