scholarly journals Seeking Out Non-Public Information: Sell-Side Analysts and the Freedom of Information Act

2019 ◽  
Vol 95 (1) ◽  
pp. 233-257 ◽  
Author(s):  
April Klein ◽  
Tao Li ◽  
Bobo Zhang

ABSTRACTA number of sell-side healthcare analysts gain access to information outside the purview of management through Freedom of Information Act requests to the Food and Drug Administration for records on factory inspections, complaints, and drug and medical device applications. Using a difference-in-differences methodology, we find that buy (sell) recommendations and upgrades (downgrades) earn higher (lower) stock returns over the year following the receipt of FDA records. We also examine the type of information revealed in FDA factory inspection reports, and find that analysts are less likely to downgrade and are less pessimistic in their recommendations than the consensus recommendation when the information contained in the FDA report is not particularly severe. Our findings are consistent with a subset of analysts utilizing non-public information channels independent of management to gain value-relevant information about their covered firms.

2019 ◽  
Vol 63 (3) ◽  
pp. 435-461
Author(s):  
Uchechukwu Nwoke

AbstractInformation is essential for the functioning of modern societies. Access to information denotes the right of citizens to obtain information regarding how they are governed. In 2011, Nigeria enacted the Freedom of Information Act, to ensure openness and transparency in public governance. This article evaluates the extent to which the legislation has strengthened the right of access to information in Nigeria. Through analysis of the provisions of the act and some decided cases, the article argues that challenges, both in the act's provisions and in its enforcement by the courts, have resulted in a “blunted” law that lacks the capacity to satisfy the people's expectations on the right of access to public information. Drawing on the experience of other jurisdictions where similar laws are operative (notably South Africa and India), the article suggests ways through which the implementation of the act could be made more effective.


Author(s):  
Kevin M. Baron

Executive privilege (EP) as a political tool has created a grey area of constitutional power between the legislative and executive branches. By focusing on the post-WWII political usage of executive privilege, this research utilizes a social learning perspective to examine the power dynamics between Congress and the president when it comes to government secrecy and public information. Social learning provides the framework to understand how the Cold War's creation of the modern American security state led to a paradigm shift in the executive branch. This shift altered the politics of the presidency and impacted relations with Congress through extensive use of EP and denial of congressional requests for information. When viewed through a social learning lens, the institutional politics surrounding the development of the Freedom of Information Act is intricately entwined with EP as a political power struggle of action-reaction between the executive and legislative branches. Using extensive archival research, this historical analysis examines the politics surrounding the modern use of executive privilege from Truman through Nixon as an action-reaction of checks on power from the president and Congress, where each learns and responds based on the others previous actions. The use of executive privilege led to the Freedom of Information Act showing how policy can serve as a congressional check on executive power, and how the politics surrounding this issue influence contemporary politics.


Author(s):  
Laura L. Stein ◽  
Lindita Camaj

Freedom of information (FOI; also known as right to information and access to information) laws around the world establish rights and procedures around access to public information. Normative assumptions examine what’s behind FOI legislation, including rationales stemming from human and political rights frameworks, participatory democratic theory, and transparency and accountability initiatives. Although the freedom of information concept first arose as part of 18th-century enlightenment thinking, recent FOI law took shape in the mid-20th century, influenced by post–World War II human rights treaties, incentives provided by transnational organizations and funders, and individual country support for access to government information. Today, the majority of the world’s countries have FOI laws, most of which were adopted after 1990. FOI laws commonly address who can request information, who must provide information, what information is accessible, what information must be proactively disclosed, and what information is exempted from the law. FOI laws also establish procedural rules around information requests, including mandated response times for requests, appeals processes for denied requests, penalties for improperly withholding information, processes fees, and government reports on the law’s usage. Only a small percentage of people make FOI requests in most nations. Although it varies from country to country, requests from specific groups, including private individuals, commercial businesses, journalists, and nongovernmental organizations, often predominate. FOI requests may be political, professional, or personal in nature, although many FOI laws prohibit governments from asking about or evaluating the reasons for an information request. The ability of FOI laws to provide effective access to information depends on several factors. These include how the laws are written, public awareness of FOI, the cooperation and compliance of government agencies and institutions, and broader political and social conditions affecting FOI implementation and use. Scholars have measured the effects of FOI laws in both quantitative and qualitative terms. While quantitative data yield a picture of who uses FOI laws and how frequently, qualitative and anecdotal data provide ample evidence that such laws have had a positive impact on individuals’ abilities to obtain and use public information. Finally, FOI laws are necessary, but not sufficient, mechanisms for producing more accountable governments. They are unlikely to accomplish government reform on their own, but they can help expose and reform democratic deficits and push governments toward broader democratic reforms.


2020 ◽  
Vol 64 (11) ◽  
pp. 1670-1678
Author(s):  
Michael Schudson

“Transparency” has become a widely recognized, even taken for granted, value in contemporary democracies, but this has been true only since the 1970s. For all of the obvious virtues of transparency for democracy, they have not always been recognized or they have been recognized, as in the U.S. Freedom of Information Act of 1966, with significant qualifications. This essay catalogs important shortcomings of transparency for democracy, as when it clashes with national security, personal privacy, and the importance of maintaining the capacity of government officials to talk frankly with one another without fear that half-formulated ideas, thoughts, and proposals will become public. And when government information becomes public, that does not make it equally available to all—publicity is not in itself democratic, as public information (as in open legislative committee hearings) is more readily accessed by empowered groups with lobbyists able to attend and monitor the provision of the information. Transparency is an element in democratic government, but it is by no means a perfect emblem of democracy.


Author(s):  
G. Bhojaraju ◽  
Sarah Buck

Portals are becoming more and more ubiquitous on the Internet and that is why their architecture is a topic of concern among domain stakeholders. In order to ensure a solid architecture in portal design, ontologies must be considered as a necessary agent of design. An ontology provides a classification system for all the data and metadata in a domain. Ontologies supply metadata in order to bring about a streamlined delivery of information to users. While portals exist in order to assist users gain access to information, ontologies enhance portals by providing access to relevant information.


Legal Studies ◽  
2011 ◽  
Vol 31 (1) ◽  
pp. 42-70 ◽  
Author(s):  
Mary Donnelly ◽  
Maeve McDonagh

In England and Wales, the question of access to information about deceased persons is determined under two separate statutes: the Access to Health Records Act 1990 and the Freedom of Information Act 2000. This paper examines the normative and legal issues raised by access to information about the dead and evaluates the statutory framework. It draws on philosophical and legal sources which support the claim that the dead are owed a moral and legal duty of confidence. However, it also shows that this is not an absolute duty and it identifies the public and private justifications which favour the provision of access to information about the dead. It argues that the current statutory framework is excessively restrictive and that it fails to provide an appropriate context within which interests favouring access may be considered. Accordingly, it argues that the law needs to be reformed and that a specific legislative framework dealing with access to information about the dead should be introduced. The paper concludes by setting out some preliminary suggestions regarding the possible form of such a legislative framework.


IFLA Journal ◽  
2012 ◽  
Vol 38 (2) ◽  
pp. 175-186 ◽  
Author(s):  
Cletus D. Kuunifaa

Access to information and transparency are considered a vaccine for ensuring good governance and countries must gear up for this vaccine to ensure accountability and prevent corruption. This paper probes the anticipated implementation challenges of the freedom-of-information (FOI) law in Jamaica, and the lessons Ghana stands to learn to improve on its FOI bill, currently at a deliberative stage. The lack of transparency in government or the public sector as a result of lack of access to governmental or public information will be tackled in this study. After describing the background, context, framework and methodology of the study, the paper presents findings, makes a comparative analysis, and provides recommendations especially for Ghana, which is still in the process of passing similar legislation.


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