Tacit Collusion and Voluntary Disclosure: Theory and Evidence from the U.S. Automotive Industry

2020 ◽  
Author(s):  
Jeremy Bertomeu ◽  
John Harry Evans ◽  
Mei Feng ◽  
Ayung Tseng

We develop a model of voluntary disclosure and production decisions and use it to establish that firms will tacitly collude by disclosing when current market demand is low and when the decision horizon is long. Low demand helps sustain tacit collusion, because deviation from tacit collusion yields only a limited increase in profit when demand is low. Similarly, longer decision horizons give firms incentive to receive the benefits of collusion over a longer period. Using monthly production forecasts issued by the Big Three U.S. automobile manufacturers, we show that the frequency, horizon, and accuracy of the production forecasts increase when demand decreases and when the firms focus more on long-term profit. Collectively, the evidence suggests that firms use voluntary disclosures to tacitly collude. This paper was accepted by Brian Bushee, accounting.

2019 ◽  
pp. 637-650
Author(s):  
Andrew Boutros

In the course of doing business, company managers may discover that the company has violated the law, thereby exposing the company to potential civil or criminal liability. When this occurs, an inevitable question is whether the company should voluntarily disclose this information to the government. To be sure, the U.S. Department of Justice (DOJ) has strongly encouraged companies to self-report their misdeeds. However, disclosure is not without serious risks and potential consequences. Determining whether to self-report requires careful evaluation of multiple considerations. This chapter discusses in depth those considerations, and fully outlines both the benefits and risks of voluntary disclosure.


2021 ◽  
Vol 7 (3A) ◽  
pp. 616-633
Author(s):  
Tatiana N. Malofeeva ◽  
Elena J. Makushina ◽  
Vladimir Shestakov

In today's world, the disclosure of information by a firm affects its position in the financial markets. Enterprises contact investors utilizing reporting about certain events. For this purpose, both official financial reports and less regulated communication channels, such as the company's website on the Internet, personal meetings, or social networks, can be used. The relevance of this research result is primarily due to the increased attention of investors to voluntary disclosures rather than mandatory ones. By studying a sample of companies in the automotive industry from the United States and Europe, we found out that making positive and negative voluntary disclosures on the annual return on shares of these companies. The paper reports that this effect is significant: while it increases the shares' annual yield with positive disclosures and decreases with negative ones.


Shore & Beach ◽  
2020 ◽  
pp. 34-43
Author(s):  
Nicole Elko ◽  
Tiffany Roberts Briggs

In partnership with the U.S. Geological Survey Coastal and Marine Hazards and Resources Program (USGS CMHRP) and the U.S. Coastal Research Program (USCRP), the American Shore and Beach Preservation Association (ASBPA) has identified coastal stakeholders’ top coastal management challenges. Informed by two annual surveys, a multiple-choice online poll was conducted in 2019 to evaluate stakeholders’ most pressing problems and needs, including those they felt most ill-equipped to deal with in their day-to-day duties and which tools they most need to address these challenges. The survey also explored where users find technical information and what is missing. From these results, USGS CMHRP, USCRP, ASBPA, and other partners aim to identify research needs that will inform appropriate investments in useful science, tools, and resources to address today’s most pressing coastal challenges. The 15-question survey yielded 134 complete responses with an 80% completion rate from coastal stakeholders such as local community representatives and their industry consultants, state and federal agency representatives, and academics. Respondents from the East, Gulf, West, and Great Lakes coasts, as well as Alaska and Hawaii, were represented. Overall, the prioritized coastal management challenges identified by the survey were: Deteriorating ecosystems leading to reduced (environmental, recreational, economic, storm buffer) functionality, Increasing storminess due to climate change (i.e. more frequent and intense impacts), Coastal flooding, both Sea level rise and associated flooding (e.g. nuisance flooding, king tides), and Combined effects of rainfall and surge on urban flooding (i.e. episodic, short-term), Chronic beach erosion (i.e. high/increasing long-term erosion rates), and Coastal water quality, including harmful algal blooms (e.g. red tide, sargassum). A careful, systematic, and interdisciplinary approach should direct efforts to identify specific research needed to tackle these challenges. A notable shift in priorities from erosion to water-related challenges was recorded from respondents with organizations initially formed for beachfront management. In addition, affiliation-specific and regional responses varied, such as Floridians concern more with harmful algal blooms than any other human and ecosystem health related challenge. The most common need for additional coastal management tools and strategies related to adaptive coastal management to maintain community resilience and continuous storm barriers (dunes, structures), as the top long-term and extreme event needs, respectively. In response to questions about missing information that agencies can provide, respondents frequently mentioned up-to-date data on coastal systems and solutions to challenges as more important than additional tools.


1997 ◽  
Vol 24 (1) ◽  
pp. 117-141 ◽  
Author(s):  
T. A. LEE

This study represents part of a long-term research program to investigate the influence of U.K. accountants on the development of professional accountancy in other parts of the world. It examines the impact of a small group of Scottish chartered accountants who emigrated to the U.S. in the late 1800s and early 1900s. Set against a general theory of emigration, the study's main results reveal the significant involvement of this group in the founding and development of U.S. accountancy. The influence is predominantly with respect to public accountancy and its main institutional organizations. Several of the individuals achieved considerable eminence in U.S. public accountancy.


Ecosphere ◽  
2021 ◽  
Vol 12 (5) ◽  
Author(s):  
David M. Iwaniec ◽  
Michael Gooseff ◽  
Katharine N. Suding ◽  
David Samuel Johnson ◽  
Daniel C. Reed ◽  
...  

Author(s):  
Kathleen T. Unroe ◽  
Russell Evans ◽  
Lindsay Weaver ◽  
Dan Rusyniak ◽  
Justin Blackburn

2002 ◽  
Vol 28 (2-3) ◽  
pp. 179-213
Author(s):  
Maxwell J. Mehlman ◽  
Kirsten M. Rabe

Imagine a world in which parents can genetically enhance their child's height so that he becomes a professional basketball player. Or imagine a law school student preparing for the bar who takes out an extra loan to genetically enhance his intelligence. What if going to your physician for a routine physical included the option of genetically enhancing any trait you desired? And what if such a practice was expensive and, therefore, only available to the privileged members of society? Is this desirable or should the U.S. government ban genetic enhancement? What if the government bans it and citizens travel abroad to receive genetic enhancement treatments? Can the U.S. government do anything to prevent access to illegal genetic enhancement abroad?


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