Ongoing Disclosure Research Articles

Analyzing the market and financial impacts of the State Bank of India’s Merger: A comprehensive Event Study

This article presents detailed information about the event study that analyzed the market and financial impacts of the State Bank of India’s (SBI) merger. The merger of the SBI with its associate banks plays a significant role in the banking sector. The main aim of this study is to estimate the abnormal return and cumulative abnormal return test the significance of the shares of the SBI and also examine the impact of the merger of the SBI using Event study methodology. The market model is to be used in this study. The researcher has used the Wilcoxon Signed Ranked test for the event study to test the significance. The study reveals no significant difference in abnormal return of the SBI-merger during the pre and post-window periods. By applying the market model, a linear relationship between a stock return and market return be assumed. The findings of the study indicate that there is no significant relation between the pre and post-event windows in the abnormal returns. This suggests the market has already anticipated the effects of the merger. Moreover, the research will analyse the broader implications of the merger such as profitability, asset quality, and operational efficiency. The study contributes to the ongoing disclosure of the effectiveness of mergers in the banking sector and provides valuable insights for policymakers and investors.

비영리법인·공익법인 부패방지 방안

The prevention of corruption in non-profit organizations and public interest organizations that serve the public interest in the private sector plays an important role in pursuing the public good and enhances trust and confidence in the private sector. In our anti-corruption law system, prevention of corruption in the private sector is added to the provisions on breach of trust under criminal law. The Public Interest Whistleblower Protection Act regulates the protection of whistleblowers, and the Medical Service Act, Medical Device Act, Pharmaceutical Affairs Act, etc., are governed by regulations prohibiting receiving bribes or similar payments. There is a need to introduce regulations for non-profit corporations through a legislative reform of the anti-corruption law system. In that sense, we looked at the legal system and regulations on the Australian Charities and Not-for-profits Commission of Australia and considered the implications for improving future anti-corruption legislation in the private sector. In the case of Australia, non-profit charitable corporations are generally afforded with public trust and confidence through the ongoing disclosure, transparency, public education, and independent and powerful authority of the Charity Commission, while sufficiently guaranteeing citizens' autonomy and enjoying tax benefits. We also need to refer to the model of discipline based on autonomy and trust. Regarding the discipline of public interest corporations, it is necessary to consider implementing a newly established public interest committee to prevent dual supervision issues with existing authorities and supervisory agencies such as the National Tax Service, and to develop a new independent management and supervision body as in the case of Australia.

Self-disclosure of HIV status among people living with HIV in Indonesia

The issue of HIV-positive individuals’ self-disclosure in Indonesia’s underdeveloped regions is inadequately explored due to pervasive stigma and discrimination. This study aims to delve into how people living with HIV (PLWH) disclose their status, the factors influencing their decision, and the consequences thereof. Using a qualitative approach with interpretative phenomenological analysis, data were gathered from June 2023 to May 2024 from eight PLWHs (six men and two women) through face-to-face semi-structured interviews. Colaizzi’s seven-step phenomenological analysis was employed to identify recurring themes. The study highlights persistent fears of stigma and rejection as significant barriers to self-disclosure. Yet, it also underscores the supportive role of social networks and the pursuit of knowledge in motivating disclosure. Positive responses reinforced ongoing disclosure, while negative reactions heightened the challenges faced by PLWH. This research sheds light on the complex dynamics surrounding self-disclosure among PLWHs, offering insights crucial for tailored interventions and support.

Testing a Model of Disclosure, Perceived Support Quality, and Well-Being in the College Student Mental Illness Context: A Weekly Diary Study

ABSTRACT Prominent disclosure models elucidate decisions to disclose health information, yet explanations for disclosure consequences remain underdeveloped. Drawing on Chaudoir and Fisher’s disclosure process model, this study aims to advance understandings of how disclosure to a parent contributes to well-being for college students with mental illness. We tested a mediational model in which, at the within-person level, perceived support quality explains the association between on-going disclosure of mental illness-related experiences and well-being. Participants were 163 college students who self-identified as having mental illness and who completed six consecutive, weekly surveys. A multilevel analysis showed that increases in disclosures of mental illness-related experiences, relative to participants’ mean level, were associated with enhanced well-being via perceptions of higher quality support, above and beyond between-person differences. This study contributes to the literature by offering an explanation for the effects of disclosure on well-being and underscores the importance of capturing disclosures over time.

Consequences of Prescribed Disclosure Timeliness: Evidence from Acceleration of the Form 8-K Filing Deadline

ABSTRACTI investigate capital market consequences of an increase in prescribed timeliness of firms' mandatory disclosure of material events. Specifically, I examine an SEC regulatory change that accelerates the Form 8-K filing deadline and classifies 8-Ks as likely to be constrained or unconstrained by the increase in prescribed timeliness. After the regulatory change, firms filing constrained 8-Ks exhibit increases in information asymmetry between investors and investor disagreement at the 8-K filing date relative to firms filing unconstrained 8-Ks. Moreover, the relative increases in information asymmetry and investor disagreement for firms filing constrained 8-Ks appear to be attributable to a decline in the length of and quantitative information included in 8-K disclosures. My findings shed light on the costs of a prescriptive approach to enhanced disclosure timeliness of ongoing disclosure.Data Availability: Data are available from public sources cited in the text.JEL Classifications: D82; D83; G18; M41.

Bereaved Parent Perspectives on End-of-Life Conversations in Pediatric Oncology.

Background: Professional education pertaining to end-of-life care with pediatric oncology patients is limited. Pediatric trainees learn about end-of-life conversations largely from the provider’s perspective. Bereaved parents can inform the education of oncologists and the interdisciplinary team by sharing their perceptions and preferences through personal narratives. Methods: The aim of this project was to enhance the healthcare teams’ understanding of bereaved parents’ end-of-life care preferences through narratives. Bereaved parents were recruited from our institution’s Pediatric Supportive Care Committee membership. Parents were tasked with identifying elements of care that were of the greatest importance to them, based upon their personal experiences during their child’s end-of-life care. Narratives were analyzed using standard qualitative methods. Results: Parents of five patients participated, including four mothers and three fathers. Ten themes summarizing essential elements of end-of-life care were identified, including early ongoing and stepwise prognostic disclosure, honoring the child’s voice, support of hope and realism, anticipatory guidance on dying, and continued contact with the bereaved. Conclusion: Bereaved parents emphasize the need for providers to have ongoing honest conversations that support realism and hope that can help them to best prepare for their child’s end of life and to remain in contact with them after death.

SEC amends rules on financial reporting of business acquisitions and dispositions

PurposeThis article examines the comprehensive amendments recently adopted by the US Securities and Exchange Commission (SEC) to its accounting and other rules that govern financial statement filing requirements for significant business acquisitions and dispositions.Design/methodology/approachThe article provides an in-depth analysis of the rule changes in the context of the SEC’s attempt to balance the right of investors to obtain adequate information about the impact of an acquired or disposed business on an SEC registrant against the filing burdens that can result from over-identification of acquisitions or dispositions as material to the registrant based on the SEC’s “significance” tests.FindingsThe rule amendments bring enhanced coherence to a reporting framework that has been characterized in part by inconsistencies, gaps, unreliable valuation principles, and ambiguities. The amendments contribute to the SEC’s ongoing disclosure effectiveness initiative by updating, clarifying, and codifying many requirements that had developed piecemeal in market practice or through guidance issued by the SEC’s staff.Originality/valueThis article provides expert guidance on a major SEC disclosure requirement from an experienced securities lawyer.

Exempt offerings in the EU and the US: A comparative perspective

The prospectus — exempted offering framework plays a crucial role in the process of creating more issuers — friendly capital markets by minimizing the “barriers to entry” (such as burdensome prospectus obligations and ongoing disclosure thereafter). Thanks to certain prospectus exemptions, SMEs have better opportunities to access critical funds in order to grow and scale. In recognition of the above, prospectus law in the European Union and the United States has lately been subject to dynamic reforms, aimed at expanding the exempt offerings frameworks. In the EU, a landmark reform, followed by multiple changes on a national level, has been introduced by the Prospectus Regulation (EU) 2017/1129. In the US, for many years now, we have been observing major exempt offerings reforms, such as the “JOBS Act”, the “FAST Act” and the “Economic Growth Act”, followed by the SEC rules. The main objective of this article is to analyze and evaluate, from a comparative perspective, the EU and the US legal frameworks for offers exempted from prospectus obligations — especially in light of the latest reforms. The article is based mostly on scrutinizing sources of law, academic literature, reports and data published by market authorities.

Disclosure Overload? An Empirical Analysis of International Financial Reporting Standards Disclosure Requirements

Despite the positive effects of the adoption of International Financial Reporting Standards (IFRS) noted in the literature, standard setters have issued reports suggesting that the required disclosures in IFRS have become too burdensome and should be reduced. We examine this disclosure overload problem by testing whether the disclosure reduction recommendations of the Excess Baggage Report issued by professional accounting bodies from Scotland and New Zealand in 2011 are associated with companies’ disclosure incentives and are value relevant for a sample of 196 Australian listed companies. The Excess Baggage Report classifies current IFRS disclosure requirement items into three categories: Retain; Delete; and Disclose if Material. We find that Retain items are disclosed the most, followed by those classified as Disclose if Material, and then by Delete items. Only Retain items are significantly associated with companies’ disclosure incentives. We also find that these disclosure categories are value relevant, especially for below‐median profitability firms. Our findings may provide input to the IASB’s ongoing Disclosure Initiatives project.

Disclosure Overload? An Empirical Analysis of International Financial Reporting Standards Disclosure Requirements

Despite the positive effects of the adoption of International Financial Reporting Standards (IFRS) noted in the literature, standard setters have issued reports suggesting that the required disclosures in IFRS have become too burdensome and should be reduced. We examine this disclosure overload problem by testing whether the disclosure reduction recommendations of the Excess Baggage Report issued by professional accounting bodies from Scotland and New Zealand in 2011 are associated with companies’ disclosure incentives and are value relevant for a sample of 196 Australian listed companies. The Excess Baggage Report classifies current IFRS disclosure requirement items into three categories: Retain; Delete; and Disclose if Material. We find that Retain items are disclosed the most, followed by those classified as Disclose if Material, and then by Delete items. Only Retain items are significantly associated with companies’ disclosure incentives. We also find that these disclosure categories are value relevant, especially for below-median profitability firms. Our findings may provide input to the IASB’s ongoing Disclosure Initiatives project.

Less is More? Decreases in Disclosure and Information Asymmetry

Based on the ongoing disclosure overload debate, this paper investigates how deregulation-driven decreases in quarterly disclosure affect information asymmetry. We exploit a German setting in which the minimum content requirements for quarterly reporting have been reduced for firms listed in the Prime Standard segment of the Frankfurt Stock Exchange (FSE). This deregulation allows Prime Standard companies to choose whether to continue to publish full quarterly financial reports or to switch to so-called quarterly statements to meet their quarterly reporting obligations. Compared to full quarterly reports, the latter have significantly lower minimum content requirements. Based on a difference-in-differences research design, our results provide empirical evidence that decreases in quarterly disclosure come along with statistically and economically significant increases in information asymmetry. However, we find that this effect is particularly driven by smaller firms, which operate in weaker information environments. Additionally, our results confirm that this information asymmetry effect is associated with the extent of actual decreases in (specific content-related types of) quarterly disclosure.

The Role of Response Perceptions in Couples’ Ongoing Cancer-Related Disclosure

ABSTRACTIn efforts to better understand the intricate nature of response, we tested a four-dimension structure of response patterns (measured as support, reciprocity, emotional reaction, and avoidance) as well as four single dimension models within the context of couples managing cancer. All models incorporate dyadic data, including both patient and partner perceptions that relational quality influences response patterns, and response patterns influence ongoing disclosure (measured as breadth and depth). Participants were 95 dyads in which one partner had been diagnosed with cancer. We conducted multilevel analyses using an actor-partner interdependence model. Results supported the four-dimension model as well as individual dimension models. All response types predict within person disclosure. However, only reciprocity predicts the other person’s disclosure, and only patient’s reports of partner reciprocity predict partner disclosure.

Effects of Hedgehog Signaling Inhibition on Epithelial-Stromal Interactions in Triple Negative Breast Cancer Cells

ABSTRACT Aim: Triple-negative breast cancer (TNBC) is a group of tumors that do not express HER2, estrogen and progesterone receptors. Due to reduced response to conventional antitumor therapies and poor prognosis, new targeted agents are needed for such aggressive sub-type of breast cancer. Multiple lines of evidence support the idea that deregulation of Hedgehog (Hh) signaling has a role in the pathogenesis of breast cancer, in part through the promotion of epithelial-stromal interactions. Therefore, the inhibition of the Hh pathway has been proposed as an interesting therapeutic approach Methods: The main objective of this study is to investigate the role of Hh signaling pathway in TNBC. To this aim, we used a panel of human breast cancer cell lines, including five cancer cells lines positive for ER, PR and HER2 expression (nTNBC) and five Triple Negative Breast Cancer cell lines (TNBC). The effects induced by the Smo-inhibitor NVP-LDE225 on proliferation, angiogenesis and signal transduction of breast cancer cells were investigated Results: GLI1, one of the major transcription factors induced by Hh signaling activation, is more expressed in TNBC than in nTNBC cell lines. Consistently, NVP-LDE225 treatment induced a more pronounced inhibitory effect on TNBC, in terms of tumor growth: while nTNBC cells display an IC50 of∼5mM, TNBC cell lines are more sensitive, with an average IC50 of∼2mM. In addition, Hh inhibition caused a robust impairment of TNBC cells invasion capabilities. These effects are coupled with a strong inhibition of VEGFA production by both tumor and stromal cells (human fibroblasts and HUVECs). Accordingly, NVP-LDE225 treatment interfered with HUVEC capillary tube formation, an effect even more evident than that observed with bevacizumab, the only targeted agent approved to date for TNBC patients Conclusions: Our results suggest that Hh has a specific role in breast epithelial-stromal interactions by regulation of angiogenesis. An orthotopic in vivo experiment in nude mice xenografted with TNBC cells, testing the combination of NVP-LDE225 with bevacizumab, is ongoing Disclosure: All authors have declared no conflicts of interest.

High Frequency Trading and Listed Companies - The Shrinking Role of Disclosure

This work examines the relationship between listed companies and high frequency trading (HFT). First, price-formation process performed by trading venues is analysed, taking into account micro structural changes produced by high frequency trading. In this respect, it is demonstrated that equity trading referable to HFT activity cannot be based on information provided by companies in order to be compliant with ad hoc and on-going mandatory disclosure requirements. It follows that probably the most important rationale for imposing mandatory disclosure rules is severely undermined, because at present a consistent percentage of transactions in shares (the large majority in the US) does not and cannot take into account the costly amount of information disclosed by listed companies. Thus, the role of mandatory disclosure requirements is shrinking. Second, HFT reveals and produces structural changes in modern equity markets, undermining also those rationales for prohibiting market abuse which are based on theories linked to market efficiency and to the price-formation process. On the other hand, egalitarianism and fiduciary relationship acquire renewed centrality as alternative rationales to impose sanctions in case of insider dealing. As a matter of fact, high frequency traders base their trading decisions almost exclusively on price sensitive data which are bound to remain unusable (sometimes even undisclosed) to the rest of the market. Third, high frequency traders, differently from algorithmic traders, embody a new type of fully automated trading decision maker in financial markets, whose ‘behaviour’ is structurally different with respect to those of classic market participants. This circumstance sheds new light on the on-going debate regarding rationality in financial markets, which in the recent past was dominated by the contrast between Behavioural Finance and Efficient Capital Market Hypothesis (ECMH). Fourth, HFT lessens classic (low-frequency) market participants' incentives to discover and analysed information, since it generates self-similarity and reflexivity in automated markets, increasing volatility and instability. It is then rational, for a long term oriented investor, to discount securities by the risk associated with market crashes. The latter are represented not only by the Flash Crash happened the 6th of May 2010, but also by an increasing number of computer-related crashes referable to single stocks and by thousands of mini flash-crashes. Fifth, the latest regulatory measures dealing with HFT are analysed in order to assess their efficacy with respect to the issues mentioned above.

952 - Sequential Androgen Deprivation and Chemotherapy in Metastatic Prostate Cancer: Discordant Responses in Pilot Study Suggest an Opportunity for Individualized Therapy

ABSTRACT Background CRPC is fatal but with recent better survival based on new agents. Optimal sequential therapy remains a challenge. We undertook a phase II pilot study of Mitoxantrone (MTX) followed by docetaxel, estramustine, carboplatin (DEC). Methods CRPC pts who progressed on/after MTX were given estramustine 280mg TID x 5d, docetaxel 60mg/m2, carboplatin AUC = 5 q28 days; ASA & warfarin daily, max 8 cycles. Endpoints: RR >30% with PSA fall >30% & Results 20 pts: Med. age: 66 yrs (53-83), Med. Gleason 8, ECOG PS: 0-1, 12 pts with RP and 8 pts de novo mets, Sites: bone (18), lung (3), liver (4), LN (6). Pts received 2-11 MTX cycles. Prior RT: 12 pts. On DEC 13/20pts PR by PSA, 5: SD, 1: PD; 1: NE. Toxicity: 9pts gr 3/4 neutropenia - 1 with fever, 3: gr 3 neuropathy, 3: gr3 infection, 6: gr 3/4 Hgb, 1: gr3 plats, 1 DVT. Non-heme tox: 4pts gr3 fatigue, 3: gr 3 UTI, 1 gr3 dehydration & diarrhea. Med PFS MTX: 5.5 mos (1.2, 15.3), Med PFS DEC: 5.3 mos (1.2-14.5). OS from MTX start: 20.3 mos (9.1-37.5). OS from DEC start: 12.3 mos (1.2-31). Regression analysis identified visceral mets, alk phos & PFS on MTX (but not PSA, ECOG, Hb or Gleason score) as independent factors for OS from start of MTX. Response to MTX & DEC only partly overlapped. PSA response >30% drop in PSA to MTX or DEC & median OS were: responders to MTX only (n = 4; 20.3 mos (18.4-25.4)); to docetaxel only (n = 10; 14.6 mos (9.1-43.7); both (n = 5; 28.9 mos (22.7-40.3); neither (n = 1; 12.3 mos (Fisher's exact p = 0.3 for response MTX vs DEC, logrank p = 0.028 for OS). Based on pts ADT PSAn, we found longer PFS for DEC and MTX with higher PSAn (log-rank p = 0.048 & 0.019) & trend to better OS on MTX/DEC sequence with PSAn >4 (p = -0.14, med OS 20.1 vs 25.8 months). Fall in Hgb between ADT & start of DEC associated with shorter PFS on DEC (p = 0.05) with a trend to shorter OS (p = 0.08). Conclusions DEC was effective in patients with CRPC given MTX. Pts benefited if they responded to either or both agents but there was limited overlap in response (25%). High PSA nadir on ADT maybe associated with a longer PFS & OS to chemotherapy. Biomarkers linked to hormonal & chemotherapy effect for individual agents in PC could have significant utility. Study with larger cohorts of sequential therapy is ongoing Disclosure All authors have declared no conflicts of interest.

Hard, Soft, and Embedded: Implementing Principles on Promoting Responsible Sovereign Lending and Borrowing

This paper, prepared for UNCTAD’s initiative on responsible sovereign lending and borrowing, considers concrete strategies for implementing the Principles. It draws on studies in soft law and new governance, and on the recent experience in promoting best practices in international finance, including project finance, extraction revenue management, foreign aid, sovereign investment, and sovereign borrowing in the capital markets. It recommends maintaining the current non-binding character of the Principles, while embedding implementation in multi-stakeholder arrangements for ongoing disclosure, assessment, interpretation, and adaptation. This strategy has the best chance of changing behavior in sovereign lending and borrowing by creating constituencies for implementation and sustained compliance.

Hedge fund side letters: guidance for UK managers

PurposeThis paper seeks to discuss the Guidance Note on disclosure of hedge fund side letters issued by the UK's Alternative Investment Management Association (AIMA) in September 2006.Design/methodology/approachExplains the meaning of “material” and “non‐material” and recommends immediate actions and ongoing disclosure policies for funds and fund managers.FindingsGenerally, it is more appropriate for disclosure to come from the fund than the fund manager. The manager has a degree of discretion as to what constitutes a “material” term. The new FSA approach does not prohibit the use of side letters.Originality/valueAn interpretation of the Guidance that will help fund managers fine‐tune their policies on use of side letters and disclosure of terms in those letters.

A EVOLUÇÃO RECENTE DA TRANSPARÊNCIA DOS FATORES DE RISCO NAS INFORMAÇÕES CONTÁBEIS: UMA ANÁLISE DE EMPRESAS BRASILEIRAS DE TELECOMUNICAÇÕES

RESUMO A crescente volatilidade dos mercados a partir da década de 1970 suscitou grande interesse pelos riscos financeiros, mas atualmente a visão é mais abrangente e se tem discutido muito sobre o gerenciamento global dos riscos, e não apenas quanto aos riscos financeiros. Esta também tem sido uma preocupação das agências reguladoras do mercado de capitais, principalmente o Fasb e a SEC, que instituíram normas específicas para a divulgação de informações sobre riscos financeiros e não financeiros como forma de aperfeiçoar a transparência do mercado. O objetivo deste artigo é avaliar o grau de transparência com que as informações sobre riscos financeiros e não financeiros foram abordadas nos relatórios contábeis denominados 20-F das empresas de telecomunicações nos anos 2000 e 2001. Essas informações vêm sendo divulgadas e são uma contribuição para a eficiência do mercado conforme conceituada por Fama (1970). O estudo é predominantemente exploratório e utiliza como metodologia a análise documental, com leitura dos relatórios contábeis das empresas selecionadas, classificação dos fatores de riscos segundo os conceitos de Jorion (2000) e análise dos dados baseada na classificação dos fatores de riscos conforme o seu nível de informação, isto é, o grau de evidência do risco e principalmente os possíveis impactos em relação ao futuro do negócio. As considerações deste artigo, embora parciais, podem nos levar à reflexão sobre as diferenças de qualidade na divulgação dos riscos financeiros e não financeiros, bem como à discussão sobre os aspectos culturais e estratégicos que levam os administradores a tomar decisões diferentes sobre a divulgação desses fatores de riscos, além da comprovação da contribuição para a eficiência do mercado.

Ethical issues after the disclosure of a terminal illness: Danish and Norwegian hospice nurses' reflections.

This research explored the ethical issues that nurses reported in the process of elaboration and further disclosure after an initial diagnosis of a terminal illness had been given. One hundred and six hospice nurses in Norway and Denmark completed a questionnaire containing 45 items of forced-choice and open-ended questions. This questionnaire was tested and used in three countries prior to this study; for this research it was tested on Danish and Norwegian nurses. All respondents supported the ethics of ongoing disclosure to terminally ill patients based on ethical principles embedded in their country's Patients' Rights Acts. Truth, as an intrinsic value, proved foundational to patient autonomy, the most frequent ethical principle these nurses reported to justify their ethical position on information disclosure to terminally ill people. Telling the truth about a diagnosis was not the end of ethics in hospice care, but rather the beginning because what occurs ethically in dealing with prognosis issues became central to these hospice nurses, the patients and their families. Coupled with truth-telling, compassionate interaction and care become extensions of patients' rights.

The Costs, Wealth Effects, and Determinants of International Capital Raising: Evidence from Public Yankee Bonds

This paper examines the costs, wealth effects, and determinants of international capital raising for a sample of 260 public debt issues made by non-U.S. firms in the Yankee bond market. We find that investors demand economically significant premiums on bonds issued by firms that are located in countries that do not protect investors' rights and do not have a prior history of ongoing disclosure. The results provide support for the literature that suggests better legal protections and more detailed information disclosure increases the price investors will pay for financial assets. Journal of Economic Literature Classification Numbers: F3, G1.