Does Stricter Disclosure Regulation of Private Meetings Improve the Information Environment?

2020 ◽  
Author(s):  
Robert M. Bowen ◽  
Shantanu Dutta ◽  
Songlian Tang ◽  
Pengcheng Zhu
Keyword(s):  
Information Environment ◽  
Disclosure Regulation

Does the Firm Information Environment Influence Financing Decisions? A Test Using Disclosure Regulation

2016 ◽  
Vol 62 (2) ◽  
pp. 456-478 ◽  
Author(s):  
Susan Albring ◽  
Monica Banyi ◽  
Dan Dhaliwal ◽  
Raynolde Pereira
Keyword(s):  
Information Environment ◽  
Disclosure Regulation ◽  
Financing Decisions ◽  
Environment Influence

Private Earnings Guidance and Its Implications for Disclosure Regulation

2007 ◽  
Vol 82 (5) ◽  
pp. 1299-1332 ◽  
Author(s):  
Isabel Yanyan Wang
Keyword(s):  
Information Environment ◽  
Economic Consequences ◽  
Information Costs ◽  
Earnings Guidance ◽  
Regulation Fair Disclosure ◽  
Significant Deterioration ◽  
Disclosure Regulation ◽  
Exogenous Shock ◽  
Proprietary Information ◽  
Fair Disclosure

This study investigates three related questions: (1) Why did some firms provide private earnings guidance to analysts before Regulation Fair Disclosure? (2) How did the exogenous shock of Regulation Fair Disclosure affect these firms' disclosure policies? (3) What are the economic consequences of this disclosure regulation? To address these questions, I develop a new measure of private earnings guidance. Consistent with theory, I find that firms were more likely to provide private earnings guidance if they had higher proprietary information costs, and if their earnings were more predictive of other firms' earnings. Policymakers enacted Regulation Fair Disclosure to stop private earnings guidance, but they also intended for managers to replace private earnings guidance with public earnings guidance, thereby improving the information environment. However, I find that roughly half of the firms that I classify as relying more on private earnings guidance replace private earnings guidance with non-disclosure instead of public earnings guidance, and as a result, these firms suffer significant deterioration in their information environments. Consistent with theory, firms are more likely to replace private earnings guidance with nondisclosure if they have lower information asymmetry and higher proprietary information costs. On the other hand, firms that replace private earnings guidance with public earnings guidance, on average, prevent significant deterioration in their information environments. Evidence that firms respond to disclosure regulation as predicted by theory can help policymakers anticipate which firms' information environments are likely to be adversely affected by new disclosure regulations.

When you talk, I remain silent: Spillover effects of peers' mandatory disclosures on firms' voluntary disclosures

2021 ◽  
Author(s):  
Matthias Breuer ◽  
Katharina Hombach ◽  
Maximilian A. Müller
Keyword(s):  
Spillover Effects ◽  
Information Environment ◽  
Voluntary Disclosures ◽  
Disclosure Regulation ◽  
Information Spillovers ◽  
Regulated Firms ◽  
Regulatory Information ◽  
Crowd Out

We predict and find that regulated firms' mandatory disclosures crowd out unregulated firms' voluntary disclosures. Consistent with information spillovers from regulated to unregulated firms, we document that unregulated firms reduce their own disclosures in the presence of regulated firms' disclosures. We further find that unregulated firms reduce their disclosures more the greater the strength of the regulatory information spillovers. Our findings suggest that a substitutive relationship between regulated and unregulated firms' disclosures attenuates the effect of disclosure regulation on the market-wide information environment.

Application Of BIM-Technology In The Restoration Of Buildings

2020 ◽  
pp. 42-48
Keyword(s):  
Chinese Communist Party ◽  
Laser Scanning ◽  
High Accuracy ◽  
Information Environment ◽  
Information Modeling ◽  
Structural Scheme ◽  
Traditional Design ◽  
Information Interaction ◽  
Heritage Buildings ◽  
Effective Organization

The paper describes the main trends in the development of BIM technologies in the field of restoration and reconstruction of historical and cultural heritage buildings. The practical part of the paper presents the experience in using information modeling technologies when restoring the building, where the VI Congress of the Chinese Communist Party in Moscow took place. The use of laser scanning technologies made it possible to reproduce with high accuracy in the information model the original appearance of the building using Autodesk RevitR software. It is shown, how the use of information modeling technologies affects the duration of restoration process, taking into account the calculation of the structural scheme and bearing structures of the building, ensuring the identity of the decoration and the effective organization of electromechanical installation. Operating in a single BIM information environment makes it possible to continuously obtain reliable information on the project, which provides more effective information interaction and communication of participants compared to using traditional design methods.

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