New and revised Canadian Auditing Standards for audits of companies with fiscal periods ending on or after December 15, 2018 came into effect in April 2017. This paper examines the economic effects of one of the updates: the new auditor reporting requirement to disclose the auditor’s responsibilities over other information. We investigate the relationship between the existence of the auditor’s commentary about the MD&A within the other information paragraph on the auditor’s report and the reactions of users of the financial statements, namely investors and analysts, to the MD&A. We find that both investors and analysts do not respond to the auditor’s commentary about the MD&A within the other information paragraph present on the auditor’s report. Our result indicates that although the disclosure may not be providing additional information value to users of the financial statements as the standard setters intended, it is also not creating an increase in the audit expectation gap.

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本文利用Ohlson (1995)及Barth (1998)所提出之評價模型，研究91年度我國資訊電子業上市公司，會計資訊揭露之價值攸關性。根據Ohlson (1995)及Barth (1998)之模型，檢測會計資訊價值攸關性之結果顯示，超額盈餘、帳面價值及稅後淨利對於我國之資訊電子業上市公司之股價及市值有顯著之解釋能力。若以「資訊揭露程度」為Ohlson 及Barth評價模型之「其他攸關變數」進行觀察，則資訊揭露程度具有價值攸關性。若進一步將「資訊揭露程度」分成「財務及營運」、「董事會及股權結構」及「公司網站」三細項後，兩種不同之評價模型皆顯示，「財務及營運」之資訊揭露程度與股價及市值間具有顯著之正向關係。「董事會及股權結構」及「公司網站」之資訊揭露程度則會因實證模型之不同，而有不同之結論，在Ohlson 模型中並未獲得支持，但在Barth模型則獲得支持。 / Based on the models established by Ohlson (1995) and Barth (1998), this study examines the value relevance of information disclosure in addition to that of accounting numbers. The sample consists of electron companies listed in 2002. The result indicates that abcdrmal earnings, book value and net income have significant explanatory power about stock price and market value. The ‘information disclosure level’ is also value relevant for both models as ‘other relevant variable’. By dividing the ‘information disclosure level’ into three parts: financial and operating, board and ownership structure, and company websites, we find that ‘financial and operating’ information disclosure level is significantly associated with stock price and market value. The ‘board and ownership structure’ and ‘company websites’ information disclosure level are significant in Barth model, but not in Ohlson model.

恩隆（Enron）等管理當局舞弊案，是資訊不對稱所造成。為減少資訊不對稱之問題，各國對公司資訊揭露之範圍與內容規範甚多，沙氏法案（Sarbanes-Oxley Act of 2002）對公司財務揭露之要求即為例證，惟資訊不對稱之情形在資本市場中仍然很嚴重。 本文探討在市場資訊不對稱之情形下，投資人做投資決策時，是否考量公司資訊揭露之程度。本研究以Ohlson (1995)、Barth (1998)、Sloan (1996)及Fama and French (1992, 1995)作為理論基礎建構模型，探討資訊揭露程度對公司價值之影響。具體而言，本研究將揭露程度分為：「財務與營運」、「董事會及股權結構」及「公司網站」三類，針對傳統產業公司之資訊揭露程度與股價、權益市值及股票報酬等三類公司價值之關係進行實證研究。 實證結果發現，除了會計資訊對公司價值具有攸關性外，公司整體資訊揭露程度對公司之價值亦有顯著之正向影響。其中，「財務與營運」的揭露程度對三類公司價值均具有顯著的正向關係，「董事會及股權結構」的揭露程度對股價與權益市值具有顯著之正向關係，「公司網站」的揭露程度則與各公司價值間皆僅為正向但不顯著之關係。 / Information asymmetry may cause serious business fraud like Enron case. Countries around the word devote much effort enforcing regulation on the disclosure financial information, such as the requirements of Sarbanes-Oxley Act of 2002 in the USA. Based on Ohlson (1995), Barth (1998), Sloan (1996), and Fama and French (1995), this study investigates the market reaction to the financial information disclosure. The disclosure of financial information is decomposed into three categories including financial and operating disclosure, board and ownership structure disclosure, and website disclosure. How the stock price, market value and stock return are related to these financial disclosures is examined. As the results show, in addition to the fact that the accounting information is value relevant, the comprehensive financial disclosure has significantly positive effect on stock price, market value, and stock return, as the financial and operating disclosure does. However, the disclosure of board and ownership structure has significant positive effect only on both stock price and market value, but the market does not have significant reaction to the financial disclosure on website.

abstract: Managers’ control over the timing and content of information disclosure represents a significant strategic tool which they can use at their discretion. However, extant theoretical perspectives offer incongruent arguments and incompatible predictions about when and why managers would release inside information about their firms. More specifically, agency theory and theories within competitive dynamics provide competing hypotheses about when and why managers would disclose inside information about their firms. In this study, I highlight how voluntary disclosure theory may help to coalesce these two theoretical perspectives. Voluntary disclosure theory predicts that managers will release inside information when managers perceive that the benefits outweigh the costs of doing so. Accordingly, I posit that competitive dynamics introduce the costs associated with disclosing information (i.e., proprietary costs) and that agency theory highlights the benefits associated with disclosing information. Examining the context of seasoned equity offerings (SEOs), I identify three ways managers can use information in SEO prospectuses. I hypothesize that competitive intensity increases proprietary costs that will reduce disclosure of inside information but will increase discussing the organization positively. I then hypothesize that capital market participants (e.g., security analysts and investors) may prefer managers to provide more, clearer, and positive information about the SEO and their firms. I find support for many of my hypotheses. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2017

京都大学 / 新制・課程博士 / 博士(経済学) / 甲第22948号 / 経博第623号 / 新制||経||294(附属図書館) / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 諸富 徹, 教授 矢野 剛, 教授 劉 徳強 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DFAM

As society progresses towards a more algorithmic era, the influence of artificial intelligence (AI) is driving a revolution in the digital landscape. At its core, AI applications aim to engage customers by providing carefully tailored and data-driven personalization and customization of products, services, and marketing mix elements. However, the adoption of AI, while promising enhanced personalization, poses challenges due to the increased collection, analysis, and control of consumer data by technology owners. Consequently, concerns over data privacy have emerged as a primary consideration for individuals. This paper delves deeper into the implications of the personalization- privacy paradox, aiming to provide a comprehensive analysis of the challenges and opportunities it presents. The purpose of this thesis is to understand users’ privacy concerns and willingness to disclose their personal information to AI technologies by addressing the limitations of previous research and utilizing qualitative methods to gain a more in-depth understanding of consumer views. To understand users’ privacy concerns and willingness to disclose personal information to AI technologies, a qualitative approach was followed. Combining a deductive and inductive approach to fulfill the purpose of the study, empirical data was collected through 20 semi- structured interviews. The participants were chosen using a purposive sampling technique. Users’ privacy concerns and willingness to disclose personal information to AI technologies differ significantly. It depends not only on the individual, but also on the type of AI technology, the company providing the AI technology, the possibility of obtaining additional benefits, and whether the company is transparent about its data collection and can provide proof of security.

This study examines the impact of U.S. states’ staggered adoption of the inevitable disclosure doctrine (IDD) on rival companies’ auditor choice. I posit that, in states where the IDD limits employee mobility among rival companies, the IDD adoption exogenously increases the costs of disclosing proprietary information through other channels. I find that on average peer companies do not show any changes in the probability of audit office sharing after the companies’ headquarter states adopt the IDD. I also find that companies with trade secrets respond to IDD adoption by avoiding audits conducted by the same audit office as their competitors’ audit office, supporting the proprietary cost hypothesis. The results are robust not only in various levels of auditor sharing but also after I incorporate factors including Mergers and Acquisitions, SOX, and differentiations of IDD adoption and rejection. Cross-sectional results related to Big N auditors suggest that peer companies with trade secrets that hire Big N auditors increase audit office sharing because Big N auditors’ higher levels of reputation, higher litigation costs, and deep pockets alleviate concerns of potential information leakage through audit office sharing in the post IDD adoption periods. My cross-sectional results related to audit committee experts show that peer companies with trade secrets respond to IDD adoption by engaging in more frequent audit office sharing when they have industry experts and accounting financial experts on audit committees. Supervisory financial expertise on audit committees of peer companies with trade secrets does not seem to affect the probability of audit office sharing after the IDD adoption. To my knowledge, this study is the first to document the causal effect of proprietary information costs on audit office choices of U.S. companies with trade secrets. / Business Administration/Accounting

京都大学 / 新制・課程博士 / 博士(工学) / 甲第24099号 / 工博第5021号 / 新制||工||1784(附属図書館) / 京都大学大学院工学研究科都市社会工学専攻 / (主査)教授 CRUZ Ana Maria , 教授 須崎 純一, 准教授 松島 格也 / 学位規則第4条第1項該当 / Doctor of Philosophy (Engineering) / Kyoto University / DFAM

The increase in online social network (OSN) usage has led to personal details known as attributes being readily displayed in OSN profiles. This can lead to the profile owners being vulnerable to privacy and social engineering attacks which include identity theft, stalking and re identification by linking. Due to a need to address privacy in OSNs, this thesis presents a framework to quantify the vulnerability of a user¿s OSN profile. Vulnerability is defined as the likelihood that the personal details displayed on an OSN profile will spread due to the actions of the profile owner and their friends in regards to information disclosure. The vulnerability measure consists of three components. The individual vulnerability is calculated by allocating weights to profile attribute values disclosed and neighbourhood features which may contribute towards the personal vulnerability of the profile user. The relative vulnerability is the collective vulnerability of the profiles¿ friends. The absolute vulnerability is the overall profile vulnerability which considers the individual and relative vulnerabilities. The first part of the framework details a data retrieval approach to extract MySpace profile data to test the vulnerability algorithm using real cases. The profile structure presented significant extraction problems because of the dynamic nature of the OSN. Issues of the usability of a standard dataset including ethical concerns are discussed. Application of the vulnerability measure on extracted data emphasised how so called ¿private profiles¿ are not immune to vulnerability issues. This is because some profile details can still be displayed on private profiles. The second part of the framework presents the normalisation of the measure, in the context of a formal approach which includes the development of axioms and validation of the measure but with a larger dataset of profiles. The axioms highlight that changes in the presented list of profile attributes, and the attributes¿ weights in making the profile vulnerable, affect the individual vulnerability of a profile. iii Validation of the measure showed that vulnerability involving OSN profiles does occur and this provides a good basis for other researchers to build on the measure further. The novelty of this vulnerability measure is that it takes into account not just the attributes presented on each individual profile but features of the profiles¿ neighbourhood.