Voluntary Risk Research Articles

The influence of Voluntary Disclosure, Asymmetri Information, Stock Risk, Firm Size and Institutional Ownership Towards Cost of Capital (COC)

Abstract: This study aims to determine the influence of the information toward the decisions taken by investors based on the theory of Efficient Markets Hypothesis (EMH), which is expressed by Fama (1970),by examining the influence of several independent variables towards the cost of capital (COC). Independent variables were used to reflect information, including voluntary disclosure, information asymmetry, risk stock, firm size and institutional ownership. This study used purposive sampling technique in conducting sample of the 131 manufacturing companies listed on the Indonesia Stock Exchange in 2011, which produced 75 research samples. This study used the linear regression to analyze the data. The results of this study indicate that there is an influence of the informationtoward the decision making of investors, which is seen from the simultaneous test results that show all variables simultaneously influencing the COC. The results also indicate that voluntary disclosure variables, the risk of the stock, and the firm size are partially influencing the COC, whereas the information asymmetry variables and institutional ownership are partially show no influence on the COC.

Voluntary disclosure incentives: Evidence from the municipal bond market

I investigate the trade-off between capital market incentives, reputational concerns, and administrative costs in the public disclosure decisions of municipal bond issuers. After Ambac׳s bankruptcy, issuers of insured debt increase disclosure relative to issuers of uninsured debt. After local per capita income declines or expenditures increase, issuers, particularly those with strong electoral incentives and weak voter oversight, reduce disclosure. After the implementation of an online filing repository, issuers with few dissemination channels increase disclosure relative to other issuers. Overall, my findings support a positive relationship between voluntary disclosure, risk, and low-cost dissemination, to the extent reputational capital is not threatened.

Value Relevance of Voluntary Risk Disclosure Levels: Evidence from Saudi Banks

This study seeks to examine whether the levels of voluntary risk disclosure in Saudi listed banks are value-relevant or not. The sample of this investigation consists of all banks listed on the Saudi Stock Market Exchange (Tadawul). All data was collected from the annual reports of the sample banks from 2009 to 2013 using manual content analysis. Other variables were collected using DataStream and Bloomberg. Ordinary least squares regressions analysis was used. The findings of the multivariate analysis demonstrated that there is no association between the levels of voluntary risk disclosure and firm value as measured by the market to book value at the end of the year (MTBV). But, the results generate from the accounting based measure (ROA) show that there is a positively significant association between the levels of voluntary risk disclosure and firm value. This study contributes to the literature on general accounting disclosure and in particular advances and contributes to the literature on risk disclosure in developing economies. It also contributes to the understanding of the role of accounting information in relation to the market valuation of a firm. The empirical findings of this study have several implications for banks’ investors, regulatory bodies and any other interested group as they report the importance of corporate risk disclosure and its economic consequences. This can be used to increase the value relevance in the banking sector. This study also informs regulators about the current level of risk disclosure in all Saudi listed banks. To the best of the researcher’s knowledge, no prior research has been conducted on the relationship between firm value and levels of risk disclosure in general nor especially in emerging markets, such as Saudi Arabia, the focus of this study.

Abstract 170: Weight Changes 1 Year beyond Completion of a 12 month Workplace-Based Intensive Lifestyle Modification Program: The My Unlimited Potential

Introduction: To date, there is paucity of evidence describing the long-term effects of health promotion programs in the workplace. In the current study, we present weight changes over 2 years of follow-up after participation in a 12-month lifestyle improvement program (My Unlimited Potential, [MyUP]) among high metabolic risk employees of Baptist Heath South Florida. Methods: The MyUP program is a 1 year lifestyle improvement program with an initial intensive phase of 12 weeks, and subsequent monthly checks up to 12 months from commencement of the program. To assess weight changes beyond one year, data from participants who began the program in 2011 and 2012 and subsequently participated in a voluntary health risk assessment (HRA) in 2013 and 2014 was analyzed. We excluded follow-up data less than 18 months or more than 3 years, as well as participants who did not complete the 12-week intensive phase. Baseline weight was measured at the beginning of the MyUP in each participant and follow-up weight was obtained via the HRA. Results: There were 138 participants with follow-up data, with a median follow-up of 25 months (range 22-27months). At baseline, the mean weight was 212.4 ± 45.1 lbs. At follow-up, mean weight change (in lbs) from baseline was -1.9 (95%CI: -4.1, 0.4). By contrast, there was a mean weight reduction from baseline to 1 yr prior to the end of follow-up was 9.8 lbs, with an average weight increase of 8 lbs in the 12 month period prior to the end of follow-up. At the end of follow-up, 18% achieved ≥ 5% weight loss from baseline, compared to 46% a year preceding the follow-up date. Completing the 12 month period of program was not associated with achieving ≥5% weight loss at 2 years. Conclusion: An intensive workplace lifestyle program remains effective at maintaining significant weight loss in a nearly 20% individuals even after 2 years. More studies are needed to understand factors that determine how to achieve and maintain long term gains achieved in lifestyle intervention wellness programs.

The derivation of effects threshold concentrations of lead for European freshwater ecosystems

The main objective of the present study was to derive ecologically relevant effect threshold concentrations of (dissolved) Pb for selected European Union (EU) freshwater rivers, using the 2008 EU Voluntary Risk Assessment Report as a starting point and more advanced methodologies than those used in the Voluntary Risk Assessment Report. This included 1) implementing more robust quality criteria for selecting chronic toxicity data; 2) the conversion of total to dissolved Pb concentrations using a combination of an empirical equation relating inorganic Pb solubility and geochemical speciation modeling to account for effects of dissolved organic matter; 3) the use of bioavailability models for chronic toxicity for species belonging to 3 different trophic levels; and 4) the use of robust methods for large data set handling (such as species sensitivity distribution [SSD] analysis). The authors used published bioavailability models for an algal species (Pseudokirchneriella subcapitata) and a daphnid (Ceriodaphnia dubia) and developed a new model for the fathead minnow (Pimephales promelas). The research has shown that these models are also useful for, and reasonably accurate in, predicting chronic toxicity to other species, including a snail, a rotifer, midge larvae, and an aquatic plant (read-across). A comprehensive chronic toxicity data set for Pb was compiled, comprising 159 individual high-quality toxicity data for 25 different species. By applying the total dissolved conversion and the bioavailability models, normalized toxicity values were obtained, which were then entered into a SSD analysis. Based on the parametric best-fitting SSDs, the authors calculated that ecological threshold concentrations of Pb protecting 95% of freshwater species for 7 selected European freshwater scenarios were between 6.3 μg dissolved Pb/L and 31.1 μg dissolved Pb/L.

The effect of rights-based fisheries management on risk taking and fishing safety

Commercial fishing is a dangerous occupation despite decades of regulatory initiatives aimed at making it safer. We posit that rights-based fisheries management (the individual allocation of fishing quota to vessels or fishing entities, also called catch shares) can improve safety by solving many of the problems associated with the competitive race to fish experienced in fisheries around the world. The competitive nature of such fisheries results in risky behavior such as fishing in poor weather, overloading vessels with fishing gear, and neglecting maintenance. Although not necessarily intended to address safety issues, catch shares eliminate many of the economic incentives to fish as rapidly as possible. We develop a dataset and methods to empirically evaluate the effects of the adoption of catch shares management on a particularly risky type of behavior: the propensity to fish in stormy weather. After catch shares was implemented in an economically important US West Coast fishery, a fisherman's probability of taking a fishing trip in high wind conditions decreased by 82% compared with only 31% in the former race to fish fishery. Overall, catch shares caused the average annual rate of fishing on high wind days to decrease by 79%. These results are evidence that institutional changes can significantly reduce individual, voluntary risk exposure and result in safer fisheries.

Corporate governance and risk disclosure: evidence from Saudi Arabia

Purpose- This study aims to empirically explore corporate governance and the demographic traits of top management teams as the determinants of voluntary risk disclosure practices in listed banks. This study also aims to contribute to the existing risk disclosure literature by investigating the effect of a combination of determinants on voluntary risk disclosure practices in an emerging market. Furthermore, this study seeks to contribute to risk disclosure theories by employing the upper echelons theory to examine the determinants and their effects on voluntary risk disclosure practices. Design/Methodology/Approach- This investigation uses manual content analysis to measure the levels of risk disclosure in all Saudi listed banks from 2009 to 2013. It also uses ordinary least squares regressions analysis to examine the joint effect of corporate governance and demographic traits on risk disclosure. Results- The empirical findings show that external ownership, audit committee meetings, gender, size, profitability and board size are primary determinants of voluntary risk disclosure practices in Saudi listed banks. The remainder of the independent variables of both corporate governance mechanisms and demographic traits are insignificantly correlated with voluntary risk disclosure practices in Saudi listed banks. This study supports upper echelons theory and further encompasses demographic research into the risk disclosure field. Potential Implications- The empirical findings offer several important implications by reporting to banks’ stockholder, regulatory bodies and any other interested group on the importance of corporate governance and demographic determinants, which can be used to augment risk reporting in the banking industry. This study also backs upper echelons theory and encourages further demographic research into the risk disclosure field. Originality- To the best of the researcher’s knowledge, no prior research has been conducted on the determinants of risk disclosure in Saudi Arabian listed banks. Therefore, this is the first study to investigate the determinants of risk disclosure in the context of Saudi Arabia.

'Knowing what matters in diabetes: healthier below 7': results of the campaign's first 10 years (part 1): participants with known type 2 diabetes.

IntroductionDuring the ‘Knowing what matters in diabetes: healthier below 7’ diabetes campaign, more than 30 000 randomly participating individuals underwent an occasional, voluntary diabetes risk check between 2005 and 2014.MethodsThis campaign aimed to inform individuals in Germany about diabetes mellitus and its complications, the established risk factors for development of type 2 diabetes (T2D), their prevalence and management in the real-life population, the quality of risk factor control and actual disease management in participants with a history of established diabetes mellitus [people with diabetes (PWD)]. Besides demographic characteristics (e.g. sex, age) and anamnestic information (antihypertensive treatment, history of elevated plasma glucose levels, genetic disposition), risk factor assessment included BMI, waist circumference, and lifestyle (physical activity, nutritional habits). The requested information was complemented by direct measurements of blood pressure (BP) (routine), plasma glucose, and HbA1c (voluntary). Between 2005 and 2014, more than 31 000 individuals participated in 45 single campaigns in numerous German cities. Here, we report on the results of the subgroup of participants with known diabetes mellitus.ResultsAmong the 26 522 individuals with a completed questionnaire participating in the years 2006–2014, 21 055 participants (79.4%) did not have a history of diabetes and 5098 individuals (19.2%) reported being diagnosed with T2D, 369 (1.4%) with type 1 diabetes. The proportion of participants with T2D increased markedly over the years from 13.3 (2006) to 21.7% (2014). The age group older than 64 years was the largest within this subgroup (67.3%), 48.4% men and 51.6% women. The prevalence of overweight or obesity was found in 78% and 69.2% of the PWD. More than 40% of individuals with T2D had no regular physical exercise and more than 15% had unfavorable nutritional habits. In all, 69.9% of participants with T2D had elevated BP as assessed during the campaign or reported treatment with antihypertensive drugs at any time. On average, almost half of PWD (46.3%) had an HbA1c above 7.0%; a significant trend toward higher values over the 10-year period was observed.ConclusionThe analysis of PWD participating in the ‘Knowing what matters in diabetes: healthier below 7’ campaign showed that despite huge efforts in the past, important aspects for progression and complications of T2D mellitus are still not well controlled. This includes lifestyle habits as well as pharmaceutical treatment. Although the participants in this study cannot be considered a representative sample of the German population and occasional measurements without standardization further limit firm conclusions, the BP, plasma glucose, and HbA1c results indicate that a major proportion of PWD have insufficient metabolic and BP control. The marked increase in the proportion of T2D among all participants over time is consistent with the increasing prevalence of T2D mellitus found in many other countries worldwide in the recent decades. Our findings underline the importance of an optimized therapy for further improvement of disease management in those already diagnosed with this common chronic, progressive disease.

Corporate governance and risk disclosure: evidence from Saudi Arabia

This study aims to empirically explore corporate governance and the demographic traits of top management teams as the determinants of voluntary risk disclosure practices in listed banks. This study also aims to contribute to the existing risk disclosure literature by investigating the effect of a combination of determinants on voluntary risk disclosure practices in an emerging market. Furthermore, this study seeks to contribute to risk disclosure theories by employing the upper echelons theory to examine the determinants and their effects on voluntary risk disclosure practices. Design/Methodology/Approach- This investigation uses manual content analysis to measure the levels of risk disclosure in all Saudi listed banks from 2009 to 2013. It also uses ordinary least squares regressions analysis to examine the joint effect of corporate governance and demographic traits on risk disclosure. Results- The empirical findings show that external ownership, audit committee meetings, gender, size, profitability and board size are primary determinants of voluntary risk disclosure practices in Saudi listed banks. The remainder of the independent variables of both corporate governance mechanisms and demographic traits are insignificantly correlated with voluntary risk disclosure practices in Saudi listed banks. This study supports upper echelons theory and further encompasses demographic research into the risk disclosure field. Potential Implications- The empirical findings offer several important implications by reporting to banks’ stockholder, regulatory bodies and any other interested group on the importance of corporate governance and demographic determinants, which can be used to augment risk reporting in the banking industry. This study also backs upper echelons theory and encourages further demographic research into the risk disclosure field. Originality- To the best of the researcher’s knowledge, no prior research has been conducted on the determinants of risk disclosure in Saudi Arabian listed banks. Therefore, this is the first study to investigate the determinants of risk disclosure in the context of Saudi Arabia.

Are There Alternatives to Scrutinising Elderly Drivers?

As a pre-requisite to continue driving at a certain age, several EU member states impose regular health checks or fitness-to-drive screenings. In Austria, where no age limits exist for drivers, the KFV (Austrian Road Safety Board) has developed voluntary risk competence trainings for elderly motorists. It is the first time that risk competence – an approach that originates from the field of drug prevention among adolescents – is used to improve road safety for the group of the elderly. Instructors are selected following the peer-to-peer education principle and receive special training. The goal is to encourage critical self-assessment in the light of gradual loss of cognitive and motoric skills and/or focus on enhancing individual strengths and compensation strategies. The training was piloted with 300 workshops and 3,000 participants in the time period between 2011 and 2013.The paper introduces the theoretical background and evaluation of the trainings and provides practical insights into the methods and tools applied.

Trends in Ideal Cardiovascular Health Metrics Among Employees of a Large Healthcare Organization (from the Baptist Health South Florida Employee Study)

The American Heart Association (AHA)'s 2020 goal is to improve the cardiovascular health (CVH) of people living in the United States (US) by 20% and reduce mortality from cardiovascular diseases and stroke by 20%. Given that 155 million adults are in the US workforce, and >60% have employee-based insurance, workplace studies provide an important opportunity to assess and potentially advance CVH through the use of comprehensive workplace wellness programs. Among a cohort of employees of the Baptist Health System, CVH was assessed annually during voluntary health fairs and health risk assessments (HRA) from 2011 to 2014 using the AHA's 7 CVH metrics: smoking, body mass index (BMI), physical activity, diet, blood pressure, total cholesterol, and blood glucose. Each metric was categorized as ideal, intermediate, or poor according to the AHA criteria. Cochrane-Armitage test was used to detect trends in CVH by year. Ideal CVH, defined as meeting ideal criteria for all 7 metrics, was assessed and compared across years. The overall cohort was 34,746 with 4,895 employees in 2011, 10,724 in 2012, 9,763 in 2013, and 9,364 in 2014. Mean age (SD) was between 43 (±12) and 46 years (±12). Female to male ratio was 3:1. The prevalence of study participants who met the ideal criteria for diet, physical activity, and blood pressure increased significantly from 2011 to 2014 but for BMI, total cholesterol, and blood glucose, a significant decrease was noticed. In addition, the prevalence of study participants in ideal CVH although low, increased significantly over time (0.3% to 0.6%, p <0.0001). In conclusion, this study shows the trends of the AHA's CVH metrics in a large health care organization. The positive findings noted for the metrics of smoking, physical activity, total cholesterol, and blood glucose should be reinforced. However, the metrics of diet, BMI, and blood pressure need more attention.

The Impact of Introducing the New Corporate Governance Code on the level of Voluntary Risk Disclosure with an Empirical Study on the Egyptian listed Companies

the impact of introducing the new corporate governance code on the level of voluntary risk disclosure with an empiricial study on the egyptian listed companies

Risk management disclosure

Purpose– The purpose of this paper is to examine the effect of voluntary risk management disclosure (VRMD) on firm value (FV).Design/methodology/approach– This study uses content analysis approach to collect the VRMD data. FV is represented by three variables: market capitalization, Tobin’sQand market to book value of equity ratio. Based on a sample of 395 firms listed on the main market of Bursa Malaysia in 2011, this study uses multivariate statistical tests to examine the association between VRMD and FV.Findings– Based on the regression analysis, this study found that the VRMD has a positive and significant relationship with FV. Even though the authors hypothesize that damaging voluntary risk management disclosure (DVRMD) will have a negative and significant relationship with FV, the regression analysis shows that the DVRMD is not significantly related to FV. As expected, the relationship between beneficial voluntary risk management disclosure (BVRMD) and FV is positive and significant. The findings provide evidence that should be of interest especially to firms in terms of deciding upon whether to provide or avoid disclosing voluntary risk management information to their stakeholders.Research limitations/implications– Notwithstanding the critical empirical findings, this study is limited to only focusing on a one year data. The authors acknowledge the fact that findings from a one year data might not be easily generalized to other time periods. The authors believe a stronger argument could be obtained from evidence based on a longitudinal study or data that incorporate multiple economic conditions. The study highlights the fact that risks management information is important to investors in Malaysia when they make their investments decisions.Practical implications– To date, regulatory bodies emphasize more on financial risk management disclosure through the enforcement of MFRS 7; while non-financial risk information is less emphasized in current guidelines such as Malaysian Code on Corporate Governance (MCCG) (2012) and Recommended Practice Guide 5 (Revised), which only requires firms to disclose information about non-financial risk management without specific details. As this study has provided evidence on the significance of non-financial risk management disclosures in the capital market, this study could be useful for the regulatory bodies to develop more detailed guidelines on non-financial risk management disclosure in the future.Originality/value– Most of prior literatures are found to focus on the study of factors that influence the VRMD (such as Linsley and Shrives, 2006; Abraham and Cox, 2007; Hassanet al., 2009; Ismail and Abdul Rahman, 2011). Studies about the effects of voluntary risk management information disclosure is however very scant. Miihkinen (2013) studied the effects of risk management disclosure on information asymmetry. This paper adds to Miihkinen (2013) by investigating the relationship between VRMD and FV. This paper is expected to be the first to investigate on the empirical usefulness of VRMD in a developing country.

P02.07 Utilisation of risk score tool of internet i want the kit (iwtk) home self-collection program for sexually transmitted infections (stis) in males

Introduction In our previous pilot study on the internet I Want The Kit (IWTK) home self-collection program for sexually transmitted infections (STIs), a voluntary risk score tool predicted STIs well for the female volunteers but not for the males. We investigated the association of IWTK risk score and the presence of STIs in male users when the risk score quiz became mandatory for the program. Methods A six-question quiz which includes demographic and sexual risk behaviour became a mandatory part of IWTK in August 2103. This analysis was restricted to male participants living in Maryland and Washington DC using IWTK August 2013–April 2015. Cochran-Armitage trend test was performed to determine if the prevalence of STIs (chlamydia, gonorrhoea, or trichomonas infection) increased with the higher score of risk score category. Results Overall, 592 male participants submitted specimens for STI testing and completed risk score quizzes. The majority (57%) were Conclusions After excluding potential selection bias, IWTK risk score tool predicted the presence of STIs for male users and could potentially be used for identifying hotspots for STI intervention. Disclosure of interest statement The research group has received research funding from U54EB007958, NIBIB, NIH; AI068613–01, NIH, NIAID.

Temporal assessment of copper speciation, bioavailability and toxicity in UK freshwaters using chemical equilibrium and biotic ligand models: Implications for compliance with copper environmental quality standards

Although significant progress has been made in understanding how environmental factors modify the speciation, bioavailability and toxicity of metals such as copper in aquatic environments, the current methods used to establish water quality standards do not necessarily consider the different geological and geochemical characteristics of a given site and the factors that affect copper fate, bioavailability potential and toxicity. In addition, the temporal variation in the concentration and bioavailable metal fraction is also important in freshwater systems. The work presented in this paper illustrates the temporal and seasonal variability of a range of water quality parameters, and Cu speciation, bioavailability and toxicity at four freshwaters sites in the UK. Rivers Coquet, Cree, Lower Clyde and Eden (Kent) were selected to cover a broad range of different geochemical environments and site characteristics. The monitoring data used covered a period of around six years at almost monthly intervals.Chemical equilibrium modelling was used to study temporal variations in Cu speciation and was combined with acute toxicity modelling to assess Cu bioavailability for two aquatic species, Daphnia magna and Daphnia pulex. The estimated copper bioavailability, toxicity levels and the corresponding ecosystem risks were analysed in relation to key water quality parameters (alkalinity, pH and DOC). Although copper concentrations did not vary much during the sampling period or between the seasons at the different sites; copper bioavailability varied markedly. In addition, through the chronic-Cu BLM-based on the voluntary risk assessment approach, the potential environmental risk in terms of the chronic toxicity was assessed. A much higher likelihood of toxicity effects was found during the cold period at all sites. It is suggested that besides the metal (copper) concentration in the surface water environment, the variability and seasonality of other important water quality parameters should be considered in setting appropriately protective environmental quality standards for metals.

Use of a risk quiz to predict infection for sexually transmitted infections: a retrospective analysis of acceptability and positivity

BackgroundIndividuals who are sexually active may want to make a decision as to whether they are at risk for having a sexually transmitted infection (STI) such as Chlamydia trachomatis, Neisseria...

Voluntary risk management committee formation: Determinants and short-term outcomes

This paper examines the determinants and consequences of voluntary formation of risk management committees (RMCs) among financial institutions. The primary research question we address is whether RMC formation has a substantive effect on short-term risk outcomes and performance. Specifically, we determine whether RMCs are related to a short-term change in risk outcomes, a short-term change in hedging and trading derivative structures, and a short-term increase in profitability. We use a sample of financial institutions that voluntarily form a RMC in any year from 1994 through 2008 and a control sample of financial institutions that do not form a RMC during the sample period. The results provide evidence to suggest that financial institutions with international banking activity, higher leverage, a larger and more independent board, a Big N auditor, merger and acquisition activity, and lower financial reporting quality are more likely to form a RMC. Overall, our tests of risk outcomes and profitability do not provide consistent evidence of RMC formation being a substantive practice that results in operational and performance improvements. In contrast, our results are more consistent with RMCs fulfilling symbolic roles as an implication of institutional theory which focuses primarily on the perception of responsible risk management actions. Further, results are consistent with RMCs being used as a governance mechanism to help maintain and substantiate legitimacy over risk activities.

Abstract P258: Prevalence of Obesity and Estimated Medical and Work Loss Costs Attributable to High BMI: The Baptist Health South Florida Employee Study

BACKGROUND: Obesity is strongly related to chronic health problems and concomitant increased healthcare costs for employers. The aim of the study is to explore the distribution of obesity categories and estimate associated health costs among self-insured employees of Baptist Health South Florida (BHSF), a large not-for-profit health care organization. METHODS: Distribution of BMI categories was determined among individuals participating in a voluntary health risk assessment (HRA) available to employees eligible for health benefits. The potential estimates of obesity related costs to BHSF were imputed using CDC's Obesity Cost Calculator based on data from NHIS and MEPS (http://www.cdc.gov/leanworks/costcalculator/disclaimer.html). RESULTS: Overall 9996 (aged 43.1±12.1 years, 75% females, 75% Hispanic, 35% hypertensive, 4% diabetic) employees participated in 2013 annual HRA and wellness fair. The age-adjusted mean BMI was 29.3 (95% CI, 29.1-29.5) for men and 28.3 (95% CI, 28.15-28.45) kg/m2 for women. The table describes distribution of BMI categories according to gender and age groups. The age-adjusted prevalence of obesity (BMI&gt;30 kg/m2) was 36% (95% CI, 34%-37%) among men and 32% (95% CI, 31%-33 %) among women. In BHSF employee population, 6% (n=581) were classified as morbidly obese (BMI&gt;=40) and 7% (n=748) individuals met criteria for bariatric surgery. Total annual estimated cost attributable to high BMI (&gt;25) were $8.05 million (74% medical and 26% work lost) of which 41% were contributed by 14% employees with BMI&gt;35. The average attributable cost per high BMI employee ranged from $598 among those with BMI 25-29.9 to $2695 with BMI&gt;=40. CONCLUSIONS: One third of employees (predominantly female and Hispanic) in a large health care organization (BHSF) were obese. Given the significant financial burden imposed by obesity large self-insured organizations like BHSF have a lot to gain by introducing evidence-driven weight reduction programs, and tracking the success of these programs in the workforce.

The value relevance of risk disclosure in annual reports: Evidence from MENA emerging markets

Our paper aims to examine whether voluntary risk disclosure in the annual report contains value-relevant information for investors to predict future earnings. We used a large-scale sample firms from MENA emerging markets. Our sample includes 809 year-observations for the 3-year period, 2007–2009. Our study offers two significant contributions. First, we found a positive relationship between voluntary risk information and the market's ability to anticipate 2-years ahead future earnings change. The positive association provides us with the first empirical evidence of the usefulness of risk disclosure in annual reports. Second, we found that the level of proprietary costs tends to moderate the perceived relevance of risk information, thereby making investors rely on another source of information in forecasting future earnings change.

Postmenopausal weight change and incidence of fracture: post hoc findings from Women’s Health Initiative Observational Study and Clinical Trials

Objectives To determine associations between postmenopausal change in body weight and incidence of fracture and associations between voluntary and involuntary weight loss and risk of fracture.Design Post hoc analysis of...