Measuring interest group agendas in regulatory proposals: a method and the case of US education policy

We introduce a new way to measure interest group agendas and demonstrate an approach to extending the CAP topic coding scheme to policy domains at lower levels of analysis. We use public comments on regulatory proposals in US education policy to examine the topics contained in policy arguments. We map the education policy space using a data set of 493 comments and 5315 hand-coded comment paragraphs. A unique measurement model accounts for group and topic diversity and allows us to validate our approach. The findings have implications for measuring topic agendas in lower-level policy domains and understanding group coalitions and competition in education policy. We contribute to text-as-data approaches tracing policy change in the study of public policy. The findings suggest the relationship between issue attention observed by scholars and larger policy reform movements.

Non-GAAP Financial Measures: Evidence From Canada

This paper investigates non-GAAP financial measures voluntarily reported by Canadian companies listed on Toronto stock exchange (TSX) and Toronto Ventures Exchange (TSXV) for the year 2017. Non-GAAP measures are those that do not adhere to the requirements of generally accepted accounting principles (GAAP) and are used to communicate those aspects of firms’ operations which the firms see as relevant for the users of financial statements. This study is an exploratory research which describes current firm practices in reporting non-GAAP financial measures among three industry groups, namely Real Estate, Blockchain/Cryptocurrency and Cannabis firms. This paper also assesses the quality of non-GAAP financial disclosures in accordance with the regulatory guidance. The study is motivated by recent regulatory proposals issued by the Canadian Securities Administrators (CSA), under the National Instrument NI 52-112 and by the Accounting Standards Board (AcSB) pertaining to reporting non-GAAP performance measures. The main contribution of this study is a detailed content analysis of a sample of Canadian firms. My analysis of hand collected data from the Management Discussion and Analysis (MD&A) indicates a plethora of reported “non-GAAP financial measures” disclosed by companies. The analysis also indicates that firms are falling short on parameters such as understandability, comparability, standardization, consistency and persistence of non-GAAP financial measures which are essential under the existing guidelines, and that regulation of non-GAAP financial measures would be beneficial. The study’s findings may be relevant to regulators for formulating guidance on reporting non-GAAP measures and identifies areas of potential future studies in the area of non-GAAP financial measures. Keywords: Non-GAAP financial measures, Non-GAAP earnings, Pro forma earnings, Non-IFRS measures, Street earnings, Core earnings, Adjusted earnings and NI 52-112.

Non-GAAP Financial Measures: Evidence From Canada

This paper investigates non-GAAP financial measures voluntarily reported by Canadian companies listed on Toronto stock exchange (TSX) and Toronto Ventures Exchange (TSXV) for the year 2017. Non-GAAP measures are those that do not adhere to the requirements of generally accepted accounting principles (GAAP) and are used to communicate those aspects of firms’ operations which the firms see as relevant for the users of financial statements. This study is an exploratory research which describes current firm practices in reporting non-GAAP financial measures among three industry groups, namely Real Estate, Blockchain/Cryptocurrency and Cannabis firms. This paper also assesses the quality of non-GAAP financial disclosures in accordance with the regulatory guidance. The study is motivated by recent regulatory proposals issued by the Canadian Securities Administrators (CSA), under the National Instrument NI 52-112 and by the Accounting Standards Board (AcSB) pertaining to reporting non-GAAP performance measures. The main contribution of this study is a detailed content analysis of a sample of Canadian firms. My analysis of hand collected data from the Management Discussion and Analysis (MD&A) indicates a plethora of reported “non-GAAP financial measures” disclosed by companies. The analysis also indicates that firms are falling short on parameters such as understandability, comparability, standardization, consistency and persistence of non-GAAP financial measures which are essential under the existing guidelines, and that regulation of non-GAAP financial measures would be beneficial. The study’s findings may be relevant to regulators for formulating guidance on reporting non-GAAP measures and identifies areas of potential future studies in the area of non-GAAP financial measures. Keywords: Non-GAAP financial measures, Non-GAAP earnings, Pro forma earnings, Non-IFRS measures, Street earnings, Core earnings, Adjusted earnings and NI 52-112.

CONSULTATION ON THE WHITE PAPER ON ARTIFICIAL INTELLIGENCE - A EUROPEAN APPROACH

SUMMARY From 19 February to 14 June 2020, the European Commission held a Public Consultation on several policy and regulatory proposals that are currently being considered in the area of Artificial Intelligence (AI). This consultation was centered on two main documents presented by the Commission: the White Paper on Artificial Intelligence[1] and the “Report on the safety and liability implications of Artificial Intelligence, the Internet of Things and robotics”[2]. The consultation also included an online survey[3], where the central themes of those two documents were covered in a summarized way. In November 2020, the results of the consultation were presented, as well as the texts accepted for publication[4]. In order to participate in this pre-legislative process, a working group was created within the Faculty of Law and Political Science of the Lusófona University of Porto, which presented a contribution that was accepted and published by the European Commission[5]. The White Paper is centred in one powerful objective which is “to enable a trustworthy and secure development of AI in Europe, in full respect of the values and rights of EU citizens”, and for that presents two central ideas considered essential to attain it that are to create an ecosystem of excellence along the entire value chain and an ecosystem of trust that ensure compliance with EU rules, including rules protecting fundamental rights and consumers’ rights. The text that follows is divided in two main parts: Part I is focused on presenting an overview on the three main topics pointed out at the consultation: Excellence, Trust and Liability; Part II corresponds to text of the contribution submitted in the Public Consultation held by the European Commission. Keywords: Artificial Intelligence; Liability; Cybercrime; Ethics; Competition

Online content governance: Towards a framework for analysis for prominence and discoverability

In an internet-connected era, prominence and discoverability propose new challenges for content providers, as search and discovery functions become essential to access content online. However, general definitional confusion on these notions has contributed to a lack of understanding of what discoverability means for the online audio-visual media industry, which in turn leads to a lack of clarity over the scope, values and intentions of related regulatory proposals. This article criticizes these policy approaches and proposes a fine-tuned understanding of content discoverability that is suited to our contemporary media system and informs media and communication policy debates in this area. By contextualizing it in an industry-led governance system with opaque content-curation strategies, I apply a new analytical lens to discoverability that shows its implications for three media policy issues: namely organizations’ decisional transparency, users’ diversity of exposure and the fostering of a plurality of media independent from undue power and influence.

How Are Banks Doing on Sustainable Finance?

In recent years, the banking sector has started to prioritize sustainable development, recognizing the growing benefits of sustainable investment. However, they e ncounter many obstacles on the road, among others, the time horizon, waiting for regulatory proposals, and a lack of understanding of the potential effects of climate change. To strengthen its sustainability policy, the ESMA decided to harmonize transparency rules that should have a significant impact on the entire banking sector. The purpose of the article is to organize basic definitions related to the sustainable development policy, to show the role of finance in the whole process, to present important changes in the regulation, and to approximate current changes in the field of sustainable development in the banking sector.

Kidney Procurement System in Colombia: A System Dynamics Approach

Objective: This paper presents an analysis of two regulatory proposals in response to the growing demand for kidney transplants in Colombia. The results can be useful in evaluating these possible policy interventions once they have been implemented. Methods: The proposed model uses System Dynamics as a tool to understand the behavior of this complex social system if two intervention projects are executed. The first is a bill of law seeking to expand the legal presumption of organ donation. The second one is to implement a Kidney Exchange Program. The analysis is made in two parts. Firstly, a causal loop diagram is proposed. Secondly, the simulation of the system using a stock and flow diagram is analyzed. Results: Results show that the projects can balance the system and encourage donations. Conclusion: The implementation of a KEP is recommended since it achieves stability of the system earlier than the amendment to the law, with a reduction in the waiting list size.

Back to the Future: The Uses of Television in the Digital Age

This article considers some of the present-day issues, challenges and possibilities facing television broadcasting via a critical examination of the recently published Goldsmiths report on the future of public service television in the twenty-first century. Focusing mainly on UK terrestrial broadcasters (BBC, ITV, Channel 4 and Channel 5), the article summarises and expands on the report's key findings and recommendations, particularly in relation to questions concerning digitalisation, content, diversity, quality, marketisation, funding and national and regional heritage. The article argues that, despite the rise of the Internet and the proliferation of digital platforms, television viewing remains a common source of information and entertainment and is characterised by meaningful continuities. Additionally, the article outlines the vitally important role played by David Puttnam, chair of the Goldsmiths inquiry, in defending public service television through his active engagement with relevant parliamentary committees and as a widely respected media professional. Finally, the article reflects on the continuing relevance of the 1962 Pilkington Report on Broadcasting, which was similarly commissioned in order to evaluate the purposes of television. In so doing, the article suggests that Pilkington's criticisms of creeping commercialism and the ensuing regulatory proposals still represent a cogent engagement with the idea of public service broadcasting as a primary facilitator of deliberative democracy.