Found 8 article(s) for author 'Disclosure'

Making Private Data Accessible in an Opaque Industry: The Experience of the Private Capital Research Institute

Making Private Data Accessible in an Opaque Industry: The Experience of the Private Capital Research Institute. Josh Lerner, December 2015, Paper. “The level of interest in alternative investments, and private capital in particular (by which we mean both venture capital and private equity), has been intense over the past decade. This interest has stemmed from both investors’ needs for attractive returns and the policy questions around this rapidly growing asset class. Returns from the United States publicly traded equities, the mainstays of investment portfolios for individuals and institutions, have been weak for much of this period, while low (and rising) interest rates suggest limited future returns for bonds. Many other classes of alternative investments, such as hedge funds, have struggled in recent years to match market benchmarks. Concurrently, many public pension funds are facing severe shortfalls, and other institutional investors—from university endowments to sovereign wealth funds—are seeking additional funds to fulfill ambitious agendas …” Link

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Corporate and Integrated Reporting: A Functional Perspective

Corporate and Integrated Reporting: A Functional Perspective. Robert Eccles, George Serafeim, May 5, 2014, Paper. “In this paper, we present the two primary functions of corporate reporting (information and transformation) and why currently isolated financial and sustainability reporting are not likely to perform effectively those functions. We describe the concept of integrated reporting and why integrated reporting could be a superior mechanism to perform these functions. Moreover, we discuss, through a series of case studies, what constitutes an effective integrated report…” Link

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Integrated Reporting and Investor Clientele

Integrated Reporting and Investor Clientele. George Serafeim, April 4, 2014, Paper. “In this paper, I examine the relation between Integrated Reporting (IR) and the composition of a firm’s investor base. I hypothesize and find that firms that practice IR have a more long-term oriented investor base with more dedicated and fewer transient investors. This result is more pronounced for firms with high growth opportunities, not controlled by a family, operating in “sin” industries, and exhibiting more stable IR practice over time…” Link Verified October 11, 2014

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SEC’s Non-Decision Decision on Corporate Political Activity a Policy and Political Mistake

SEC’s Non-Decision Decision on Corporate Political Activity a Policy and Political Mistake. John Coates, December 13, 2013, Opinion. “The SEC’s recent decision to take disclosure of political activities off the SEC’s agenda is a policy mistake, as it ignores the best research on the point, described below, and perpetuates a key loophole in the investor-relevant disclosure rules, allowing large companies to omit material information about the politically inflected risks they run with other people’s money. It is also a political mistake, as it repudiates the 600,000+ investors who have written to the SEC personally to ask it to adopt a rule requiring…Link verified March 28, 2014

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The SEC Delays its Consideration of Rules Requiring Disclosure of Corporate Political Spending

The SEC Delays its Consideration of Rules Requiring Disclosure of Corporate Political Spending. Lucian Bebchuk, December 2, 2013, Opinion. “Last week the Securities and Exchange Commission released its regulatory agenda, and this agenda no longer includes rules requiring public companies to disclose their spending on politics. The agenda now includes only overdue rules that the SEC is required to develop under Dodd-Frank and the JOBS Act. While we are disappointed by the SEC’s decision to delay its consideration of rules requiring disclosure of corporate political spending, we hope that the SEC will consider such rules as soon…” Link verified April 3, 2014

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Harpooning the London Whale is no Substitute for Reform

Harpooning the London Whale is no Substitute for Reform. Mark Roe, August 15, 2013, Opinion. “And so the drama moves on to a courtroom. Two prime traders in JPMorgan Chase’s “London whale” misadventure have been indicted. Side plots may unfold, perhaps via extradition proceedings. But here is the big question: will the indictments lead to better, stronger financial markets? Well, yes and no. Recall the problem: JPMorgan’s London trading desk made trades that would be profitable if the post-crisis American economy remained weak. As the economy improved, the traders sought to reverse the investments…” Link verified August 15, 2013

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Shining Light on Corporate Political Spending

Shining Light on Corporate Political Spending. Lucian Bebchuk, April 2013, Paper. “The Securities and Exchange Commission (SEC) is currently considering a rule making petition requesting that the SEC develop rules requiring that public companies disclose their spending on politics. The petition, which was submitted by a committee of ten corporate law professors that we co-chaired, has received unprecedented support, including comment letters from nearly half a million individuals. At the same time, the petition has also attracted opponents, including prominent members of Congress…”  Link verified April 2013

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Pre-Disclosure Accumulations by Activist Investors: Evidence and Policy

Pre-Disclosure Accumulations by Activist Investors: Evidence and Policy. Lucian Bebchuk, April 2013, Paper. “The SEC is currently considering a rulemaking petition requesting that the Commission shorten the ten-day window, established by Section 13(d) of the Williams Act, within which investors must publicly disclose purchases of a 5% or greater stake in public companies. In this Article, we provide the first systematic empirical evidence on these disclosures and find that several of the petition’s factual premises are not consistent with the evidence.Our analysis is based on about 2,000 filings by activist hedge funds…” Link verified June 19, 2014

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