Regulation Fair Disclosure, Analyst Following, and Analyst Forecast Dispersion

2003 ◽  
Vol 17 (1) ◽  
pp. 15-29 ◽  
Author(s):  
Afshad J. Irani ◽  
Irene Karamanou
Keyword(s):  
Negative Impact ◽  
Preliminary Evidence ◽  
Analyst Forecast ◽  
Specific Information ◽  
Regulation Fair Disclosure ◽  
Forecast Dispersion ◽  
Analyst Following ◽  
Playing Field ◽  
Fair Disclosure

This paper presents preliminary evidence of the effect of Regulation Fair Disclosure (FD) on the quantity and quality of firm-specific information released to the market by comparing analyst forecast data from pre-FD to post-FD time periods. By prohibiting selective disclosure of material information to privileged individuals, the Securities and Exchange Commission intends to provide a level playing field to all investors. However, opponents argue that FD has a negative impact by decreasing the quantity and quality of publicly available information. Consistent with this argument, we document a decrease in analyst following and an increase in forecast dispersion following the passage of FD.

Information and psychological security in the development of computer literacy in the elderly

2021 ◽  
pp. 270-278
Author(s):  
Tatyana Borisovna Berestok
Keyword(s):  
Quality Of Life ◽  
Elderly People ◽  
Computer Literacy ◽  
Negative Impact ◽  
Social Institutions ◽  
The Elderly ◽  
Information Environment ◽  
Specific Information ◽  
Negative Factors

This article deals with the issue of self-preservation of elderly people when learning to work on a computer from the point of view of information and psychological security. The necessity of solving new socio-psychological problems is indicated: to develop the ability to give a correct assessment of a specific information threat, to prevent the negative impact of the information environment, to resist negative factors, and to contribute to improving the quality of life. The purpose of counseling elderly people is to develop their ability to understand the problem of the negative impact of the information environment on psychological and physiological health, to be able to apply methods to ensure information and psychological security. Consulting and educational work with the elderly and employees of social institutions engaged in professional activities directly related to the above category should be aimed at preventing cases of fraudulent activities. Consulting work with them should not only meet the general principles of building psychological contact, but also cause an understanding of the importance of compliance with security in the digital sphere. Elderly people develop the ability to assess correctly a specific information threat and prevent the negative impact of the information environment by providing adequate resistance to negative factors and contributing to improving their quality of life. It is increasingly difficult for older people to navigate threats, unmotivated anxiety increases, depressiveness appears and becomes fixed, and asocial personality traits are formed. At the present time, it is necessary to consider the formation of information and computer literacy as a mechanism to counteract the negative impact of the information environment and a necessary condition for developing an effective strategy for the social adaptation of elderly people.

Does Regulation Fair Disclosure Reduce the Information Quality of Managerial Guidance?

2012 ◽  
Vol 47 (2) ◽  
pp. 273-297 ◽  
Author(s):  
Anna Agapova ◽  
Jeff Madura ◽  
Zhanel Mailibayeva
Keyword(s):  
Information Quality ◽  
Regulation Fair Disclosure ◽  
Fair Disclosure

Information Asymmetry and the Bond Coupon Choice

2017 ◽  
Vol 93 (2) ◽  
pp. 37-59 ◽  
Author(s):  
Dan Amiram ◽  
Alon Kalay ◽  
Avner Kalay ◽  
N. Bugra Ozel
Keyword(s):  
Information Asymmetry ◽  
Regulation Fair Disclosure ◽  
Signaling Mechanism ◽  
Exogenous Shock ◽  
Analyst Coverage ◽  
Fair Disclosure ◽  
Efficient Contract ◽  
Prior Literature

ABSTRACT We examine the role of the coupon choice in bond contracts as a signaling mechanism in the presence of information asymmetry between borrowers and lenders about the credit quality of the borrower. Prior literature focuses on the use of maturity as a signaling mechanism. We conjecture that the coupon is a more effective signaling mechanism. We exploit the enactment of Regulation Fair Disclosure (RegFD) as an exogenous shock to the level of information asymmetry, and employ both bond- and equity market-based variables of information asymmetry to test our conjecture. We find that following the enactment of RegFD, the coupon rates of bonds issued by unrated firms increase relatively more than those of rated firms, consistent with the coupon choice addressing information asymmetry. We fail to find similar increases in maturity. Our inferences remain the same when using the probability of informed trade to measure relative changes in information asymmetry around the enactment of RegFD. We also draw similar conclusions utilizing exogenous drops in analyst coverage that result from brokerage house closures as an alternative quasi-natural experiment. Finally, we provide evidence that the coupon is used more extensively when issuance costs are higher, precisely when maturity is predicted to be a less efficient contract term with which to address information asymmetry. JEL Classifications: G10; G23; M21; M41.

scholarly journals Drug Adherence, in Liver Transplant, Patients: A Review

2021 ◽  
pp. 253-270
Author(s):  
Sajid Ali ◽  
Arslan Ahmer
Keyword(s):  
Quality Of Life ◽  
Liver Transplantation ◽  
Liver Transplant ◽  
Electronic Monitoring ◽  
Negative Impact ◽  
Medical Condition ◽  
Specific Information ◽  
Transplant Patients ◽  
Phone Calls

Transplantation of liver due to liver failure provides the chance to patient to live in pleasant environment and improve their health-related quality of life. The therapeutic objectives of liver transplant only be achieved if the patient becomes adherent to the therapy prescribed by the doctors such as Immunosuppressant drugs and life style as suggested. Endurance of the liver transplant patients in the starting five years after the liver transplant varies from 60-80%. The survival depends upon type of illness which leads to liver transplantation the causative agents including comorbidities, carelessness in liver damaging diseases and fails to manage self-life care. The major risk after transplantation, are the organ dysfunction and the graft failure. Therefore, the outcomes of transplant will not be achieved if the patient become non adherent to therapy on the other hand cost will also increased. Non adherence can be determined by interaction with patients to know the different factors that involves in non-adherence such as health care system of the patient, socio economic condition of the patient, availability of prescribed medicines, underlying disease and medical condition of the patient. Patient is said to be adherent if the patient taking 80-110% medicines according to prescription. In case of liver transplantation non adherence may vary from 2-67% and the annual average estimated as 35.6%, as a result graft rejection or failure in transplantation may occurs, cost of treatment may also increase and morbidity and mortality may also increase. There are different tools used to determine non adherence some of them are counting the number of tablets, self-reported questionnaire, reporting of common side effects of immunosuppressive drugs, determination of serum level of immunosuppressant drugs and electronic monitoring. Out of these methods the most common, easy and cost-effective method for assessing the non-adherence in medical practice is self-reporting. Self-reporting method is highly specific because the questionnaire used in this, contain specific questions it is also used with other tools to get the specific information of patient’s medication use behavior. Medication Adherence among Liver Transplant Recipients can be improved by application of reminder approaches such as Phone Calls, Mobile Application and/or Patient Counseling and medication non-adherence have negative impact on quality of life of patients.

Professional Investor Relations within the Firm

2014 ◽  
Vol 89 (4) ◽  
pp. 1421-1452 ◽  
Author(s):  
Marcus P. Kirk ◽  
James D. Vincent
Keyword(s):  
Control Sample ◽  
Data Availability ◽  
Regulatory Environment ◽  
Investor Relations ◽  
Regulation Fair Disclosure ◽  
Differential Impact ◽  
Analyst Following ◽  
Exogenous Shock ◽  
Fair Disclosure ◽  
Reg Fd

ABSTRACT: This paper investigates the effect of investments in internal investor relations (IR) departments on firm outcomes. We find that companies initiating internal professional IR experience increases in disclosure, analyst following, institutional investor ownership, liquidity, and market valuation relative to a matched sample of control firms. We also examine the differential impact the exogenous shock of Regulation Fair Disclosure (Reg FD) had on firms with an established professional IR department. We find these IR firms more than doubled their level of public disclosure post-Reg FD. Despite IR firms losing a potential communications channel following Reg FD adoption, we find they did not suffer adversely and instead show a post-Reg FD increase in analyst following, institutional investors, and liquidity relative to a control sample of similar non-IR firms. This implies that the effectiveness of professionalized internal IR increased post-Reg FD consistent with IR firms being relatively better positioned to navigate the more complicated regulatory environment. JEL Classifications: D82; M41; G11; G12; G14; G24 Data Availability: Data are publicly available from the sources identified in the paper with the exception of the membership data from the National Investor Relations Institute, which is a proprietary dataset.

Sign in / Sign up

Export Citation Format

Share Document