Who Is Afraid of Reg FD? The Behavior and Performance of Sell‐Side Analysts Following the SEC’s Fair Disclosure Rules*

2006 ◽  
Vol 79 (6) ◽  
pp. 2811-2834 ◽  
Author(s):  
Anup Agrawal ◽  
Sahiba Chadha ◽  
Mark A. Chen
Keyword(s):  
Fair Disclosure ◽  
Disclosure Rules ◽  
And Performance ◽  
Reg Fd

The Differential Informativeness of Positive and Negative Stock Returns

2020 ◽  
pp. 0148558X2093423
Author(s):  
Eli Amir ◽  
Shai Levi ◽  
Roy Zuckerman
Keyword(s):  
Stock Returns ◽  
Information Leakage ◽  
Negative Information ◽  
Accounting Conservatism ◽  
Regulation Fair Disclosure ◽  
Positive Information ◽  
Share Prices ◽  
Fair Disclosure ◽  
Reg Fd

We show negative stock returns reverse more and contain less information on the long-term changes in share prices than positive stock returns mostly on nondisclosure days, and these information differences between negative and positive returns decrease substantially on disclosure days. The results suggest investors are more likely to acquire positive information on nondisclosure days and to obtain both negative and positive information on disclosure days. Accounting conservatism and litigation exposure compels managers to reveal their negative information in disclosures, and if managers withhold negative information, they do it when investors are less likely to find the information on nondisclosure days. Moreover, we use the exogenous imposition of Regulation Fair Disclosure (Reg. FD) to demonstrate that positive information leakage from firms during the quarter is driving the positive slant in investors’ information. Taken together, our results suggest that disclosure plays an important role in the differential informativeness and reversals of positive and negative returns.

scholarly journals Fair Disclosure of Inside Information by Listed Companies: A comparative study between the UK and Kuwait

2019 ◽  
Vol 1 (1) ◽  
pp. 13-23
Author(s):  
Abdullah R A S Alshebli
Keyword(s):  
Regulatory Authority ◽  
Equal Opportunity ◽  
Listed Companies ◽  
Developed Countries ◽  
Securities Market ◽  
Individual Investors ◽  
Inside Information ◽  
Fair Disclosure ◽  
Disclosure Rules ◽  
The Uk

In Kuwait, the Capital Markets Act 2010 (the Act) gives the regulatory authority the power to pass disclosure rules. However, the Act does not mention how to improve such disclosure rules. Therefore, this article will be discussed the aspect of protecting individual investors, which involves ensuring fair disclosure by listed companies, because informed investors are protected investors. This article will discuss the idea of having fair disclosure to protect investors to ensure that all investors have equal opportunity to access and know about inside information in an appropriate time and manner. This article also will be examined the existing disclosure rules that apply to equity shares in Kuwait as compared to the UK’s disclosure regimes as examples of developed countries.   Keywords: Disclosure rules, Inside Information, Kuwait securities market.  

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.

International Diversification and Forecast Optimism: The Effects of Reg FD

2008 ◽  
Vol 22 (2) ◽  
pp. 179-197 ◽  
Author(s):  
Donald R. Herrmann ◽  
Ole-Kristian Hope ◽  
Wayne B. Thomas
Keyword(s):  
Multinational Firms ◽  
Forecast Accuracy ◽  
International Diversification ◽  
Analyst Forecast ◽  
Full Sample ◽  
Forecast Bias ◽  
Fair Disclosure ◽  
Foreign Operations ◽  
Diversified Firms ◽  
Reg Fd

SYNOPSIS: Research shows that analysts following companies with a higher portion of foreign operations provide more optimistic forecasts, presumably to maintain favorable relations with management and thereby obtain improved access to information. We examine the effect of the introduction of Regulation Fair Disclosure (Reg FD) on analyst forecast bias for internationally diversified firms. We hypothesize that analysts’ incentives to issue optimistic forecasts for such firms should be reduced in the post-Reg FD era, because Reg FD prohibits firms from selectively disclosing management information to analysts. First, we demonstrate that average forecast bias decreases for our full sample of multinational firms. Second, we show that the positive relation between forecast optimism and international diversification significantly declines (and even disappears) in the post-Reg FD period. Reg FD appears to have been successful in reducing analysts’ optimistic bias and in reducing the effect of forecasting complexity on forecast bias for our sample of multinational firms. In a sensitivity test, we also find that the relation between international operations and forecast accuracy improves in the post-Reg FD period.

Transmission Scanning Electron Microscopy and Energy Analysis with the Siemens ELMISKOP 101

1972 ◽  
Vol 30 ◽  
pp. 450-451
Author(s):  
H. M. Thieringer
Keyword(s):  
Objective Lens ◽  
Transmission Microscopy ◽  
Image Recording ◽  
Mode Of Operation ◽  
Scanning Transmission ◽  
Electron Microscopes ◽  
And Performance ◽  
Convergent Beam ◽  
Ray Path ◽  
Beam Diffraction

It has repeatedly been show that with conventional electron microscopes very fine electron probes can be produced, therefore allowing various micro-techniques such as micro recording, X-ray microanalysis and convergent beam diffraction. In this paper the function and performance of an SIEMENS ELMISKOP 101 used as a scanning transmission microscope (STEM) is described. This mode of operation has some advantages over the conventional transmission microscopy (CTEM) especially for the observation of thick specimen, in spite of somewhat longer image recording times.Fig.1 shows schematically the ray path and the additional electronics of an ELMISKOP 101 working as a STEM. With a point-cathode, and using condensor I and the objective lens as a demagnifying system, an electron probe with a half-width ob about 25 Å and a typical current of 5.10-11 amp at 100 kV can be obtained in the back focal plane of the objective lens.

Angular Resolved Electron Spectroscopy with Parallel Recording

1990 ◽  
Vol 48 (2) ◽  
pp. 370-371
Author(s):  
Huang Min ◽  
P.S. Flora ◽  
C.J. Harland ◽  
J.A. Venables
Keyword(s):  
Electron Spectroscopy ◽  
Low Voltage ◽  
Solid Angle ◽  
Detection System ◽  
Voltage Electron ◽  
Cylindrical Mirror ◽  
Inner Radius ◽  
Channel Plate ◽  
And Performance ◽  
Type Detector

A cylindrical mirror analyser (CMA) has been built with a parallel recording detection system. It is being used for angular resolved electron spectroscopy (ARES) within a SEM. The CMA has been optimised for imaging applications; the inner cylinder contains a magnetically focused and scanned, 30kV, SEM electron-optical column. The CMA has a large inner radius (50.8mm) and a large collection solid angle (Ω > 1sterad). An energy resolution (ΔE/E) of 1-2% has been achieved. The design and performance of the combination SEM/CMA instrument has been described previously and the CMA and detector system has been used for low voltage electron spectroscopy. Here we discuss the use of the CMA for ARES and present some preliminary results.The CMA has been designed for an axis-to-ring focus and uses an annular type detector. This detector consists of a channel-plate/YAG/mirror assembly which is optically coupled to either a photomultiplier for spectroscopy or a TV camera for parallel detection.

Novel epoxy/anhydride alternatives for biological electron microscopy: Physical and performance characteristis of embed 812 and LX 112 in combination with NSA/NMA/DMAE

1989 ◽  
Vol 47 ◽  
pp. 1000-1001
Author(s):  
Joe A. Mascorro ◽  
Gerald S. Kirby
Keyword(s):  
Electron Microscopy ◽  
Flow Rate ◽  
Succinic Anhydride ◽  
Volume Flow Rate ◽  
Mass Density ◽  
Uranyl Acetate ◽  
Volume Flow ◽  
Base Resin ◽  
And Performance ◽  
Acid Anhydrides

Embedding media based upon an epoxy resin of choice and the acid anhydrides dodecenyl succinic anhydride (DDSA), nadic methyl anhydride (NMA), and catalyzed by the tertiary amine 2,4,6-Tri(dimethylaminomethyl) phenol (DMP-30) are widely used in biological electron microscopy. These media possess a viscosity character that can impair tissue infiltration, particularly if original Epon 812 is utilized as the base resin. Other resins that are considerably less viscous than Epon 812 now are available as replacements. Likewise, nonenyl succinic anhydride (NSA) and dimethylaminoethanol (DMAE) are more fluid than their counterparts DDSA and DMP- 30 commonly used in earlier formulations. This work utilizes novel epoxy and anhydride combinations in order to produce embedding media with desirable flow rate and viscosity parameters that, in turn, would allow the medium to optimally infiltrate tissues. Specifically, embeding media based on EmBed 812 or LX 112 with NSA (in place of DDSA) and DMAE (replacing DMP-30), with NMA remaining constant, are formulated and offered as alternatives for routine biological work.Individual epoxy resins (Table I) or complete embedding media (Tables II-III) were tested for flow rate and viscosity. The novel media were further examined for their ability to infilftrate tissues, polymerize, sectioning and staining character, as well as strength and stability to the electron beam and column vacuum. For physical comparisons, a volume (9 ml) of either resin or media was aspirated into a capillary viscocimeter oriented vertically. The material was then allowed to flow out freely under the influence of gravity and the flow time necessary for the volume to exit was recored (Col B,C; Tables). In addition, the volume flow rate (ml flowing/second; Col D, Tables) was measured. Viscosity (n) could then be determined by using the Hagen-Poiseville relation for laminar flow, n = c.p/Q, where c = a geometric constant from an instrument calibration with water, p = mass density, and Q = volume flow rate. Mass weight and density of the materials were determined as well (Col F,G; Tables). Infiltration schedules utilized were short (1/2 hr 1:1, 3 hrs full resin), intermediate (1/2 hr 1:1, 6 hrs full resin) , or long (1/2 hr 1:1, 6 hrs full resin) in total time. Polymerization schedules ranging from 15 hrs (overnight) through 24, 36, or 48 hrs were tested. Sections demonstrating gold interference colors were collected on unsupported 200- 300 mesh grids and stained sequentially with uranyl acetate and lead citrate.

Trace nanoanalysis

1994 ◽  
Vol 52 ◽  
pp. 940-941
Author(s):  
D. E. Newbury ◽  
R. D. Leapman
Keyword(s):  
High Performance ◽  
Secondary Ion Mass Spectrometry ◽  
Detection Efficiency ◽  
Volume Element ◽  
And Performance ◽  
Trace Constituents ◽  
Secondary Ion ◽  
Concentration Levels ◽  
Structure Properties

Trace constituents, which can be very loosely defined as those present at concentration levels below 1 percent, often exert influence on structure, properties, and performance far greater than what might be estimated from their proportion alone. Defining the role of trace constituents in the microstructure, or indeed even determining their location, makes great demands on the available array of microanalytical tools. These demands become increasingly more challenging as the dimensions of the volume element to be probed become smaller. For example, a cubic volume element of silicon with an edge dimension of 1 micrometer contains approximately 5×1010 atoms. High performance secondary ion mass spectrometry (SIMS) can be used to measure trace constituents to levels of hundreds of parts per billion from such a volume element (e. g., detection of at least 100 atoms to give 10% reproducibility with an overall detection efficiency of 1%, considering ionization, transmission, and counting).

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