Public Disclosure Research Articles

The Effects of Mandatory Private Disclosure On Public Disclosure—Evidence from CbCR

The Effects of Mandatory Private Disclosure On Public Disclosure—Evidence from CbCR

Signaling the Capability of New Counterterrorism Technologies in the Face of a Strategic Threat

ABSTRACTWhen implementing new security technologies (e.g., cargo scanners at ports), security and defense agencies face important decisions regarding the disclosure of related information to the public. Public disclosure of these technologies can grant adversarial organizations access to critical security‐related information, enabling them to potentially develop or adjust their attack strategies to circumvent defense systems. Alternatively, withholding information about newly deployed technologies can create uncertainties for adversaries regarding the effectiveness of defense systems. In this work, we study defensive information disclosure related to the deployment of new security technology, focusing on the level of technical information released by the defender and how this affects the adversary's (i) belief about the technology's capability (in detecting or otherwise thwarting an attack) and (ii) attack plan. Specifically, we introduce a novel signaling model in which the defender has private information about the (level of) capability of her technology, and decides on the level of related technical detail to be disclosed. The attacker, upon receiving the defender's signal, updates his belief about the capability of the technology and subsequently decides whether to launch an attack. We obtain and prove closed‐form equilibrium solutions to the model and conduct numerical sensitivity analyses to understand how the equilibrium strategies change as the model's data varies. Based on the equilibrium conditions, we also characterize and analyze four unique scenarios that partition the solution space based on relations between the defender's signaling costs.

Shifting Under Pressure: Timing Practices within Regulatory Information Disclosure Programs

Research examines the process through which regulatory agencies and other powerful third parties publicly disseminate information about organizations in order to reduce the information asymmetry between those organizations and their dispersed or less powerful stakeholders. These disclosure programs are presumed to work by mobilizing stakeholders to pressure organizations for change. Prior studies focus on organizations’ resistance to that external pressure, often drawing from theories of institutional forces and organizational legitimacy. Instead, the present study examines the public disclosure process itself, and adapts research on organizational learning and collective attention focus to develop new theory regarding how organizations may selectively time their practices to influence these disclosures in their favor. Results suggest that organizations may respond to disclosure programs and other governance structures when actively monitored, but may drift out of compliance during intervening periods. Findings also suggest that strong governance outside of the regulatory disclosure process can help to reduce these problems. The study contributes to corporate governance, organizational learning, and other literatures by developing new theory regarding the timing of organizational responses to regulatory interventions, and by providing evidence that overlapping forms of oversight may mitigate the limitations within any one particular governance mechanism.

Closing the Crime Victims Coverage Gap: Protecting Victims' Private Records from Public Disclosure Following Tennessean v. Metro

Closing the Crime Victims Coverage Gap: Protecting Victims' Private Records from Public Disclosure Following Tennessean v. Metro

Financial Performance Analysis of Energy Companies Using Multi-Criteria Decision-Making Techniques: An Application in the BIST Electricity, Gas and Water Sector

Energy plays a vital role in the macroeconomic development of countries. The increase in energy consumption and the increase in the number of energy companies are among the basic dynamics of country development and growth. Enhancing the financial performance of companies operating in the energy sector strengthens the competitive power of countries at both national and international levels. In this context, this study aims to determine the financial performance rankings of companies operating in the energy sector in Turkey over a 10-year period, identifying the most successful and least successful periods over the years. Using data from energy sector companies listed on Borsa Istanbul (BIST) between 2013 and 2022, after determining the research criteria, the weights of these criteria were calculated using the Entropy method. Subsequently, considering the criteria weights, the performance rankings of energy companies were determined year by year using the MAIRCA method. According to the results of the Entropy analysis, when the importance level is evaluated, the most significant criterion in 2013 was the Liquidity Ratio (LR), in 2014, 2017, 2018, and 2019 it was the Gross Profit Growth (GPG) criterion, in 2015 it was the Current Ratio (CR) criterion, in 2016 and 2022 it was the Net Profit Growth (NPG) criterion, and in 2020 it was the Net Profit Growth (NPG) criterion. Finally, in 2021, the most important criterion was determined to be EBITDA Growth (EBG). Furthermore, based on the MAIRCA analysis, the reasons behind the most successful and least successful years of the companies were explained using financial and activity reports, as well as special situation disclosure notifications obtained from the Public Disclosure Platform (PDP).

Does the Disclosure of Proprietary Information About Loan Losses Pose a Threat to Financial Stability?

AbstractConcerns have been expressed that public disclosure of outcomes from regulatory inspections of banks could lead to contagion and instability in the financial systems. This paper exploits Denmark's system of open inspection reports to analyze whether announcements of required increases in loan loss reserves by the Danish supervisory authorities, following an ordinary bank inspection, lead to contagion in financial markets. We find strong evidence of negative returns for the announcing banks over the period 2009–2020, suggesting that inspection reports containing proprietary information about loan losses provide value-relevant news to investors. We also find statistically significant contagion effects in the share price reactions among non-announcing peer banks. However, the reactions of other, non-affected banks are mild and confined to smaller banks, which is reassuring from a systemic risk perspective. Overall, our findings support the use of accounting disclosures as a policy tool for bank supervisors.

Citizens’ Free Access to Information. The Case of Local Institutions from Rural Areas of the North-Western Region from Romania

This study examines the extent to which local authorities in rural North-West Romania adhere to the requirements set forth in Law no. 544 of 2001, which mandates the ex officio public information disclosure online. The findings suggest a relatively low level of transparency, with notable discrepancies observed across communes. While larger communes exhibited slightly elevated levels of compliance, population size exerted a limited influence on transparency. Additionally, the study revealed no statistically significant correlation between the gender of mayors and transparency. This may be attributed to the limited representation of female mayors in the sample. Similarly, while the presence of businesses demonstrated some influence on transparency, it was not a robust predictor. These findings underscore the necessity for more robust enforcement mechanisms, including penalties for non-compliance, to guarantee compliance with transparency laws. Furthermore, the study highlights the necessity of considering a broader array of factors, including local governance practices, institutional capacity, and citizen engagement, when evaluating transparency outcomes. It would be beneficial for future research to expand to other regions and consider a longitudinal approach to monitor changes over time. The study underscores the pivotal role of transparency in cultivating public trust, curbing corruption, and strengthening democratic governance.

Do Vice Chancellors' Career Horizon Matter for University Sustainability Performance? The Moderating Role of Soft Information

ABSTRACTIn the evolving landscape of higher education, leadership plays a pivotal role in directing institutional strategies towards sustainability. This study examines how the career horizons of Vice Chancellors (VCs)—often akin to CEOs in the corporate sector—influences the sustainability performance of UK universities. Using a unique hand‐collected dataset covering the years 2018–2022, our results show that shorter VC career horizons negatively impact universities' sustainability performance, indicating that VCs closer to retirement are more ethically and sustainability‐focused. Moreover, we explore how the disclosure of soft information—characterised as boilerplate and forward‐looking language in sustainability reports—affects this relationship. Our analysis indicates that this soft information significantly moderates the effects of VCs' career horizons on sustainability outcomes. Specifically, we discover that extensive use of forward‐looking and boilerplate language tends to exacerbate the negative impacts of shorter VC tenures on sustainability performance. This research contributes to the academic discourse by documenting how leadership tenure and the strategic use of narrative in public disclosures interact to shape institutional sustainability. The findings advocate for a strategic approach in leadership appointments and reporting practices, enhancing the alignment between leadership characteristics and the long‐term sustainability goals of higher education institutions.

Analysis of time to regulatory approval in an exception from informed consent trial in trauma patients

BACKGROUND The interactive media–based approach to community consultation and public disclosure (CC/PD), a key step when conducting exception from informed consent (EFIC) clinical trials, is intended to be completed in 4 months. This analysis characterizes the process, from initiation of CC/PD activities to institutional review board approval, to better understand the barriers and how these can be mitigated. METHODS This is a retrospective post hoc analysis of data collected as part of the CC/PD campaigns conducted for a large trial involving up to 90 trauma centers in the United States. Each site was provided with templated materials that had been reviewed and approved by a central institutional review board (cIRB). We collected the dates of milestones, including the study “kickoff call,” start of the social media campaign, dates of online community meetings, date of submission of site report to the cIRB, and cIRB approval date. RESULTS Sixty-two sites were cIRB approved at the time of this analysis. The median time from the kickoff call to the start of the social media campaign was 79 days, with an interquartile range of 33 to 126 days (range, 0–285 days). All social media campaigns ran for the prescribed period of at least 2 months. All sites conducted at least four online community meetings. The median number of days from the kickoff call to cIRB approval was 216 days (interquartile range, 168–281 days; range, 116–459 days). There was no significant difference between sites that had previous experience of EFIC trials. CONCLUSION Using the interactive media–based approach, CC/PD can be completed quickly; however, there are barriers that can incur substantial delays. Greater harmonization of local administrative processes would shorten the time to conduct CC/PD activities and facilitate the timely commencement and execution of EFIC trials. LEVEL OF EVIDENCE Systematic Review without Meta-analysis; Level III.

Narratives on disclosure of sexual violence: Survivors' responses to public testimony to a high-profile case.

Sexual violence is prevalent and associated with an elevated risk for physical health problems and psychological disorders. The social reactions survivors receive in response to disclosures of sexual violence can impact their postassault recovery. Many survivors do not disclose experiences of sexual violence, which can also complicate the course of recovery. The present study aims to further our understanding of survivors' experiences of sexual violence and their decisions to disclose or not disclose. The data set used is also of historical significance as it captures responses to one of the most public disclosures of sexual assault. Qualitative themes were identified from unsolicited, de-identified personal correspondence (n = 91) from a large archive sent to Dr. Christine Blasey Ford after her public testimony in front of the Senate Judiciary Committee describing an alleged sexual assault. Thematic analyses indicated five common negative reactions (i.e., dismissal, disbelief or denial, lack of repercussions for the perpetrator, retaliation, and victim blame) and two positive reactions (i.e., appropriate action and emotional support) in response to sexual violence disclosures. Reasons for nondisclosure included shame and fear of negative social reactions. Findings suggest that the interpersonal act of sexual violence disclosure is a dynamic process that can have lasting effects on survivors and has implications for fostering a sociocultural climate that facilitates posttraumatic growth in the aftermath of sexual violence. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

Public responses and parasocial relationships following senator John Fetterman's depression disclosure.

Research has found that when a public figure discloses an illness, it can motivate members of the public to reconsider their own health behaviors, particularly when they have a parasocial relationship with the public figure. When the public figure is a politician, it is possible that partisan differences may also influence emotional, attentional, and behavioral responses to health news. We empirically examined public responses to Democrat John Fetterman's disclosure of his treatment for depression shortly after he was inducted into the United States Senate as the junior senator from Pennsylvania in 2023. Using a survey of adult Pennsylvania residents who identified as eligible voters in April 2023, we found that 204 respondents were aware of the news of Fetterman's diagnosis of and treatment for depression. Our data revealed that differences in demographics and parasocial relationships-both positive and negative-with Fetterman predicted different patterns of emotional responses to the news. In addition, age, anger, a negative parasocial relationship, and a positive parasocial relationship were associated with additional outcomes, including attention to news about the disclosure and depression-related information seeking. Mental health advocates could use politicians' depression disclosures to provide information at a time when people are paying more attention to the condition; however, they may need to find other public figures to counteract negative responses to partisan officials. Policymakers could also consider funding mental health campaigns, which could be launched alongside public figure disclosures.

Ridge distributions and information design in simultaneous all-pay auction contests

Two privately informed contestants compete in a contest, and the organizer ex-ante designs a public anonymous disclosure policy to maximize the contestants' total effort. We fully characterize ridge distributions, under which the organizer achieves the first-best outcome in equilibrium: the allocation is efficient, and the entire surplus goes to the organizer. When the prior is a mixture of a ridge distribution and a perfectly correlated distribution, the first-best outcome is achievable by a signal that solely generates ridge distributions as posteriors.

Investigation of Corporate Governance in Business Group Affiliated and Independent Firms

This paper investigates whether there is a difference between business group affiliated and independent firms in terms of complying with the corporate governance principles. Based on data drawn from the corporate governance principles compliance reports of Borsa Istanbul (BIST) companies, the results of the study show that group affiliated firms have higher compliance with the corporate governance than the independent ones in general. The difference of the mean scores in compliance with the corporate governance, stakeholders, board of directors principles between group affiliated companies and independent ones is significant. However, the mean values in shareholders and public disclosure and transparency principles do not differ between these groups of firms. This study aims to advance the research on corporate governance and business groups by considering the corporate governance differences between business group companies and unaffiliated ones in an emerging economy.

The impact of environmental, social and governance disclosure on stock prices: Empirical research in Vietnam

The aims of this research is to evaluate the impact of Environmental, Social and Governance (ESG) information disclosure (using both financial and non-financial information) on stock prices of businesses in Vietnam; From there, propose recommendations to promote transparent practices and information disclosure about ESG of businesses related activities; Contribute to developing sustainable investment goals in businesses, and the financial market in general. Based on the (Ohlson, 1995) [40] valuation model, and developed by Barth and Clinch (2009) [41] the research was conducted empirically in 30 listed companies in Vietnam in the period 2019–2022. Research results based on the GLS method show that ESG positively impacts stock prices. Additionally, this paper conducted an in-depth analysis of each individual pillar and found that the environmental pillar was considered the most meaningful to market participants. However, the correlation between ESG and stock prices is weakened for environmentally sensitive businesses. This study also makes a valuable contribution to the current literature on non-financial information reporting by using manually collected data and investigating the effects of ESG reporting on market participants in the public system voluntary information disclosure system of an emerging market like Vietnam.

A Stealthy Communication Model for Protecting Aggregated Results Integrity in Federated Learning

Given how quickly artificial intelligence technology is developing, federated learning (FL) has emerged to enable effective model training while protecting data privacy. However, when using homomorphic encryption (HE) techniques for privacy protection, FL faces challenges related to the integrity of HE ciphertexts. In the HE-based privacy-preserving FL framework, the public disclosure of the public key and the homomorphic additive property of the HE algorithm pose serious threats to the integrity of the ciphertext of FL’s aggregated results. For the first time, this paper employs covert communication by embedding the hash value of the aggregated result ciphertext received by the client into the ciphertext of local model parameters using the lossless homomorphic additive property of the Paillier algorithm. When the server receives the ciphertext of the local model parameters, it can extract and verify the hash value to determine whether the ciphertext of the FL’s aggregated results has been tampered with. We also used chaotic sequences to select the embedding positions, further enhancing the concealment of the scheme. The experimental findings demonstrate that the suggested plan passed the Welch’s t-test, the K–L divergence test, and the K–S test. These findings confirm that ciphertexts containing covert information are statistically indistinguishable from normal ciphertexts, thereby affirming the proposed scheme’s effectiveness in safeguarding the integrity of the FL’s aggregated ciphertext results. The channel capacity of this scheme can reach up to 512 bits per round, which is higher compared to other FL-based covert channels.

Beyond the 5-year recovery mark: Perspectives of researchers with lived and living experience on public engagement and discourse

There has been growing attention toward including people with lived and living experience (PWLLE) with substance use, substance use disorders, and recovery in public-facing activities. The goals of including PWLLE in sharing their perspectives often include demonstrating that recovery is possible, destigmatizing and humanizing people who have substance use experiences, and leveraging their lived experience to illuminate a particular topic or issue. Recently, the National Council for Mental Wellbeing issued a set of guidelines entitled, “Protecting Individuals with Lived Experience in Public Disclosure,” which included a “Lived Experience Safeguard Scale.” We offer the present commentary to bolster some of the ideas presented by the Council and to articulate suggested changes to this guidance, with the goal of reducing unintentional gatekeeping and stigma. Specifically, we offer that there are numerous problems with the recommendation to only invite people who have “five or more years of sustained recovery” to contribute to public discourse. The idea of perceived stability after five years of abstinence is not new to us or the field. We suggest that this idea excludes people who have experienced the present rapidly changing substance use landscape, people who have briefly returned to use, some young people, and people with living experience who also can valuably contribute to public discourse. We offer alternative guidelines to the National Council for Mental Wellbeing and others seeking to promote practices that are inclusive to the diversity of PWLLE.

Impact of Competent Persons' judgements in Mineral Resources classification

Uncertainty with regard to estimated grades and tonnages of a mineral deposit demands risk assessment in order to build investor confidence and attract the interest of other stakeholders in the success of a project. Uncertainties associated with Mineral Resource estimates can lead to unreliable production schedules and unpredictable cash flows. However, the techniques used in the mining industry to determine these uncertainties are inconsistent, because the important decisions taken in the process are solely dependent on the responsible Competent Person (CP), without limitations. This leads to disparities between different CPs' results, using data-sets from the same drill-holes. The various standard codes for public disclosure provide guidelines and recommendations for the classification of Mineral Resources and Reserves but do not provide details on, for example, the amount of geological and geostatistical information needed to qualify for each category of Resources and Reserves. The parameters used to generate the classification categories are subjectively assumed by the responsible CP. In this paper we investigate the impacts of different CPs' judgements on resource classification, using the same data-sets. The results underpin the need for the mining industry to develop a uniform Mineral Resources and Reserves classification framework that can minimize or avoid significant discrepancies that lead to potential misleading public disclosures.

Breaking Taboos: Arab Breast Cancer Activism in Art and Popular Culture.

This essay examines the breast cancer accounts of four Arab female celebrities who have spoken out in public about their illness experience: the Egyptian TV presenter Basma Wahba and the actress Yasmine Ghaith, the Iraqi actress Namaa al-Ward, and the Lebanese pop singer Elissa. By reading their testimonies against the backdrop of critical literature on illness narratives and memoirs, as well as on cancer narratives and activism, the essay asks: how are the accounts of these women's cancer diagnosis and treatment disclosed and described? In what medium do they communicate and circulate their breast cancer experiences? What significance do these public disclosures have on challenging and breaking the Arab taboo of cancer? In conclusion, the essay argues that these women's willingness to share their stories in public constitutes an important form of multimedia activist intervention-visual, sonic, and performative-that is playing a key role in the development of a breast cancer movement.

Vaccination governance in protracted conflict settings: the case of northwest Syria

BackgroundEffective vaccination governance in conflict-affected regions poses unique challenges. This study evaluates the governance of vaccination programs in northwest Syria, focusing on effectiveness, efficiency, inclusiveness, data availability, vision, transparency, accountability, and sustainability.MethodsUsing a mixed-methods approach, and adapting Siddiqi’s framework for health governance, data were collected through 14 key informant interviews (KIIs), a validating workshop, and ethnographic observations. Findings were triangulated to provide a comprehensive understanding of vaccination governance.ResultsThe study highlights innovative approaches used to navigate the complex health governance landscape to deliver vaccination interventions, which strengthened sub-national vaccination structures such as The Syria Immunisation Group (SIG). The analysis revealed several key themes. Effectiveness and efficiency were demonstrated through cold-chain reliability and extensive outreach activities, though formal reports lacked detailed analysis of vaccine losses and linkage between disease outbreak data and coverage statistics. Key informants and workshop participants rated the vaccination strategy positively but identified inefficiencies due to irregular funding and bureaucracy. Inclusiveness and data availability were prioritised, with outreach activities targeting vulnerable groups. However, significant gaps in demographic data and reliance on paper-based systems hindered comprehensive coverage analysis. Digitalisation efforts were noted but require further support. The SIG demonstrated a clear strategic vision supported by international organizations such as the World Health Organization, yet limited partner participation in strategic planning raised concerns about broader ownership and engagement. While the SIG was perceived as approachable, the lack of public documentation and financial disclosure limited transparency. Internal information sharing was prevalent, but public communication strategies were insufficient. Accountability and sustainability faced challenges due to a decentralized structure and reliance on diverse donors. Despite stabilizing factors such as decentralization and financial continuity, fragmented oversight and reliance on donor funding remained significant concerns.DiscussionThe study highlights the complexities of vaccination governance in conflict-affected areas. Comparisons with other conflict zones underscore the importance of local organisations and international support. The SIG’s role is pivotal, but its legitimacy, transparency, and inclusivity require improvement. The potential transition to early recovery in Syria poses additional challenges to SIG’s sustainability and integration into national programs.ConclusionThe governance of vaccination in northwest Syria is multifaceted, involving multiple stakeholders and lacking a legitimate government. Enhancing transparency, local ownership, and participatory decision-making are crucial for improving governance. The role of international bodies is essential, emphasising the need for structured feedback mechanisms and transparent monitoring processes to ensure the program’s success and sustainability.

A Cognitive Map of Sexual Violence Victims’ Decision-Making: Understanding the Preference for Social Media over Formal Legal Avenues—Insights from Media Consultants

This study delves into the complex decision-making processes of sexual violence survivors regarding public disclosure of their experiences. By constructing a cognitive map from interviews with ten media consultants, this research highlights that survivors often prefer seeking justice through social media rather than legal channels. This study was conducted in Israel, and it underscores the importance survivors place on the disclosure process itself, valuing voice and respect over the outcome. This research, part of a larger project that includes interviews with victims, focuses on the choice between social media and institutional channels, analyzing cognitive processes through the lens of media consultants. While the constructed cognitive map provides a clear framework for understanding the decisions made by survivors of sexual violence, it simplifies complex emotional and psychological factors. Future research may enhance this map by incorporating a deeper analysis of survivors’ internal conflicts and the interplay between emotional coping mechanisms and external pressures to disclose their experiences. From background conversations with survivors, it was understood that two main factors influence their decision: the process versus the outcome and whether to turn to social media or institutional channels. This nuanced approach provides valuable insights into the specific choices made by survivors when determining where to disclose their assaults. By designing this cognitive map, this study helps understand the needs and priorities of the survivors, such as the importance of voice, respect, and the nature of the disclosure process, and aims to aid future research and decision makers in better understanding and supporting the decision-making processes of sexual violence survivor.