scholarly journals Different disclosure activities and sophisticated investors

2020 ◽  
Vol 31 (82) ◽  
pp. 129-144
Author(s):  
Davi Jônatas Cunha Araújo ◽  
Jefferson Pereira de Andrade ◽  
Luiz Felipe de Araújo Pontes Girão
Keyword(s):  
United States ◽  
Institutional Investors ◽  
Voluntary Disclosure ◽  
Earnings Forecasts ◽  
The United States ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Discretionary Disclosure ◽  
The Subject ◽  
The Cost

ABSTRACT This article aims to verify what the influence is of different disclosure activities on the concentration of more sophisticated investors in Brazilian companies. The study fills a gap regarding the influence that disclosure activities can have on the concentration of sophisticated investors in Brazilian firms, considering that this may occur due to their ability to maximize the usefulness of the information disclosed and the return on investments, with a reduction in the cost of allocated funds. This subject is relevant because it verifies not the clientless effect of disclosure, presented by the only study previously developed on the subject in the United States (Kalay, 2015), but rather the influence that disclosure activities (earnings forecasts, market communications, and investor relations [IR]) have on the most sophisticated investors’ decisions to allocate funds in companies in the Brazilian market. As an impact on the area, it was noted that those companies that release market communications attract the investment of funds and the concentration of sophisticated investors much more than those that present better IR and release profit forecasts. We studied 89 publicly-traded companies whose reference forms were published in the period from 2011 to 2016. The number of institutional investors disclosed in the reference forms was used as a proxy to categorize them as more sophisticated. The different disclosure activities were represented by the disclosure of profit forecasts, the number of market communications, and the best IR. The best IR proxy was categorized using the companies awarded by IR Magazine Brazil that presented the best IR in the study period. The results of this study show that the most sophisticated investors concentrated in companies with better IR, in those that do not disclose profit forecasts, and in companies with a greater number of disclosed market communications. The disclosure of market communications is the disclosure activity that most influences the concentration of sophisticated investors in Brazilian companies that use more voluntary disclosure than discretionary disclosure to allocate their funds.

scholarly journals The Impact Of Social Capital On The Propensity And Properties Of Management Earnings Forecasts

2014 ◽  
Vol 30 (6) ◽  
pp. 1803
Author(s):  
Xinyi Lu
Keyword(s):  
United States ◽  
Social Capital ◽  
Voluntary Disclosure ◽  
Earnings Forecasts ◽  
The United States ◽  
Earnings Forecast ◽  
Management Earnings Forecasts ◽  
Financial Factor ◽  
The Impact ◽  
The Relationship

This paper examines the relationship between the regional variation in social capital in the United States and the propensity and properties of the management earnings forecasts. Social capital refers to connections among individualssocial networks and the norms of reciprocity and trustworthiness that arise from them (Putnam 2000). Using a comprehensive sample of companies in the United States, we find that firms located in region with higher social capital are more likely to issue a management earnings forecast and are inclined to forecast more frequently. In addition, earnings forecasts made by those firms tend to be more specific. Our findings suggest that mangers of firms in the high social capital regions are more likely to be concerned about their reputation of providing transparent information regarding their businesses because of the close connections among individuals and the greater propensities to honor obligations. This study contributes to the accounting literature by identifying a non-financial factor (i.e., social capital) that affects managements voluntary disclosure practices.

scholarly journals Bridging the Financial Gap Among Young People

2020 ◽  
Vol 9 (1) ◽  
Author(s):  
Hannah Torres ◽  
Russell Rudman
Keyword(s):  
United States ◽  
Low Income ◽  
College Graduates ◽  
The United States ◽  
Student Loan ◽  
Negative Effects ◽  
Financial Decisions ◽  
The Subject ◽  
The Cost ◽  
The Relationship

Experts have determined that the cost of attending college is rising (Williams, 2006) and as a result, it has altered college graduates’ cumulative debt levels. In addition, research shows that those who attend college are more likely to earn higher salaries (Ma et al., 2016). Consequently, the existence of a low-income college graduate population would be considered a paradox. Simultaneous to such changes mentioned, homeownership among young individuals is declining in the United States (Dettling & Hsu, 2014). As of today, research has focused on the relationship between student loan debt and homeownership but has neglected the relationship between cumulative debt and homeownership. This study will answer the following question: What is the relationship between cumulative debt acquired by low-income college graduates between the ages of 23-40 in the United States in the 21st century and the corresponding likelihood of homeownership? Through interviews with five low-income college graduates, I collected narratives describing their outlooks on cumulative debt and its influences on homeownership. Through thematic analysis, I drew connections between common themes that indicated how cumulative debt affected one’s actions or thoughts regarding purchasing a home.  The results showed that cumulative debt has negative effects on homeownership. Subjects disclosed that their struggle to pay their cumulative debt and inability to accumulate wealth were the two most common hindrances of purchasing a home. This is significant because cumulative debt predetermines how the subject manages their finances to pursue purchasing a home and such data may influence the financial decisions of future generations.

The Federalization of Corporate Governance

2018 ◽  
Author(s):  
Marc I. Steinberg
Keyword(s):  
Corporate Governance ◽  
Well Being ◽  
The United States ◽  
Company Law ◽  
Federal Law ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Evolution And Development ◽  
The Subject ◽  
Economic Well Being

This book focuses on a very timely subject: the federalization of corporate governance. From both historical and contemporary perspectives, the book addresses the federalization of corporate governance in the United States. Although the states traditionally have regulated the sphere of corporate governance—encompassing the relations among and between the subject corporation, its directors, its officers, its stockholders, and other stakeholders—federal law today impacts the governance of publicly-traded companies to a greater degree than ever before in U.S. history. This book thus focuses on the evolution and development of corporate governance from a federal law perspective from the commencement of the twentieth century to the present. The book examines the tension between state company law and federal law, historically analyzes the federal developments, explains the ramifications of the federal legislation enacted during the past two decades, and recommends corrective measures that should be implemented. The book accordingly provides an original, historical, and contemporary analysis of the federalization of corporate governance—a subject that impacts this country’s economic well-being in a very fundamental way.

Governance and corporate control in the United States

2021 ◽  
Vol 3 (2) ◽  
pp. 41-52
Author(s):  
Karen M. Hogan ◽  
Gerard T. Olson
Keyword(s):  
United States ◽  
Financial Performance ◽  
Institutional Investors ◽  
The United States ◽  
Pension Plans ◽  
Top Management Teams ◽  
Defined Contribution ◽  
Publicly Traded ◽  
Publicly Traded Firms ◽  
The U.S

This paper provides an overview of business entities in the United States. We analyze current trends in the ownership structures of U.S. firms, diversity and inclusion, mergers and acquisitions, minority shareholder rights protections, and review the literature related to corporate ownership and financial performance. With the shift in the U.S. from defined benefit pension plans to defined contribution plans and a desire for increased corporate governance, we observe a significant increase in the financial assets under management by large institutional investors. It is believed these large institutional investors can have a significant impact on the governance, decision-making, and performance of the U.S. publicly traded firms. We observe an increasing trend in foreign indirect investment in the U.S. from countries in Europe, Asia and the Pacific Rim, North and South America, the Middle East, and Africa. Additionally, increased compensation of publicly traded firms’ top executives is shown, which has resulted in an increased disparity between the compensation of top management teams and the firms’ hourly employees. Lastly, we expect the suggested bias against women and other minorities, as evidenced here, will be lessened in the future and should result in improved financial performance for firms

scholarly journals Non-executive reporting requirements for public companies

2009 ◽  
Vol 5 (2) ◽  
pp. 36-41
Author(s):  
Mark Rome
Keyword(s):  
United States ◽  
Value Added ◽  
The United States ◽  
Publicly Traded ◽  
Public Companies ◽  
Publicly Traded Companies ◽  
Executive Staff ◽  
Reporting Requirements

Non-Executive Reporting Requirements should empower non-executive staff of publicly traded companies with a structured process to communicate value-added information directly with analysts, investors and regulators on a recurring basis without fear of reprisal or reprimand. This paper analyses non-executive reporting requirements for public companies in the United States.

Liberal Internationalism from George W. Bush to Barack Obama

2017 ◽  
Author(s):  
Tony Smith
Keyword(s):  
United States ◽  
The United States ◽  
Barack Obama ◽  
Democratic Peace ◽  
War On Terrorism ◽  
Global War On Terrorism ◽  
Liberal Internationalism ◽  
Liberal Democratic ◽  
The Subject ◽  
Global War

This chapter examines the United States' liberal democratic internationalism from George W. Bush to Barack Obama. It first considers the Bush administration's self-ordained mission to win the “global war on terrorism” by reconstructing the Middle East and Afghanistan before discussing the two time-honored notions of Wilsonianism espoused by Democrats to make sure that the United States remained the leader in world affairs: multilateralism and nation-building. It then explores the liberal agenda under Obama, whose first months in office seemed to herald a break with neoliberalism, and his apparent disinterest in the rhetoric of democratic peace theory, along with his discourse on the subject of an American “responsibility to protect” through the promotion of democracy abroad. The chapter also analyzes the Obama administration's economic globalization and concludes by comparing the liberal internationalism of Bush and Obama.

The dimensions of the Moroccan position on the Gulf crisis 1990-1991

2019 ◽  
Vol 3 (11) ◽  
pp. 179
Author(s):  
Nazhan Hammoud Nassif Al Obeidi ◽  
Abdul Wahab Abdul Aziz Abu Khamra
Keyword(s):  
United States ◽  
United States Of America ◽  
New World ◽  
World Order ◽  
The United States ◽  
New World Order ◽  
Historical Events ◽  
Gulf Crisis ◽  
The Subject

The Gulf crisis 1990-1991 is one of the important historical events of the 1990s, which gave rise to the new world order by the sovereignty of the United States of America on this system. The Gulf crisis was an embodiment to clarify the features of this system. .     The crisis in the Gulf was an opportunity for the Moroccans to manage this complex event and to use it for the benefit of the Moroccan situation. Therefore, the bilateral position of the crisis came out as a rejection, a contradiction and a supporter of political and economic dimensions at the external and internal levels. On the Moroccan situation, and from these points came the choice of the subject of the study (the dimensions of the Moroccan position from the Gulf crisis 1990-1991), which shows the ingenuity of Moroccans in managing an external crisis and benefiting from it internally.

Anne O. Krueger, Constantine Michalopoulos and Vernon W. Ruttan. Aid and Development. Baltimore: The Johns Hopkins University Press. 1989. xiv + 386 pp.Price: U.S. $ 52.00

1991 ◽  
Vol 30 (2) ◽  
pp. 213-217
Author(s):  
Mir Annice Mahmood
Keyword(s):  
United States ◽  
Economic Development ◽  
International Development ◽  
Western Europe ◽  
Development Assistance ◽  
The United States ◽  
Social Infrastructure ◽  
Low Literacy ◽  
The Subject ◽  
The Impact

Foreign aid has been the subject of much examination and research ever since it entered the economic armamentarium approximately 45 years ago. This was the time when the Second World War had successfully ended for the Allies in the defeat of Germany and Japan. However, a new enemy, the Soviet Union, had materialized at the end of the conflict. To counter the threat from the East, the United States undertook the implementation of the Marshal Plan, which was extremely successful in rebuilding and revitalizing a shattered Western Europe. Aid had made its impact. The book under review is by three well-known economists and is the outcome of a study sponsored by the Department of State and the United States Agency for International Development. The major objective of this study was to evaluate the impact of assistance, i.e., aid, on economic development. This evaluation however, was to be based on the existing literature on the subject. The book has five major parts: Part One deals with development thought and development assistance; Part Two looks at the relationship between donors and recipients; Part Three evaluates the use of aid by sector; Part Four presents country case-studies; and Part Five synthesizes the lessons from development assistance. Part One of the book is very informative in that it summarises very concisely the theoretical underpinnings of the aid process. In the beginning, aid was thought to be the answer to underdevelopment which could be achieved by a transfer of capital from the rich to the poor. This approach, however, did not succeed as it was simplistic. Capital transfers were not sufficient in themselves to bring about development, as research in this area came to reveal. The development process is a complicated one, with inputs from all sectors of the economy. Thus, it came to be recognized that factors such as low literacy rates, poor health facilities, and lack of social infrastructure are also responsible for economic backwardness. Part One of the book, therefore, sums up appropriately the various trends in development thought. This is important because the book deals primarily with the issue of the effectiveness of aid as a catalyst to further economic development.

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