Yes / This paper provides a wide-ranging and up-to-date (1997-2016) review of the archival empirical risk-reporting literature. The reviewed papers are classified into two principal themes: the incentives for and/or informativeness of risk reporting. Our review demonstrates areas of significant divergence in the literature specifically: mandatory versus voluntary risk reporting, manual versus automated content analysis, within-country versus cross-country variations in risk reporting, and risk reporting in financial versus non-financial firms. Our paper identifies a number of issues which require further research. In particular we draw attention to two: first, a lack of clarity and consistency around the conceptualization of risk; and second, the potential costs and benefits of standard-setters’ involvement

Det har uppmärksammats en intensifiering av den digitala tekniken, som under senare år tilltagit mer än någonsin (Bassiouni & Hackley, 2014, s. 116). 2017 var det första året då internet utgjorde en övervägande del av alla medieinvesteringar (Larsén, 2018). I följd av internet och sociala mediers utveckling, då digitaliseringen är mer integrerad i samhället än tidigare, finns det fler möjligheter för företag att nå ut till konsumenter. Marknadsföringsverktyget influencer marketing har i takt med digitaliseringens utveckling expanderat, och omsatte 650 miljoner kronor på den svenska marknaden 2017 (Bränström, 2018). Vid användning av influencers lämnar företag över ansvaret till en extern person och företaget har således inte lika stor kontroll över den information och marknadsföring som sker. Det nya medielandskapet är därför mer oförutsägbart (Zahoor & Qureshi, 2017, s. 47). En social plattform är YouTube och är den populäraste videotjänsten för svenskar (Davidsson et al., 2018, s. 74). Influencer marketing har ökat och företag samarbetar med influencers inom YouTube där budskap om produkter sprids genom videoklipp av influencern. Fenomenet kan återkopplas till produktplacering, vilket enligt Russel och Belch (2005, s. 74) handlar om att införliva ett varumärke eller produkt i ett underhållningssammanhang och inte uttryckligen vara en annonsering. I följd marknadsföringslagen är det inte möjligt att helt undvika att nämna att det rör sig om reklam, men det är nära sammankopplat. Produktplacering har tidigare undersökts i stor utsträckning i form av TV (Van Reijmersdal et al., 2009, s. 430) men Eagle och Dahl (2015, s. 614–615) uppmanar forskare att fokusera på produktplacering inom sociala medier och i videos. Zhang och Mao (2016, s. 155) som menar att attityder mot reklamvärdet på sociala medier är ett ständigt utvecklande ämne. Studien har kvalitativt angreppssätt, för att generera en djupare förståelse för vad det är som gör att en viss produktplacering gällande betalda samarbeten på YouTube tas emot med en mer positiv attityd än andra, givet kvinnor i generation Z. Det har i samband med insamling av empiri genomförts åtta intervjuer med kvinnor i generation Z. Den analysmetod som används i studien är teoridriven tematisk analys. Analysdelen är indelad i fem olika teman; informativitet, underhållning, irritation, trovärdighet och reklamens värde vilka härstammar från Ducoffe (1996) där trovärdighet är en variabel som framkommit genom senare studier. I samband med bearbetning av insamlad empiri identifierats ett antal betydelsefulla underteman; Influencerns tydlighet, Ny information, Samarbetets anpassning till videons helhet, Influencerns engagemang, Överdrivna övertalningsförsök, Influencerns faktiska arbete, Konsumentens och influencerns egna erfarenheter, Parasocial relation,Kontinuitet samt Samarbetets produktplacering. Avslutningsvis har den aktuella studien bidragit till en djupare förståelse för kvinnor inom generation Z och deras attityder mot produktplacering inom betalda samarbeten på plattformen YouTube och vilka faktorer som påverkar kvinnornas attityder.

This dissertation examines the relationship between three sets of variables: corporate governance and monitoring, the quality of disclosure in annual reports and securities class action litigation. In the first section, I present a game-theoretic model in which shareholders select from ex ante monitoring or ex post litigation mechanisms available to them in order to mitigate the agency problem. Firm characteristics determine the choice of which of these two mechanisms is appropriate for a particular company. I then test predictions from this model and find that firms with poor monitoring are much more likely than those with good monitoring to be sued even after controlling for the common determinants of a lawsuit. The second section of the dissertation relates the quality of disclosure in annual reports to litigation. I use a dataset containing annual reports filed electronically with the SEC in the period 1996-2005. Using two content analysis software programs that analyze the categories of words used in these annual reports, I find that firms that use more numbers, past and future words, and other informative words are much less likely to be sued, even after controlling for the common determinants of lawsuits. In order to avoid subjectively choosing categories, I use principal components analysis to identify the major components of annual report disclosure. When these components are used as regressors to identify causative factors of lawsuits, one component named 'informativeness' has significant power to explain subsequent lawsuits. In head-to-head comparisons of the 'informativeness' principal component with Standard & Poor's Transparency and Disclosure score, my informativeness measure is more effective than the S&P score in predicting the likelihood of a lawsuit. Finally, in cross-sectional tests, I find support for the theory that firms with good boards and managers who are not entrenched have better disclosure practices. Further, monitoring by institutional investors, independent boards and analysts appears to induce better corporate disclosure. / text

Made available in DSpace on 2016-08-29T11:13:25Z (GMT). No. of bitstreams: 1 tese_6477_DISSERTAÇÃO PDF - LUCIANA HOLTZ.pdf: 1147456 bytes, checksum: e4685b4cda339cffd9ae631e2c05aad3 (MD5) Previous issue date: 2013-05-22 / Esta pesquisa foi desenvolvida com o objetivo de investigar os efeitos das características da estrutura e composição do conselho de administração sobre a qualidade das informações contábeis das empresas listadas na BM&FBovespa. Especificamente as características do conselho estudadas foram o tamanho e a independência do conselho de administração, e a separação dos cargos de presidente do conselho e diretor executivo da empresa. As proxies para qualidade da informação contábil foram a relevância da informação contábil e informatividade dos lucros. A amostra abrange empresas não financeiras listadas na BM&FBovespa com liquidez anual superior a 0,001, compreendendo o período de 2008 à 2011. Os dados foram coletados apartir do banco de dados Economática® e diretamente dos informes anuais e formulários de referência das empresas disponíveis no sítio da CVM ou BM&Fbovespa. Para atingir o objetivo proposto a metologia da pesquisa consiste em uma abordagem quantitativa com base em Vafeas(2000), Firth, Fung e Rui (2006) e Habib e Azim (2008). A análise dos dados foi a partir da utilização da técnica de regressão múltipla para a estimação dos modelos de relevância da informação contábil e informatividade dos lucros. Os resultados indicam que no mercado brasileiro, para as empresas que negociam ações na BM&FBovespa, as características de independência do conselho de administração e separação dos cargos de presidente do conselho de administração e diretor executivo influenciam positivamente na qualidade da informação contábil reportada, especificamente sobre relevância do patrimônio líquido. Já a informatividade dos lucros é afetada positivamente pela independência do conselho de administração e negativamente pelos conselhos com tamanhos maiores (acima de 9 membros). Os resultados em geral corroboram com estudos internacionais tais como Vafeas (2000), Firth, Fung e Rui (2006), Ahmed, Hossain e Adams (2006) e Dimitropoulos e Asteriou (2010), especialmente em relação à independência do conselho de administração. É possível verificar que estruturas de governança mais fortes exercem efeitos que melhoram a qualidade das informações contábeis reportadas. / This research was developed with the objective of investigating the effects of the characteristics of structure and composition of the board of directors on the quality of accounting information of the companies listed on the BM&FBovespa. Specifically, the characteristics of the board studied were the size and the independence of the board, and the separation of the roles of the president of the board and the chief executive of the business. The proxies for quality of accounting information were the value relevance of the accounting information and the informativeness of earnings. The sample includes non-financial firms listed on the BM&FBovespa with an annual liquidity higher than 0,001, during the period of 2008 to 2011. The data was collected from the Economática® data base and directly from annual reports and reference forms of firms available on the CVM or BM&FBovespa site. To reach the proposed objective the methodology of research consists in a quantitative approach based on Vafeas (2000), Firth, Fung and Rui (2006) and Habib and Azim (2008). The analysis of the data was based on the technique of multiple regression for the estimation of models of value relevance of accounting information and informativeness of earnings. The results indicate that in the Brazilian market, for firms that negotiate stock on the BM&FBovespa, the characteristics of independence of the board of directors and separation of the roles of president of the board of directors and of chief executive have a positive influence on the quality of the accounting information being reported, specifically on the relevance of the net equity. The informativeness of earnings is positively affected by the independence of the board of directors and negatively by the bigger boards (above nine members). The results in general corroborate with international studies such as Vafeas (2000), Firth, Fung and Rui (2006), Ahmed, Hossain and Adams (2006) and Dimitropoulos and Asteriou (2010), specially relating to the independence of the board of directors. Is possible to check that stronger governance structures exercise effects that improve the quality of accounting information reported.

Made available in DSpace on 2016-12-23T13:42:10Z (GMT). No. of bitstreams: 1 Andre Abreu de Almeida.pdf: 396896 bytes, checksum: 704d9dbf4cef2a6c34705a4089d16012 (MD5) Previous issue date: 2013-03-22 / Esta pesquisa teve como objetivo investigar a influência do PE/VC sobre a informatividade dos lucros contábeis das empresas listadas na BM&FBovespa. Considerou-se informatividade a intensidade da relação entre o lucro contábil e o retorno das ações, apurada pelo coeficiente angular da reta estimada entre as variáveis PEVC e Lucro Líquido Ajustado (LLA). Adicionalmente, a pesquisa abordou a Influência do efeito conjunto PE/VC e governança sobre a informatividade dos lucros contábeis. Espera-se com esta pesquisa contribuir com a ampliação do conhecimento sobre o papel da contabilidade no mercado de capitais. A amostra foi composta por 1.177 observações de empresas não-financeiras listadas na BM&FBovespa no período de 2004 a 2011. O resultado apurado confirma hipótese de que a informatividade dos lucros contábeis é positivamente relacionada com a existência de PE/VC / This research aimed at investigating the influence of PE / VC on the informativeness earnings of companies listed on the BM&FBovespa. It was considered informativity as the intensity of the relationship between accounting profit and stock returns, calculated by the slope estimated between the variables PEVC and Adjusted Net Income (LLA). Additionally, the study investigated the influence of the combined effect of PE / VC and governance on the informativeness earnings. It is expected that this research contribute for the expansion knowledge improvement on the role of accounting in capital markets. The sample consisted of 1177 observations of nonfinancial companies listed on the BM & FBovespa in the period from 2004 to 2011. The result of this research confirm the hypothesis that the informativeness of earnings is positively related to the existence of PE / VC

Background - The thesis topic was selected because of the increased value of ads as a promotional tool and the growing avoidance arising from the exposure rate towards advertising. The principle of native advertising gives marketers a less intrusive pathway. Despite the increased trend and the benefits of using native advertising as a digital marketing tool, native advertising has been criticized for its approach. However, we hope to provide another insight into the positive side of native advertising.  Purpose - We seek to help advertisers improve native advertising content based on individuals' preferences by focusing our attention on what motivates consumers to affect their attitude towards online advertisement in the form of native advertising. Therefore, the purpose of this thesis is to investigate the factors influencing internet users’ attitude towards native advertising.  Method - The thesis is an exploratory study which is based on a qualitative method along with an abductive approach within the interpretivism stance. Data collection was done through primary. Within the primary data, it is collected through a semi-structured interview with the eleven internet users. Both genders are included in the data collection as well as it consists of several nationalities. Also, the data analysis is done through a thematic analysis method.  Conclusion - Entertainment, informativeness, irritation and credibility were applied to research the attitude of customers towards native advertising. Participants agreed that native advertising itself is not enough to encourage them for consumption, but they find it a smart and new idea that makes it easier to recognize the brand. While all four factors were crucial, we could discover different categories within each type that can influence customers’ attitude. Moreover, participants did not feel overwhelmed or deceived by native ads.

Dans un contexte où l'importance de la Responsabilité Sociale des Entreprises (RSE) va croissante, cette thèse explore la relation entre la RSE et plusieurs attributs financiers des entreprises comme l'information spécifique incorporée dans le prix des actions, le risque de détresse financière des entreprises et le niveau de crédit commercial. Les chercheurs en finance d'entreprise présentent deux points de vue opposés sur la RSE: "Faire le bien est bon pour les affaires" et "La RSE crée des problèmes d'agence". Le premier chapitre aborde brièvement les théories analysant les répercussions financière de la RSE et met en évidence les avantages financiers concomitants aux pratiques responsables. Les entreprises socialement responsables améliorent l'environnement informationnel ce qui complète l'information financière. Dans le deuxième chapitre, nous montrons que la RSE joue un rôle important dans l'amélioration de l'information incorporée dans les cours boursiers. Une meilleure performance RSE est appréciée par les investisseurs et les gestionnaires d'actifs et améliore la disponibilité des financements. Le troisième chapitre explique que les entreprises peuvent atténuer leur risque de détresse financière (Z-score) en améliorant leur performance en matière de RSE. Des entreprises plus responsables promeuvent de meilleures relations avec les parties prenantes grâce à un objectif de confiance et de maximisation de la valeur. Dans le quatrième chapitre, nous constatons que les entreprises socialement responsables ont un meilleur accès au financement (côté fournisseur du crédit commercial) et font plus confiance à leurs clients (côté acheteur du crédit commercial). Par conséquent, cette dissertation fournit un ensemble de résultats soulignant la pertinence et l'importance de "Faire le bien est bon pour les affaires". / In the context of the rapidly growing importance of Corporate Social Responsibility (CSR), this dissertation explores the relationship between CSR and firm financial attributes, like stock price informativeness, financial distress risk, and trade credit. First chapter briefly discusses the theories of CSR and highlights the financial advantages of favorable CSR practices. Corporate finance researchers present two opposite views on CSR, “Doing good is good for business” and “CSR creates agency problems”. In the second chapter, we testify this association and find that CSR plays an important role to improve the information impounding in stock prices. Socially responsible firms improve the financial information environment. Third chapter elaborates that firms can mitigate their financial distress risk (Z-score) through improved CSR performance. Firm better CSR performance is appreciated by the investors and asset managers and it improves the availability of finance. In fourth chapter, we find that socially responsible firms have better access to finance (supplier side of trade credit) and have more trust on their stakeholders (buyer side of trade credit). Better CSR firms promote the better relationship with stakeholders through trust and value maximization goal. Therefore, this dissertation provides evidence on the importance of “Doing good is good for business”.

在古典理性預期模型中，理性的投資者會蒐集並利用各種相關訊息來幫助其做最適的投資行為。然而市場價格也是訊息來源之一。在效率市場中，價格完全透露出訊息，則無人會有蒐集訊息的動機；若市場有干擾，價格無法顯露出所有相關訊息，私人訊息便有價值。因此，價格資訊性的高低，會影響到私人訊息對投資的重要性。其次，訊息若要能幫助投資者獲得套利利潤，仍須假設投資者必須能夠持有資產一直至資產價值實現為止。顯然的，短期投資者並不符合此一假設。我們相信在通常情況下，長期投資者會比短期投資者更有動機去成為消息靈通者，而且短期投資者對訊息處理的態度有許多特性迴異於古典模型的投資者，他們的存在對市場價格資訊性也會有相當程度的衝擊。本文基於上述想法，利用干擾不對稱訊息下之多期理性預期模型，假設市場中有長期與短期投資者，來探討影響價格資訊性之各項因素及短期投資者之行為特性。

在充滿不確定性之交易市場中，每位交易者會盡量利用所擁有之資訊，在市場有干擾（如，風險性資產供給之不確定性、個人偏好不同、個人面對之稅負環境不同等）之情形下，市場會顯露出部份私人訊息，故交易者亦會經由對價格和交易量之觀察習得訊息；擁有私人訊息之交易者稱為消息靈通者(Informed)，未擁有私人訊息而只能經由觀察價格而習(learn )得 訊息之交易者稱為消息不靈通者(Uninformed)，他們二者之差異在於他們是否願花成本或資源以購買訊息。本文係在干擾理性預期模型下，利用所設定之特殊效用函數--絕對風險規避效用函數及假設隨機變數為多元常態分配，探討市場有干擾情形下，在第一期有私人訊息而在第二期有公開訊息揭露之不對稱訊息模型中價格之資訊性，分別分析了公告訊息和私人訊 息之干擾程度、風險性資產供給之不確定及購買訊息人數對二期價格資訊性之影響。在所設定的模型有解下，本文利用這些影響因素對公告訊息和私人訊息在總合需求計劃部位 (Position)的彈性說明二期價格資訊性。同時文中亦探討購買訊息人數之內生決定，顯示了公告訊息之揭露會修正交易者之看法而減少私人蒐集訊息之誘因。

In this dissertation, I deal with the problem of presupposition projection. I mostly focus on compound sentences composed of two clauses and conditional sentences in which the second clause carries a presupposition. The central claim is that the presupposition carried by the second clause projects by default, with the exception of cases in which the presupposition entails the first clause (or, in disjunctive sentences, the negation of the first clause). In the latter cases, the presupposition should not project, since it is logically stronger than the first clause (or its negation). Thus, in conjunctions, if the presupposition projected, the speaker’s assertion of the first clause would be uninformative. As for conditionals and disjunctions, if the presupposition projected, the speaker would show inconsistency in his/her beliefs by showing uncertainty about the truth value of the first clause (or its negation). I argue that, in conditionals, this uncertainty is conversationally implicated whereas, in disjunctions, it results from the context’s compatibility with the first disjunct. I maintain that, in cases where projection is blocked, the presupposition is conditionalized to the first clause (or its negation). I demonstrate that the conditionalization is motivated in a straightforward way by the pragmatic constraints on projection just described and that, contrary to what is defended by the so-called ‘satisfaction theory’, presupposition conditionalization is a phenomenon independent from local satisfaction. / En esta tesis, trato el problema de la proyección de presuposiciones. Me centro mayoritariamente en oraciones compuestas de dos cláusulas y en oraciones condicionales cuya segunda cláusula contiene una presuposición. El argumento central es que la presuposición contenida en la segunda cláusula proyecta por defecto, con la excepción de casos en los que la presuposición entraña la primera cláusula (o, en las oraciones disyuntivas, la negación de la primera cláusula). En estos últimos casos, la presuposición no debería proyectar, puesto que es lógicamente más fuerte que la primera cláusula (o su negación). Por tanto, en las oraciones conjuntivas, si la presuposición proyectase, la aseveración de la primera cláusula por parte del hablante no sería informativa. En cuanto a las oraciones condicionales y disyuntivas, si la presuposición projectase, el hablante mostraría inconsistencia en sus creencias al mostrar incertidumbre acerca del valor de verdad de la primera cláusula (o su negación). Sostengo que, en oraciones condicionales, esta incertidumbre es implicada conversacionalmente mientras que, en las oraciones disyuntivas, resulta de la compatibilidad contextual de la primera cláusula. Mantengo que, en casos en los que la proyección es bloqueada, la presuposición es condicionalizada a la primera cláusula (o su negación). Demuestro que la condicionalización es motivada de manera directa por las restricciones de tipo pragmático descritas arriba y que, contrariamente a la idea defendida por la así llamada ‘teoría de la satisfacción’, la condicionalización de la presuposición es un fenómeno independiente de la satisfacción local de la misma.