We first analyse legal provisions relating to corporate transparency in Germany. We show that despite the new securities trading law (WpHG) of 1995, the practical efficacy of disclosure regulation is very low. On the one hand, the formation of business groups involving less regulated legal forms...

In today's uncertain financial climate it is particularly important for entities to explain their financial performance relative to their expectations. Therefore, the paper analyzes the quality and quantity of management reporting in Germany's publicly traded MDAX and SDAX companies using a...

The Supreme Court's Citizens United decision to let corporations spend unlimited sums in federal elections was premised on a pair of promises: Corporations would disclose expenditures, and shareholders would police such spending. Those promises remain unfulfilled: of $266 million spent by...

In a recent article, Professor Robert J. Jackson Jr. investigates the impact of public disclosure on equity dispositions by senior managers at Goldman Sachs. Utilizing previously overlooked data, Jackson finds that disclosure of sales per Securities Exchange Act section 16(a) dampens selling....

Information asymmetries in financial markets are not a new phenomenon. In a recent poll conducted amongst 76 industry experts, a staggering 83% of participants stated they do not believe utility token issuers disclose enough information to their stakeholders. This essay provides actionable...

This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that imposes tighter disclosure requirements regarding the financial and ownership information on public firms. We find a substantial drop in the number of...

Shareholder activism has been overlooked in Hong Kong (HK) — Asia's global financial centre and the gateway for investors to access the China Mainland markets. The HK Disclosure of Interests regime provides insufficient information on activist investments to the public, as compared to The...

Corporations have facilitated the most dynamic economic growth in history. Addressing adverse externalities, like dark money and climate change, has been hampered by dispersed ownership. Mechanisms are needed to define common values and increase individual empowerment within corporate dominated...

This paper reviews empirical studies and professional literature on corporate risk disclosures. Empirical studies done from the perspective of economic theory with application of statistical techniques have been growing over the years in the field of corporate disclosures. The very concept of...