A quality corporate disclosure environment is vital for an efficient market. The ultimate purpose of this thesis is to study the information environment of the Chinese capital market. There are different types of participants playing equally important roles in the smooth functioning of the Chinese capital market. I attempt to study the information issue from three different perspectives using three separate essays. / Apart from raising the awareness on the importance of quality corporate disclosure in the smooth functioning of a capital market, this study provides evidence supporting the importance of a transparent information environment for analysts' earnings forecast accuracy and how opinion dispersion among financial analysts and investors at large affects subsequent stock returns. Allowing investors a thorough understanding of the Chinese capital market mitigates misconception and can help foreign funds and local investors to make investment decisions in the China capital market. / In my second essay, my focus is on financial analysts; examining the role of information disclosure and the accuracy of analysts' earnings forecasts. Using all the Chinese firms included in the I/B/E/S files, I evaluate the predictive accuracy of analysts' earnings forecasts. Apart from examining the relative forecast errors of the analyst vis-a-vis a naive forecast model as well as studying the determinants and explanatory variables of the differential analysts' forecast errors between groups of firms, regression analysis is also conducted to evaluate such determinants. / In my third essay, I recognize that investors at large react differently to information disclosed and my focus is on the dispersion of opinion among financial analysts. I examine the role of such differences in opinion in relation to the cross section of future stock returns in the Chinese capital market. Results show that stocks with higher dispersion in analysts' earnings earn lower return than otherwise similar stocks. Results also suggest that a more correct interpretation of dispersion in analysts' forecast is as a proxy for investors' opinion differences about a stock rather than as a proxy for risk. / In the first essay, my focus is on a general information user level, looking at what information is available in the capital market as disclosed by firms. My first essay analyzes the firm-specific news announcements for Chinese firms listed on the Shanghai and Shenzhen stock exchanges with foreign ownership (firms issuing B shares) to gain an understand of the current information disclosure environment in the China stock market. I establish a news database which permits an examination of the distributional characteristics of the news items by categories, firm nature and timing. This essay also reports a positive relation between frequency of news disclosure and the total market capitalization, the total asset and the percentage of tradable share of a firm. / Lui Man Ching Gladie. / "August 2003." / Source: Dissertation Abstracts International, Volume: 64-09, Section: A, page: 3409. / Supervisor: In-Mu Haw. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references. / 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 dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [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

This dissertation critically analyses the role of disclosure in strengthening corporate governance and accountability to determine whether a prescriptive system of disclosure is of greater efficacy than a voluntary regime. The research undertaken has been done on a qualitative and theory building basis. The purpose of the study is to examine how current and future legal reform can curb corporate governance shortcomings and contribute to a new more dependable mode of corporate governance. This requires a comparative analysis of the South African and English models which are voluntary ('comply or explain') regimes compared to the prescriptive American model of corporate governance ('comply or else'). The foundational basis, definition and jurisdictional evolution of corporate governance is examined and analysed to ascertain the role of disclosure in relation to good governance. To facilitate this investigation a critical review of the legislative framework and reforms enacted locally (and offshore where applicable) is also undertaken. Disclosure as a concept is probed in terms of both a mandatory disclosure and voluntary disclosure regime to determine the more prudent mode of dissemination and how it impacts the efficacy of corporate governance and accountability. To ensure a holistic VIew of the role of disclosure is comprehensively critiqued its influence on corporate social responsibility is embarked upon. It is contextualized against the shareholder (contractarian) theory of governance versus that of the stakeholder (communitarian) theory of governance. This will involve a study of the competing requirements of disclosure in terms of these two theories and its impact on securing accountability. The tenuous relationship between shareholders and directors is considered to determine whether corporate governance regimes safeguard shareholder rights and how these measures contribute to strengthening governance. The codified role of directors in enhancing disclosure to shareholders is also undertaken. To exatrune the interplay between these concepts corporate governance failures are dissected to determine the shortcomings of disclosure practice. The recommendation of this dissertation is that a mandatory disclosure regime is of greater efficacy in strengthening corporate governance and accountability but to remedy recurring corporate governance shortcomings a disclosure regime that is holistic and principles based is required. It should also be supported by a dedicated and empowered regulatory system with sufficient penal measures to curb fraudulent behaviour but sufficient flexibility so as not to curtail industrial fortitude. / Thesis (LL.M.)-University of KwaZulu-Natal, Durban, 2010.

This empirical study is concerned with the usefulness of proposed supplementary disclosures for oil and gas producers to financial analysts in valuing a company. It is concerned with what supplementary information is being used, to what extent it is being used and which type of information is used most. Three main research procedures are employed. In the first procedure, the Mann-Whitney U Test is applied to determine any significant difference between valuing an oil and gas producing company using basic financial statements and ratio data, and valuing the same company with this information plus the proposed disclosures. The second procedure involves applying the chi-square and Cramer's V statistics to determine whether the disclosure information caused switching in valuation method used for each of the cases. The third procedure tests for significant differences between financial ratios used for each case by employing the test of differences between two proportions. Additional evaluation attempts to determine analysts' perceived usefulness of each of the schedules of the proposed disclosures

Thesis (MComm (Business Management))--Stellenbosch University, 2008. / This study aims to look at the definition of the group of alternative investments commonly known as ‘hedge funds’, in order to better understand why regulatory bodies the world over are vehemently working on introducing new legislation and guidelines as a means of maintaining market security and integrity in order to ensure adequate investor protection. This study posits that the two most viable options available to regulatory bodies to ensure effective implementation of these changes are (i) to either further restrict access to hedge funds and thereby curb their ‘retailization’ and/or (ii) to introduce rigorous levels of disclosure on the part of hedge funds and their intermediaries. It is the objective of this study to establish that for either of these options to be attained, tangible improvement in both the quantity and quality of information disclosure from hedge funds and their intermediaries about their positions, strategies and exposures in a manner that would enable them to continue to provide the market efficiency-enhancing services that they currently offer. After introducing all the key issues that have motivated this resolve, the study looks at the current regulatory environment and the challenges facing regulators such as the varying degrees of banking freedom offered by different states and jurisdictions. Proposed changes to current legislation are also considered across several jurisdictions. The results from the local market field study set the platform for recommendations to be investigated in future studies in order to provide guidelines for the supervision of the hedge fund industry.

Thesis (MBA)--University of Stellenbosch, 2011. / The study was undertaken to determine whether companies listed on the Johannesburg Stock Exchange disclose shareholder spread in line with the available statutes such as the JSE Listing Requirements. Further, the study explored the closing balances for group, company, trusts, subsidiaries, and treasuries of all the 50 companies studied to ascertain whether there were differences with the ex WDH share program. Various sources to answering the question were used including the Internet, McGregor BFA, Annual Reports of the companies, and material from University of Stellenbosch Business School (USB). There were varying findings with regards to the study as it was found that some companies had differences in group, company, trusts, subsidiaries, and treasuries. Most of the differences were due to company mistakes, non-consolidation of trusts, and use of different methods. It was found that certain companies tend to omit certain information in disclosing the shareholder spread and this has resulted in many companies with differences in their closing balances for the company, group, trusts, subsidiaries, and treasuries. In addition, it was also discovered that certain companies disclosed major shareholders of less than the prescribed five percent which proved to be very helpful in this study.

Thesis (MBA)--Stellenbosch University, 2013. / Annual reports , contain information largely about the profitability of companies. This is in the form of quantitative data, which is then used to gauge the performance of shares, which is directly related to shareholder wealth. Recent global trends, with focus on more than just profit, but also on people and planet have resulted in companies now not only publishing annual reports, but also sustainability development reports. Sustainability development reports include narrative in the form of qualitative data, which is of particular interest to the larger stakeholder group as opposed to only the shareholders. The publishing of the qualitative, data as found in sustainability development reports or in integrated reports, together with the quantitative data provides a healthy balance to reporting which bodes well for future reporting. This balance is necessary because without concern and actions for people and planet, profit will eventually cease.This study is about the levels of strategic disclosure which means gauging what the reports analysed say about various strategic elements. These elements are broken down into three large categories, being base line 1, base line 2 and base line 3. The base lines consist of specific disclosure elements which are then each scored as to the level of disclosure. This study, a continuation of a study undertaken on the 2010 reports of five specific companies in the metals and mining sector, was done to gauge the levels of strategic disclosure. Three baseline measures were used and disclosure per indicator was scored, analysed, comparisons were drawn and finally conclusions were drawn as to the levels of disclosure. An additional company, the world’s largest diversified natural resources company, was added to the study as a benchmark to gauge the performance of the five case companies. Baseline 1 indicators were based on the GRI G3 reporting guidelines, which focuses on many sustainability themes. The levels of disclosure were, as anticipated, excellent because mining companies are such large resource and energy users. The overall level of disclosure for baseline 1 for the five case companies in 2011 was at an excellent disclosure level of 87%, 4% higher than the 2010 scores. Baseline 2 indicators were based on a generic strategic architecture model and surprisingly, these levels were substantially lower than baseline 1 levels. The overall levels of disclosure for baseline 2 for the five case companies in 2011 was 59%, 1% lower than in 2010. Baseline 3 indicators were based on the Osterwalder and Pigneur business model and alarmingly, these levels were at the lowest for this study. The overall levels of disclosure for baseline 3 for the five case companies for 2011 was 57%, 7% lower than in 2010. All the companies in this sector were transparent pertaining to sustainability themes, but lacked the same intensity of reporting pertaining to the other strategic areas of strategic architecture and business model alignment.

Thesis (MBA)--Stellenbosch University, 2013. / The need for future orientated thinking and decision-making and a more sustainable view on business by companies’ worldwide is becoming ever more important. The need for organisations to communicate this to all stakeholders is just as important. Traditionally companies reported and disclosed only backward looking financial information, but nowadays the use of the GRI G3 guidelines; Kings III’s integrated reporting guidelines have moved the emphasis to strategy, risk and a sustainable performance. But the question remains, who and what are actually doing this? Which companies are actually reporting and disclosing strategic items, and those that are, what are they reporting well on and which are they not reporting well on. The purpose of this study is to measure the levels of strategic reporting disclosure, across the JSE, based on information collected at industry level asking the same questions. The study focussed on five industries covering twenty-four organisations between them. The conclusion is that the Energy sector discloses strategic information at a better level than its industry benchmark rivals with Sasol leading the way, and from a disclosure element point of view the GRI G3 guidelines are leading the disclosure score above that of the business model and strategic architecture elements measured against.

Thesis (MBA)--Stellenbosch University, 2013. / Traditionally organizations have reported largely on financial information. The Global Reporting Initiative and the King III Code of Corporate Governance have become important guidelines in assisting organizations on how to report and consequently integrated reporting is quickly gaining popularity. As the potential effects of climate change and other environmental and social impacts of businesses become more apparent, stakeholders are placing pressure on these organizations to be more transparent in how they are dealing with these impacts. Strategy cannot be separated from sustainability (SAICA, 2009: 7); therefore there is increasing pressure on organizations to disclose their strategies. Not all companies disclose information relating to strategy and sustainability to the same extent. There are a range of factors that influence strategy disclosure. This study updates the 2010 study (Meyer, 2011) evaluating the extent of strategy disclosure in the energy and natural resources sector of five companies (BP, Eskom, Mondi, Sappi and Sasol) using a three-point evaluation scale. In addition the following analyses were done:  A benchmarking exercise comparing the strategy disclosure and sustainability reporting of the five companies analysed against two industry leaders (Repsol and Enagas).  Development of the drivers of strategy disclosure from the literature which were compared to the results from the three-point evaluation scale.  The analysis was repeated using a six-point evaluation scale, as this more clearly determined the extent of strategy disclosure, which was then compared to the drivers of strategy disclosure. The results, obtained from the six-point evaluation scale, supported the drivers of strategy disclosure and concluded that product type, the competitive environment and risk are some of the main determinants of strategy disclosure in this study based on the companies evaluated. It was also concluded that, based on the three-point and the six-point evaluation scale, the average level of disclosure for the energy and natural resources sector is good, and had improved from 2010. Furthermore, it was also observed that strategy is not disclosed to the same extent as sustainability information. Baseline One had more of a focus on sustainability information, whereas Baselines Two and Three focussed more on strategy. The level of disclosure in Baseline One was more than that of Baselines Two and Three.

Thesis (MBA)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: Stakeholders have demanded that strategic disclosure and sustainability reporting of companies are disclosed in more detail in order for the different stakeholders to form an opinion whether to invest, partner and contribute towards the sustainability of the company. Different stakeholders require different disclosure. Various bodies have been formed to established guidelines for sustainable reporting. The Global Reporting Initiative has become the leader in the field and have implemented the fourth generation of their Sustainable Reporting Guidelines. This study was to evaluate the strategic sustainable disclosure of companies in the banking and retail sectors. Five companies from each sector were selected being consistent with previous studies. The previous studies utilised the 2010 and 2011 information with this study focusing on the 2012 company reports. The reports used were the integrated annual reports, sustainability reports and annual financial statements where applicable. Strategic disclosure was evaluated against three different baseline models. Two of these models, being baseline 1 and baseline 2, were used in previous studies with a new baseline being introduced. Baseline 1 was based on the Global Reporting Initiatives third generation guidelines with seven reporting elements. Baseline 2 was based on the elements of the strategic architecture framework with eight reporting elements. Baseline 3 was based on the new Global Reporting Initiatives fourth generation reporting guidelines, which were issued in May 2013. The main differences from the Global Reporting Initiatives third generation and fourth generation was moving previous standard requirements to guidelines and the introduction of new standard disclosures. The study results showed an overall improvement in both sectors for all the companies using baseline 1 and 2 from 2011 to 2012. Baseline 3 differed to baseline 1 in only the organisational profile element with an additional fourteen questions but the removal of four questions. The results of the organisational profile were markedly worse than baseline 1 with an overall drop of 23% and 18% for the banking and retail sector respectively. Baseline 1 should be replaced by baseline 3 moving from the third to fourth generation of the Global Reporting Initiative sustainability guidelines.