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This study investigated the association between mandatory disclosure and company value expressed in share price anticipation of earnings by using a sample of UK companies included in the FTSE 350 Index for a period of five years, from 2006 to 2010. A mandatory disclosure index was developed

Does it achieve the regulators ’ purposes?

as it is costless to do so. Here we show that competitive pressures between firms may undermine this full disclosure result, and explain why only high quality firms choose to disclose. In this setting, mandatory disclosure laws can promote competition and raise consumer surplus at the expense of firm profits

under the FOIA. Exemption 5 applies. Key lock protection by authorized personnel required. FOR OFFICIAL USE ONLYNISPOM Supplement (NISPOMSUP) Overprint A key to understanding the Overprint There are a number of different fonts and typefaces used within the NISPOMSUP Overprint. This page provides a key to understanding the Overprint. If you are not thoroughly familiar with the style and layout of the Overprint, please study the example provided below prior to proceeding. NOTE: As you read the Overprint remember that since the NISPOMSUP was coordinated and approved as an interagency document, all language in the original NISPOMSUP remains unchanged. Also, since the NISPOMSUP is a supplement to the Baseline NISP Operating Manual (NISPOM), any section that has not been supplemented within the Overprint remains governed by Baseline NISPOM requirements. This example is clipped from a page of the NISPOMSUP Overprint. It illustrates the use of the various fonts and type faces to promote understanding of the requirements in the Overprint. The example also aids in identifying the origin of the specific requirement. 5-201. Accountability. Accountability of classified SAP material shall be determined and approved in writing by the CSA or designee at the time the SAP is approved. A separate accountability control system may be required for each SAP.

Mandatory disclosure is a regulatory tool intended to allow market participants to assess manager risks. We use the recent controversial SEC filing to study the value of disclosure. By examining Form ADVs filed by major hedge funds in February 2006, we are able to quantify operational risk

to regulate itself and of self-regulation by industry. But reliable and comprehensive data on the nature and extent of industry sponsorship are rare. Several states in the US have mandatory disclosure laws for physician payments, but these data have proved difficult to access and analyse [5]. The US

that they only serve to burden firms and consumers with unnecessary costs. Leveraging the economic analysis of accident law, we examine whether mandatory disclosure policies can ever reduce overall social costs by inducing firms and consumers to take optimal care. Using both analytical and numerical modeling, we

This paper uses a rare exogenous shock to corporate disclosure, the 2004 regulatory change requiring enhanced disclosure of repurchase transactions, to examine whether mandatory disclosure affects corporate behavior. Results are consistent with a significant increase in repurchase plan completion