Suchergebnisse

For decades, courts have struggled to determine whether and when public companies are obligated to update prior disclosures that, although true when made, become misleading as a result of a subsequent event. Prior to 2020, a lack of urgency coupled with an increasingly periodic disclosure regime furthered obscured the role and relevance of this dubious obligation, otherwise known as the duty to update. However, with the paradigmatic subsequent event of COVID-19 still permeating through every aspect of life nearly two years after its onset, the duty to update—and all of its uncertainties—has come into the fore once again. This Note suggests three recommendations to the duty to update in light of its renewed relevance. First, the framework for identifying a statement subject to the duty should be streamlined. Second, courts should adopt a consistent materiality test when evaluating potential violations of the duty. Finally, and most importantly, the SEC should utilize its rulemaking power to clarify its calls for more continuous disclosures in the wake of the pandemic. Only then will the duty to update claim its appropriate role in the grand scheme of securities regulation.

Jason Langford, B.S. Political Science, 2003, has recently joined the firm of Troutman Pepper Sanders Hamilton LLP, an AmLaw top 50 firm. He is an associate in the firm's corporate practice group, where he primarily practices in the area of securities regulation. Jason is focused on helping domestic and foreign issuers comply with the disclosure […]

This study aims to analyze the impact of the environmental, social, and governance (ESG) disclosure on the firm performance, given the stakeholders' increasing attention to the firm's ESG practices. Looking at the European context, the Directive 2014/95/EU and its update encouraged European large companies to provide disclosure about their socially responsible practices. Acting within the Agency and Signaling theory frameworks, this paper focuses on the Italian situation where the Legislative Decree 254/2016 implemented the European Directive and forced the largest firms (those with more than 500 employees) to disclose comprehensive information about their social and environmental activities starting from 2017. By applying a panel regression analysis, using a sample of the largest Italian listed companies, and considering a time span of 10 years (from 2011 to 2020), this study finds that there is a positive relationship between environmental, social, and governance disclosure and firm performance, measured by EBIT. Our findings will help firms' stakeholders, decision-makers, policymakers, as well as academics, to improve their awareness of the impact of ESG disclosure on the performance of the firm, both as a comprehensive factor and individually by pillar. The findings, which support the positive relationship between ESG disclosure and firm performance, should incentivize managers to invest in CSR practices.

The Canadian Medical Association (CMA) regards medical records as confidential documents, owned by the physician/institution/clinic that compiled them or had them compiled. Patients have a right to medical information contained in their records but not to the documents themselves. The first consideration of the physician is the well-being of the patient, and discretion must be used when conveying information contained in a medical record to a patient. This medical information often requires interpretation by a physician or other health care professional. Other disclosures of information contained in medical records to third parties (eg. physician-to-physician transfer for administrative purposes, lawyer, insurance adjuster) require written patient consent or a court order. CMA is opposed to legislation at any level which threatens the confidentiality of medical records.

Social media posts and profiles have become a key part of hiring and firing processes, producing a "hidden curriculum of surveillance." When hiring, employers routinely engage in "cybervetting" job candidates, making judgments based on their social media presence (or absence), and so too can social media disclosures impact (positively and negatively) employment progression and even result in termination. Where is the line between personal social media use and professional identities? What is the difference between holding people in positions of power to account and invading the privacy of everyday people? What kinds of social media posts get people fired? In this article, we report on a study of 312 news media articles that document stories of people being fired because of a social media post. We divide the corpus into posts made by the individuals who are fired ("self-posts," n = 264) and posts made by others that resulted in the subject of those posts losing their job ("third party," n = 48). Racism was the most common reason people were fired in these news stories, followed by other forms of discriminatory behavior (such as queerphobia), offensive content, workplace conflict, political content, acts of violence, and abuse. We examine these narratives through the lens of what van Dijck describes as "professional value," and ultimately seek to question how these stories normalize the "hidden curriculum of surveillance," putting additional pressure on employees and young people who are called to act on social media through the prism of future employment.

ABSTRACTThis article studies the role and value of information disclosure in a reward‐based crowdfunding campaign for a new product development (NPD) project under quality uncertainty. The creator sets a funding target that is subject to a minimum capital requirement and prices for a leading backer and a following backer arriving in two sequential periods. The backers form a prior belief about the quality of the product and update their valuation according to their private signals before they decide whether to bid for the products. The leading backer's bid, if disclosed, may be used by the subsequent backer to infer the former's private signal. We identify two interacting effects that drive the bidding decisions and the profitability of the campaign: an observational learning effect driven by information disclosure and a targeting effect. When the target is relatively high, information disclosure can always benefit the creator. When the target is relatively low, information disclosure may hurt the creator. The optimal target level is always equal to the minimum capital requirement. We further extend the analysis to a setting with a forward‐looking leading backer who may strategically wait and identify the conditions under which information disclosure can also increase the profitability of the campaign. Interestingly, to counteract the strategic delay, the optimal target can be set higher than the minimum capital requirement in the presence of information disclosure.

Preface -- Overview of the Book -- Acknowledgements -- Contents -- Acronyms -- 1 Software -- 1.1 Prerequisites -- 1.1.1 Installation and Updates -- 1.1.2 Install sdcMicro and Its Browser-Based Point-and-Click App -- 1.1.3 Updating the SDC Tools -- 1.1.4 Help -- 1.1.5 The R Workspace and the Working Directory -- 1.1.6 Data Types -- 1.1.7 Generic Functions, Methods and Classes -- 1.2 Brief Overview on SDC Software Tools -- 1.3 Differences Between SDC Tools -- 1.4 Working with sdcMicro -- 1.4.1 General Information About sdcMicro -- 1.4.2 S4 Class Structure of the sdcMicro Package -- 1.4.3 Utility Functions -- 1.4.4 Reporting Facilities -- 1.5 The Point-and-Click App sdcApp -- 1.6 The simPop package -- References -- 2 Basic Concepts -- 2.1 Types of Variables -- 2.1.1 Non-confidential Variables -- 2.1.2 Identifying Variables -- 2.1.3 Sensitive Variables -- 2.1.4 Linked Variables -- 2.1.5 Sampling Weights -- 2.1.6 Hierarchies, Clusters and Strata -- 2.1.7 Categorical Versus Continuous Variables -- 2.2 Types of Disclosure -- 2.2.1 Identity Disclosure -- 2.2.2 Attribute Disclosure -- 2.2.3 Inferential Disclosure -- 2.3 Disclosure Risk Versus Information Loss and Data Utility -- 2.4 Release Types -- 2.4.1 Public Use Files (PUF) -- 2.4.2 Scientific Use Files (SUF) -- 2.4.3 Controlled Research Data Center -- 2.4.4 Remote Execution -- 2.4.5 Remote Access -- References -- 3 Disclosure Risk -- 3.1 Introduction -- 3.2 Frequency Counts -- 3.2.1 The Number of Cells of Equal Size -- 3.2.2 Frequency Counts with Missing Values -- 3.2.3 Sample Frequencies in sdcMicro -- 3.3 Principles of k-anonymity and l-diversity -- 3.3.1 Simplified Estimation of Population Frequency Counts -- 3.4 Special Uniques Detection Algorithm (SUDA) -- 3.4.1 Minimal Sample Uniqueness -- 3.4.2 SUDA Scores -- 3.4.3 SUDA DIS Scores -- 3.4.4 SUDA in sdcMicro -- 3.5 The Individual Risk Approach

In 2014, economic growth slowed as it began to adjust to unsustainable economic imbalances. Real GDP growth softened to 7 percent in the first 9 months, from 12.8 percent in the previous year. Despite strong mining production growth of 26 percent, the growth of the non-mining sector of the economy dropped to 2 percent in the third quarter from 17.4 percent a year ago. Investment sharply fell amidst declining FDI and weakening business prospects. Consumption remains relatively strong but is also gradually softening. The growth effect from stimulus measures of the last year is also wearing off in 2014 as large liquidity support from the central bank cannot be sustained in the wake of high inflation and external vulnerabilities. The current account deficit is narrowing significantly to around 11 percent of GDP from almost 30 percent in the previous three years, due to import contraction over 16 percent and stronger copper exports. However, a significant external financing gap continues amidst declining foreign investment, reducing internal reserves to less than three months import cover. Inflation remains in double digits after a strong credit boom in 2014 and continuous currency depreciation. Economic growth is likely to continue to soften in 2015 as the economy remains under pressure from the external imbalance and high inflation. To help achieve the goal of the new Solutions-oriented Government to overcome economic challenges and build a sound economic management system, the following policy actions are recommended to be considered in the economic policy framework: (1) Consolidate the off-budget spending made through the DBM into the budget; (2) prepare a credible and realistic fiscal consolidation plan to reduce the deficit; (3) monetary policy should be tightened; (4) further quasi-fiscal activities need to be avoided; and (5) the exchange rate should be left flexible.