Global warming imposes significant physical, regulatory and reputational risks to listed corporations. Consequently, climate-related issues have recently received increased attention from investors, creditors and stock market regulators. In February 2010, The United States (US) Securities and Exchange Commission (SEC) issued an interpretative guidance requiring publicly listed firms to disclose material climate change risks (CCR) in their annual securities filings (10Ks). However, considering the level of enforcement and managerial discretion in the definition of materiality, market participants raised concerns about the lack and quality of CCR disclosure. This research explores the effects of family control as an important determinant of CCR disclosure strategies. Family firms are the world’s most common form of economic organizations, dominating the global economy. The socioemotional wealth (SEW) theoretical perspective argues that family firms behave differently from their nonfamily counterparts and exhibit significant heterogeneity depending on the level of family control and involvement. Using a sample of S&P 500 companies, I examine whether family firms differ from their non-family peers in their climate change disclosure strategies. Additionally, I further explore the effects of two dimensions (i.e. family control and influence, family identity) of socioemotional wealth on CCR disclosures. Overall, I find that family ownership has no impact on CCR disclosure decisions, but is negatively related to CCR disclosure quality. Moreover, I find a positive relationship between family firms prioritizing family identity and CCR disclosure quality. The findings of this research have implications for regulators, investors, and academic researchers.

O disclosure tem papel fundamental no funcionamento do mercado de capitais, sendo essencial para a adequada avaliação das oportunidades de investimentos pelos agentes econômicos, na medida em que reduz a assimetria informacional. A literatura mostra que diversos fatores afetam as decisões sobre o nível de disclosure, e, considerando que no Brasil o principal conflito de agência ocorre entre acionistas controladores e minoritários, considera-se que características de governança corporativa seriam possivelmente um fator determinante das decisões de disclosure. A presente pesquisa teve por objetivo detectar se haveria relação significante entre disclosure e governança através de regressões pelo método dos Mínimos Quadrados Ordinário e pelo modelo Tobit para o ano de 2002, onde o nível de disclosure foi a variável dependente (foi criado um índice de disclosure especialmente para este estudo). Foram utilizadas cinco variáveis de governança, duas relacionadas à estrutura de propriedade, direito de controle (BLOC) e diferença entre o direito de controle e o direito sobre o fluxo de caixa do acionista controlador (DIF); e três relacionadas ao conselho de administração, número de membros (CONS), independência (INDEP) e presença do presidente da empresa ocupando o cargo de presidente do conselho (PRES). A relação entre disclosure e governança não é conhecida de antemão e assume-se que a mesma pode ser complementar ou substituta, buscando detectar se em um ambiente de fraco monitoramento dos gestores/controladores as empresas seriam motivadas a serem mais transparentes (a fim de compensar por um nível inadequado de governança), ou ao contrário (seriam menos transparentes por não possuírem incentivos em abrir informações). A variável DIF corroborou o efeito de substituição entre nível de disclosure e governança, enquanto que a significância da variável INDEP no teste Tobit confirmou o efeito de complementação entre estas duas variáveis, mostrando que o grau de independência do conselho é relevante para empresas que hoje não praticam disclosure voluntário passem a fazê-lo. As demais variáveis de governança, em geral, não apresentaram significância. Adicionalmente, foi selecionada uma amostra apenas de empresas que captaram recursos junto ao mercado de capitais e, em geral, os resultados foram semelhantes. Em relação às variáveis de controle, observou-se que empresas cujo controlador é de origem privada nacional, empresas maiores, com maior nível de endividamento, empresas mais bem avaliadas pelo mercado e com melhor desempenho tendem a mostrar maior nível de transparência. O presente trabalho procurou contribuir para a discussão sobre o tema dada a escassez de pesquisas acadêmicas relacionadas ao assunto no contexto brasileiro. A busca por uma estrutura ideal de disclosure, assim como a adequação a padrões de governança corporativa que protejam investidores da expropriação por parte de acionistas controladores visa, em última instância, contribuir para o desenvolvimento econômico e institucional do país.

金融危机中发达证券化市场出现的信息披露问题给新兴市场敲响了警钟。这些新兴市场意识到在引入证券化的有关结构性改革措施的同时，增加信息披露和市场透明度也十分重要。 / 首先，本文就金融危机中证券化所暴露的问题和危险进行分析。在证券化过程中存在的一系列结构和制度性问题中，有关基础资产质量和风险转移的信息披露和透明度不足。这个问题在金融危机中尤其突出，美国次贷市场中低质量的抵押贷款得以通过证券化将这些贷款的风险以一种复杂且不透明的方式散布到整个金融体系。 / 第二，本文首先回顾了信息披露在现代金融监管中的角色和作用。接着分析了证券化产品的信息披露的特殊性以及美国和欧盟采用的不同披露监管制度。次之，本文介绍了金融危机后各国就证券化信息披露制度的缺陷进行的改革措施。 / 第三，本文重点分析了中国证券化市场中的信息不对称问题，以及信息披露制度的严重缺陷。鉴于从金融危机中所获取的经验和教训，以及中国证券化市场的特点，本文通过对比分析来探讨一个健全的信息披露制度对新兴的中国证券化市场潜在的影响，以及该制度是否能支撑这个市场的健康和可持续发展。本研究最后提出具体建议来改进中国现有的证券化信息披露制度，这些建议将有助于减少证券化本身固有的风险。 / Disclosure failures exposed in mature securitization markets during the global financial crisis sent warnings to emerging markets. Those emerging markets learned that it is critical to improve disclosure and market transparency in addition to the introduction of broad structural reforms into the securitization process. / First, an investigation into the dangers associated with asset securitization shows a number of structural and institutional flaws in the securitization process. The lack of adequate disclosure and the poor level of transparency regarding asset quality and risk transfer were paramount. This became obvious during the 2007-09 financial crisis as the risks associated with low-quality residential mortgage loans in the United States were distributed along the securitization process to the entirety of the financial sector in a complex and relatively opaque way. / Second, I review of the role of disclosure in financial regulation. There will be an assessment of the special features of securitization-related disclosure regulation and the different disclosure regulatory systems adopted in the US and the EU. This will be followed by an introduction of post-crisis disclosure reform initiatives. / Thirdly, I will examine the poor level of market transparency and the lack of adequate disclosure requirements. This leads to an analysis of the consequent information asymmetry problems that are endemic to the Chinese securitization market. Based on lessons drawn from the financial crisis and the unique characteristics of the Chinese securitization market, I then explore from a comparative point of view the potential impact of a comprehensive and sound disclosure regime and examine whether it can support a sustainable and healthy development for the emerging Chinese securitization market. This study concludes with specific proposals that aim to promote the effectiveness of disclosure and transparency for the purpose of curtailing risks inherent in securitization in the Chinese Context. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Tan, Fugui. / "November 2012." / Thesis (Ph.D.)--Chinese University of Hong Kong, 2013. / Includes bibliographical references. / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese. / Abstract --- p.i / 摘要 --- p.iii / Acknowledgements --- p.iv / Table of Abbreviations --- p.v / List of Diagrams and Tables --- p.vii / Chapter Chapter 1 --- Introduction --- p.1 / Chapter 1.1 --- Rationale and Research Questions --- p.1 / Chapter 1.1.1 --- General --- p.1 / Chapter 1.1.2 --- Information Problems in Securitization Processes and Markets --- p.3 / Chapter 1.1.3 --- Disclosure and Securitization --- p.4 / Chapter 1.1.4 --- Securitization Disclosure Regulation in China --- p.5 / Chapter 1.1.5 --- Research Questions --- p.8 / Chapter 1.2 --- Organization --- p.9 / Chapter 1.3 --- Research Methodology --- p.10 / Chapter Chapter 2 --- Securitization and Its Evolution --- p.14 / Chapter 2.1 --- Introduction --- p.14 / Chapter 2.2 --- An Overview of Securitization --- p.14 / Chapter 2.2.1 --- General --- p.14 / Chapter 2.2.2 --- Definition and Transaction Structure --- p.14 / Chapter 2.2.3 --- Transaction Parties and Structural Issues --- p.16 / Chapter 2.2.3.1 --- General --- p.16 / Chapter 2.2.3.2 --- Originator / Sponsor --- p.18 / Chapter 2.2.3.3 --- The Issuing Entity - SPV --- p.20 / Chapter 2.2.3.4 --- Credit Rating Agencies --- p.22 / Chapter 2.2.3.5 --- Arranger / Underwriter --- p.23 / Chapter 2.2.3.6 --- Servicer --- p.24 / Chapter 2.2.3.7 --- Trustee --- p.25 / Chapter 2.2.3.8 --- Legal Counsel --- p.26 / Chapter 2.2.3.9 --- Structural Issues --- p.26 / Chapter 2.3 --- Main Legal Issues and Challenges --- p.31 / Chapter 2.3.1 --- General --- p.31 / Chapter 2.3.2 --- The Validity of the Asset Transfer --- p.32 / Chapter 2.3.2.1 --- True Sale --- p.32 / Chapter 2.3.2.2 --- Alternatives to True Sale --- p.35 / Chapter 2.3.2.3 --- Re-characterization --- p.39 / Chapter 2.3.3 --- Bankruptcy Remoteness --- p.40 / Chapter 2.3.3.1 --- Bankruptcy Remoteness of the SPV --- p.40 / Chapter 2.3.3.2 --- Risk of Substantive Consolidation --- p.41 / Chapter 2.4 --- Legal Documentation in the Securitization Process --- p.44 / Chapter 2.4.1 --- General --- p.44 / Chapter 2.4.2 --- Transfer Agreements --- p.44 / Chapter 2.4.3 --- Trust Deeds --- p.44 / Chapter 2.4.4 --- Servicing Agreements --- p.45 / Chapter 2.4.5 --- Offering Circulars and Prospectuses --- p.45 / Chapter 2.4.6 --- Other Documentation --- p.46 / Chapter 2.5 --- The Rationale of Securitization --- p.46 / Chapter 2.5.1 --- General --- p.46 / Chapter 2.5.2 --- Balance Sheet Considerations --- p.47 / Chapter 2.5.3 --- Cheaper Funding --- p.51 / Chapter 2.5.4 --- Matching Assets and Liabilities --- p.52 / Chapter 2.5.5 --- Obtaining A Varied Investor Base --- p.53 / Chapter 2.5.6 --- Risk Management --- p.53 / Chapter 2.5.7 --- Making Profits through Arbitrage --- p.54 / Chapter 2.6 --- The Evolution of Securitization --- p.54 / Chapter 2.6.1 --- General --- p.54 / Chapter 2.6.2 --- Securitization and Structured Finance --- p.55 / Chapter 2.6.3 --- The Variety of Asset Types and Securitized Products --- p.56 / Chapter 2.6.3.1 --- General --- p.56 / Chapter 2.6.3.2 --- MBSs --- p.57 / Chapter 2.6.3.3 --- ABSs --- p.57 / Chapter 2.6.3.4 --- CDOs --- p.58 / Chapter 2.6.4 --- Static and Dynamic Securitization Structures --- p.61 / Chapter 2.6.4.1 --- Static Structure --- p.61 / Chapter 2.6.4.2 --- Dynamic Structure --- p.61 / Chapter 2.6.5 --- International Diffusion of Securitization --- p.64 / Chapter 2.7 --- Conclusion --- p.68 / Chapter Chapter 3 --- Information Failures in Securitization: the Example of the 2007-09 Financial Crisis --- p.71 / Chapter 3.1 --- Introduction --- p.71 / Chapter 3.2 --- From the Subprime Mortgage Meltdown to the Financial Crisis --- p.73 / Chapter 3.3 --- Information Asymmetries in Mortgage Securitization Markets --- p.83 / Chapter 3.3.1 --- General --- p.83 / Chapter 3.3.2 --- Information Asymmetries at the Loan-Origination Level --- p.84 / Chapter 3.3.2.1 --- Originator’s Information Advantage --- p.84 / Chapter 3.3.2.2 --- Problems of the Originate-To-Distribute Model --- p.86 / Chapter 3.3.2.3 --- Moral Hazard in the Mortgage Markets --- p.91 / Chapter 3.3.2.4 --- The Failure of Preventive Mechanisms --- p.93 / Chapter 3.3.3 --- Information Asymmetries in the Securitization Process --- p.96 / Chapter 3.3.3.1 --- General --- p.96 / Chapter 3.3.3.2 --- Information Asymmetries between Securitizers and Investors --- p.97 / Chapter 3.3.3.3 --- Information Asymmetries between Servicers and Investors --- p.99 / Chapter 3.3.3.4 --- Limitations of US Disclosure Regulation --- p.101 / Chapter 3.3.4 --- Information Failures Caused by the Complexity of Securitized Products --- p.107 / Chapter 3.3.5 --- Information Failures in the Credit Rating Process --- p.111 / Chapter 3.3.5.1 --- General --- p.111 / Chapter 3.3.5.2 --- The Role of Credit Ratings in the Securitization Industry --- p.112 / Chapter 3.3.5.3 --- Information Failure in the Credit Rating Industry --- p.114 / Chapter 3.3.6 --- The Impacts of Insufficient Disclosure during the Financial Crisis --- p.119 / Chapter 3.4 --- Conclusion --- p.121 / Chapter Chapter 4 --- Disclosure and Securitization --- p.124 / Chapter 4.1 --- Introduction --- p.124 / Chapter 4.2 --- The Role of Disclosure in Financial Markets --- p.125 / Chapter 4.2.1 --- General --- p.125 / Chapter 4.2.2 --- Protection of Investors --- p.128 / Chapter 4.2.3 --- Promotion of Market Efficiency --- p.129 / Chapter 4.2.4 --- Reduction of Systemic Risk --- p.132 / Chapter 4.2.5 --- Disclosure Based Regulatory System versus Merit Based Regulatory System --- p.133 / Chapter 4.3 --- Securitization Disclosure Regulation --- p.136 / Chapter 4.3.1 --- The Characteristics of Securitization Disclosure Regulation --- p.136 / Chapter 4.3.1.1 --- General --- p.136 / Chapter 4.3.1.2 --- Assets versus the Issuing Entity --- p.136 / Chapter 4.3.1.3 --- Vertical versus Horizontal --- p.138 / Chapter 4.3.1.4 --- Mandatory versus Voluntary Disclosure --- p.139 / Chapter 4.3.2 --- US and EU Disclosure Requirements for Public Offerings of Asset-Backed Securities --- p.141 / Chapter 4.3.2.1 --- General --- p.141 / Chapter 4.3.2.2 --- US Asset-Backed Securities Disclosure --- p.142 / Chapter 4.3.2.3 --- EU Asset-Backed Securities Disclosure --- p.144 / Chapter 4.3.2.4 --- Information on Transaction Parties in US and EU ABS Prospectuses --- p.147 / Chapter 4.3.2.5 --- Information on Transaction Structures in US and EU ABS Prospectuses --- p.152 / Chapter 4.3.2.6 --- Information on the Underlying Assets in US and EU ABS Prospectuses --- p.154 / Chapter 4.3.3 --- Post-Issuance Disclosure: EU Post-Issuance Reporting and US Ongoing Reporting --- p.155 / Chapter 4.3.4 --- A Comparison between the EU and US Disclosure Regulations --- p.157 / Chapter 4.4 --- Policy Initiatives for the Improvement of Securitization Disclosure --- p.160 / Chapter 4.4.1 --- An Overview of Policy Initiatives --- p.160 / Chapter 4.4.2 --- Enhancing Disclosure on the Underlying Assets --- p.163 / Chapter 4.4.2.1 --- Asset-Level Information --- p.163 / Chapter 4.4.2.2 --- Enhancing Disclosure for the Due Diligence Efforts of the Issuer --- p.166 / Chapter 4.4.3 --- Enhancing Disclosure on Transaction Structures --- p.167 / Chapter 4.4.4 --- Efficient and Smart Disclosure --- p.168 / Chapter 4.4.5 --- Improved Disclosure on Credit Ratings --- p.170 / Chapter 4.4.6 --- Disclosure in Private Markets --- p.172 / Chapter 4.5 --- Interaction between Disclosure and Other Policy Initiatives --- p.173 / Chapter 4.5.1 --- General --- p.174 / Chapter 4.5.2 --- Reducing Conflict of Interests --- p.174 / Chapter 4.5.3 --- Product Standardization and Simplification --- p.177 / Chapter 4.5.4 --- Improving Credit Ratings --- p.178 / Chapter 4.5.5 --- The Interaction between Disclosure and other Policy Initiatives --- p.179 / Chapter 4.6 --- Conclusion --- p.180 / Chapter Chapter 5 --- Securitization Practices and Laws in China --- p.182 / Chapter 5.1 --- Introduction --- p.182 / Chapter 5.2 --- An Overview of the Economic Reforms in China --- p.183 / Chapter 5.2.1 --- Economic Reforms in China since 1978 --- p.183 / Chapter 5.2.2 --- SOE Reforms --- p.185 / Chapter 5.2.3 --- Banking Reforms --- p.190 / Chapter 5.2.4 --- The Development of Capital Markets --- p.195 / Chapter 5.3 --- The Introduction of Securitization in China --- p.201 / Chapter 5.3.1 --- General --- p.201 / Chapter 5.3.2 --- Stage I (1990s -2004): From Offshore Securitization Deals to Domestic Experiments --- p.202 / Chapter 5.3.2.1 --- General --- p.202 / Chapter 5.3.2.2 --- Offshore Securitization Deals --- p.202 / Chapter 5.3.2.3 --- Domestic Securitization Experiments - NPL Deals --- p.205 / Chapter 5.3.3 --- Stage II (2005- present): Pilot Securitization Programs in China --- p.207 / Chapter 5.3.3.1 --- The Emergence of the Interbank Securitization Market --- p.207 / Chapter 5.3.3.2 --- Securitization by Non-Financial Institutions: Special Asset Management Plan (SAMP) --- p.215 / Chapter 5.4 --- Legal Framework for Securitization in China --- p.220 / Chapter 5.4.1 --- General --- p.220 / Chapter 5.4.2 --- Stage I: (1990s -2004) --- p.221 / Chapter 5.4.2.1 --- Specific SPV Issues --- p.221 / Chapter 5.4.2.2 --- True Sale --- p.223 / Chapter 5.4.2.3 --- Transfer of Security Interests --- p.224 / Chapter 5.4.2.4 --- Tax and Accounting Issues --- p.227 / Chapter 5.4.3 --- Stage II: 2005 - Present --- p.228 / Chapter 5.4.3.1 --- The Legal Framework for the Interbank Securitization Market --- p.228 / Chapter 5.4.3.2 --- The Legal Framework for SAMPs --- p.249 / Chapter 5.5 --- Problems of A Sustainable Development of Securitization in China in Light of --- p.the / Chapter Global --- Financial Crisis --- p.254 / Chapter 5.5.1 --- General --- p.254 / Chapter 5.5.2 --- Insufficient Information Disclosure --- p.255 / Chapter 5.5.3 --- Overreliance on Rating Agencies --- p.257 / Chapter 5.5.4 --- Moral Hazard Problem --- p.259 / Chapter 5.6 --- Conclusion --- p.260 / Chapter Chapter 6 --- Sustainable Securitization Disclosure Regulation in China: Status, Problems, and Suggestions --- p.262 / Chapter 6.1 --- Introduction --- p.262 / Chapter 6.2 --- Disclosure Regulations in China’s Interbank Securitization Market --- p.264 / Chapter 6.2.1 --- General --- p.264 / Chapter 6.2.2 --- Parties Responsible for the Information Disclosure --- p.267 / Chapter 6.2.2.1 --- The Legal Framework --- p.267 / Chapter 6.2.2.2 --- Problems of the Legal Framework --- p.271 / Chapter 6.2.2.3 --- Suggestions --- p.272 / Chapter 6.2.3 --- Disclosure Requirements related to Prospectuses --- p.273 / Chapter 6.2.3.1 --- General --- p.273 / Chapter 6.2.3.2 --- Information on Transaction Parties --- p.275 / Chapter 6.2.3.3 --- Information on Transaction Structures and Asset-Backed Securities --- p.277 / Chapter 6.2.3.4 --- Information on the Underlying Assets --- p.281 / Chapter 6.2.4 --- Ongoing Reporting --- p.289 / Chapter 6.2.4.1 --- General --- p.289 / Chapter 6.2.4.2 --- The Legal Framework --- p.290 / Chapter 6.2.4.3 --- Problems of the Legal Framework --- p.291 / Chapter 6.2.4.4 --- Legal Practice and Problems --- p.292 / Chapter 6.2.4.5 --- Suggestions --- p.293 / Chapter 6.2.5 --- Disclosure in Relation to Credit Ratings --- p.295 / Chapter 6.2.5.1 --- General --- p.295 / Chapter 6.2.5.2 --- The Legal Framework --- p.295 / Chapter 6.2.5.3 --- Problems of the Legal Framework --- p.296 / Chapter 6.2.5.4 --- Legal Practice and Problems --- p.296 / Chapter 6.2.5.5 --- Suggestions --- p.297 / Chapter 6.2.6 --- General Principles --- p.297 / Chapter 6.2.6.1 --- General --- p.297 / Chapter 6.2.6.2 --- The Legal Framework --- p.298 / Chapter 6.2.6.3 --- Problems of the Legal Framework --- p.299 / Chapter 6.2.6.4 --- Legal Practice and Problems --- p.300 / Chapter 6.2.6.5 --- Suggestions --- p.302 / Chapter 6.3 --- A Feasible Disclosure Approach for China’s Securitization Regulation --- p.311 / Chapter 6.3.1 --- General --- p.311 / Chapter 6.3.2 --- The Transferability of Foreign Disclosure Models to China --- p.311 / Chapter 6.3.2.1 --- Legal Transplants --- p.311 / Chapter 6.3.2.2 --- Transplanting Foreign Disclosure Models to China --- p.315 / Chapter 6.3.3 --- A Hybrid of Disclosure Based and Merit Based System --- p.319 / Chapter 6.3.3.1 --- General --- p.319 / Chapter 6.3.3.2 --- Merits of Merit Based Approach for China’s Securitization Regulation --- p.320 / Chapter 6.3.3.3 --- Excursus: Improving Current Merit Based System --- p.323 / Chapter 6.4 --- The Implementation of Disclosure Regulation --- p.325 / Chapter 6.5 --- Conclusion --- p.328 / Chapter Chapter 7 --- Final Remarks --- p.330 / Reference List --- p.336 / Chapter Part I. --- Chinese-Language Literature and Legal Instruments --- p.336 / Chapter 1. --- Books, Book Chapters and Articles --- p.336 / Chapter 2. --- ABS Prospectuses, Trustee Reports, and Credit Rating Reports --- p.341 / Chapter 3. --- Chinese Laws and other Legal Instruments --- p.342 / Chapter a. --- Laws by the National People’s Congress and Its Standing Committee --- p.342 / Chapter b. --- Administrative Regulations by the State Council and Departmental Administrative Rules by the Ministries --- p.344 / Chapter Part II. --- English-Language Literature and Legal Instruments --- p.348 / Chapter 1. --- Books, Book Chapters and Articles --- p.348 / Chapter 2. --- Laws and Other Legal Instruments --- p.375

This thesis extends the literature on institutional accounting by providing a new channel---proprietary information leakage between competitors---through which institutions affect accounting attributes and information disclosure. Weak property rights protection exacerbates outflow of proprietary information on operation, thus reduces managers' incentive to disclose financial information and other operation related information since the disclosed information will be helpful for competitors to learn more about proprietary information on operation of the firm. The channel is built with two links. One is the link between property rights protection and R&D spillovers, which proxy for proprietary information disclosure, and the other is the link between R&D spillovers and transparency. Empirical results show that R&D spillovers are negatively associated with regional property rights protection. In addition, I find that innovation output depends less on in house R&D investment and more on R&D spillovers from competitors in regions with weak property rights protection than in regions with strong protection and that the level of R&D expenditures is positively associated with property rights protection. Some evidence is found that firms with more R&D spillovers are more likely to have opaque earnings and disclose less firm-specific information. The relationship is stronger in regions with weak property rights protection than in regions with strong protection, indicating that firms are more likely to utilize opacity to prevent proprietary information leakage when R&D spillovers are large. / Yu, Xin. / Adviser: Joseph P. H. Fan. / Source: Dissertation Abstracts International, Volume: 70-06, Section: A, page: 2123. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (leaves 72-79). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.

by Fung Pak-Wai Patrick. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 45-47). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / LIST OF TABLES --- p.vi / ACKNOWLEDGMENTS --- p.vii / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- BANKING STRUCTURE AND THE DISCLOSURE CHANGE --- p.4 / Pre-1994 disclosure requirement --- p.5 / Reasons for Change --- p.9 / New Disclosure Requirement --- p.11 / Comparison with the disclosure requirement of IAS 30 --- p.13 / Chapter III. --- EMPIRICAL LITERATURE REVIEW --- p.18 / Chapter IV. --- METHODOLOGY --- p.21 / The Sample --- p.21 / The Data --- p.22 / The Models --- p.23 / Chapter V. --- FINDINGS --- p.26 / Comparison of Predicted with Actual Returns During the Issuance Period --- p.26 / Disaggregation of the Sample: Significance Tests --- p.30 / Interpretation of Results --- p.32 / Chapter VI. --- CONCLUSIONS --- p.33 / APPENDIX --- p.34 / BIBLIOGRAPHY --- p.45

No description available.

The purpose of the present thesis is to provide a detailed descriptive account of recent Corporate Internet Reporting (CIR) practices amongst non-financial companies listed on the Egyptian Exchange (EGX), and explore the perceptions of both users and preparers of corporate information concerning this phenomenon in Egypt. The investigation involves: (i) a disclosure index analysis of CIR practices amongst the sampled companies at two points in time – December 2010 and December 2011 – in order to determine the extent of such practices and ascertain whether this has changed across time; (ii) interviews with users (private investors and financial analysts) and preparers (company officials) of corporate information, in order to gather the views of those individuals concerning CIR in Egypt; and (iii) a questionnaire survey of a wider sample of users and preparers of corporate information, in order to explore the perceptions of a relatively large number of users and preparers regarding CIR in Egypt and thereby complement the disclosure index and interview results. The results suggest that the extent of CIR practices amongst the sampled companies is still limited and there has been little improvement over the investigated period. The results also report great variations amongst the investigated companies concerning the extent to which they embrace the power of the internet for reporting purposes as the full possibilities of the internet in this regard appear not to have yet been realised. However, the practice is found to have a potentially positive impact on the understandability, relevance and comparability of corporate information disseminated online, while its impact on reliability is still questionable. The results from the interview analysis reveal that: (i) the majority of participants were broadly satisfied with Egypt’s internet infrastructure; (ii) interviewees were intensive users of the internet, including accessing online corporate information; and (iii) notwithstanding the previous point, hard copy reports remain the most important source of corporate financial disclosure in Egypt. Views regarding the future of CIR were mixed; participants highlighted some problems associated with CIR and indicated a belief that such practices in Egypt are still very limited compared to those found in developed capital markets. Nonetheless, CIR practices are seen as potentially having a positive impact on the understandability, relevance, and comparability of accounting information, although this was not the case with regard to reliability. The results of the questionnaire survey indicate that the need to offer an image of modernity and to provide financial information are the most important reasons for engaging in CIR practices in Egypt. The participants were reasonably satisfied with most of the investigated issues, although a significant difference was evident amongst the respondent groups concerning the security and privacy of information disseminated via the internet. The results support those from the interviews in suggesting that hard copy annual reports are viewed as the most important source of disclosure in Egypt, with the respondents viewing CIR practices as a supplement to, rather than a substitute for, hard copy reports. Finally, the findings support those from the rest of the empirical work in suggesting that, with the exception of reliability, the respondents saw CIR practices as having a potentially positive impact on the qualitative characteristics of accounting information set out in the IASC Framework (1989); this view was shared by users and preparers alike, in contrast to the interviewees, the questionnaire respondents saw CIR practices as having an impact on the cost of capital and share prices, but this view was not overwhelming.

This study evaluated one important dimension of nonprofit self-regulation, the relationship between the Iowa Register of Accountability and voluntary website disclosure by Iowa nonprofits. The purpose of this study was to assess the effectiveness of self-regulation in Iowa to improve accountability as measured by voluntary website disclosure and transparency. As part of the study, an instrument was developed to reliably measure nonprofit website disclosure and transparency. The disclosure score ratings from Iowa Register of Accountability nonprofit organizations were compared to those not listed on the Register. Other factors relevant to disclosure and transparency (e.g. the method to become listed on the Iowa Register of Accountability and the type and number of organization staff members who received training) were also tested. Results indicated that nonprofit organizations listed on the Iowa Register of Accountability were more likely to have active websites and to voluntarily disclose recommended information on their websites than those Iowa nonprofits that have not sought or achieved listing on the Register. In particular, the Register group had statistically higher mean disclosure scores in four areas (Key Staff, Strategic Plan, Annual Reports, and Audit and Financial Statements) compared to the Non-Register group. Contrary to expectations, the method to become listed on the Iowa register of Accountability and the type and number of staff members who received training were not related to higher disclosure scores. The important finding of this research is that nonprofit organizations listed on the Iowa Register of Accountability were more likely to voluntarily disclose recommended information on their websites than those Iowa nonprofits that have not sought or achieved listing on the Register. Recommendations are made in terms of ways to improve nonprofit website disclosure and transparency by enhancing and expanding training opportunities. A major contribution of this study for future research in the field was the development of a disclosure scoring instrument to assess and compare website disclosure and transparency.

Survivors of suicide attempts are at increased risk for future suicide, and there are few empirically validated treatments designed to reduce suicidal thoughts and behaviors among this population. The Interpersonal Psychological Theory of Suicide proposed that reducing suicidal individuals’ feelings of burdensomeness on others and disconnectedness from others will decrease the desire for suicide. Disclosing one’s history of suicidal behavior to a trusted confidant has been found to have a positive impact on depression symptoms, so the present study sought to evaluate the benefits of disclosing on measures of social support and proximal suicide risk described by the Interpersonal Psychological Theory of Suicide. Data were collected from 99 undergraduate students who reported at least one lifetime suicide attempt. Results indicated that disclosing one’s history of suicide attempt to one or two confidants had a positive indirect effect on depression, Perceived Burdensomeness, and Thwarted Belongingness via a pathway mediated by peer social support. However, disclosing to 3 individuals attenuated these positive effects. Results support existing treatments that incorporate disclosure of suicide attempt history or active suicidal ideation as a suicide prevention technique and recommend the use of disclosure as a way to facilitate increased social connectedness, thereby reducing desire for suicide.

While a growing body of evidence suggests health-related behaviors, such as problem and pathological gambling, are affected by multiple levels of influence, gambling studies using an ecological approach have not been documented. This dissertation work, that contains three studies, contributes to fill such research gap by examining gamblers' behaviors in formal treatment programs using an ecological approach. In study 1, the influences of the environmental and individual level factors on the treatment completion is examined. Previous studies have shown that treatment completion has a positive impact on the recovery path from gambling problems. In study 2 and study 3, interpersonal communication between gamblers and their social support networks is explored. More specifically, these two studies focus on understanding of the disclosure of gambling problems using the Integrated Model of Health Disclosure Decision-making. These two studies are significant because this may be the first attempt in gambling studies to explore disclosure of gambling problems. Disclosure may be a necessary step to ameliorate the negative consequences of gambling by creating or reinforcing gamblers' social support network. Each of these studies uses a distinctive dataset and methodology. Study 1 uses the Iowa Gambling Treatment Outcome system data from 2005 to 2011 from the Iowa Department of Public Health. Study 2 uses the 2011 Iowa Gambling Attitude and Experiences survey data, which included questions designed specifically for gambling disclosure. Study 3 is based on qualitative data (interviews) collected from gamblers who disclosed their gambling problems within their social support network. Results from study 1 based on a generalized linear mixed model suggest that self-reported past behavior of either reducing or quitting gambling behavior has a significant effect on treatment plan completion. Also, gamblers admitted to large treatment agencies that served mostly in urban areas are less likely to complete the treatment plan compared to gamblers admitted in any other type of agencies in urban or rural areas. In study 2, path analysis was performed to examine the disclosure of gambling problems within gamblers' social support network. Severity of gambling was the only significant predictor of disclosure. Study 3 found that the factors that affected disclosure are confrontation, gambling losses, stigma, trust, non-judgmental receivers, and close and long relationship. Outcomes expectations and past experience were also important in disclosure. Disclosures did not have substantial consequences for the size and strength of ties in their social support group, suggesting disclosures did not harm or strengthen relationships. Study 2 and study 3 both suggest that as gambling addiction become more severe, signs of gambling problems could be more visible to the members of social support groups. This may lead to disclosure of gambling problems through confrontations initiated by a friend or family member.