NONDISCLOSURE – A GOOD NEWS SIGNAL?

I examine the implications of nondisclosure in a setting where there is a credible signal as to the proprietary nature of the undisclosed information. Specifically, I investigate the market and analysts' response to firms’ application to the Securities and Exchange Commission (SEC) for a confidential treatment order (CTO), which allows firms to redact required disclosures from SEC filings when the redacted information is proprietary. I find that the market and analysts react favorably to the voluntary nondisclosure of proprietary information using the SEC confidential treatment process. Market and analysts reactions are more favorable to the redaction of information that is more likely to have proprietary value, such as information related to research and development. In addition, I show that the redacting firms experience superior accounting performance compared to their peers in the years following the redaction, consistent with the market and analysts’ response to the redaction. However, I find that analysts engage in more intense private information search in response to a CTO redaction. This finding suggests that, although a CTO redaction can signal the nature of undisclosed information, analysts believe that the signal is not fully revealing of the economic magnitude of the undisclosed information. Overall, this study’s findings indicate that a firm's willingness to submit to the CTO approval process serves as a credible signal of the proprietary nature of the withheld information. The results of this study suggest a possible role for a credible signaling channel to facilitate communication between insiders and outsiders regarding the nature of withheld information.

A divulgação de informação do governo societário e o seu efeito no mercado de capitais. Evidência no PSI20 - Euronext Lisbon

Dissertação de Mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2016

Fundos de investimento : um tipo societário autônomo e suas principais características

Dissertação (mestrado)—Universidade de Brasília, Faculdade de Direito, Programa de Pós-Graduação em Direito, 2016.

Stock market study : regulation of unlisted securities : hearings before a subcommittee of the Committee on Banking and Currency, United States Senate, Eighty-fourth Congress first session, on S. 2054, a bill to amend the Securities Exchange Act of 1934, as amended.

Hearings held June 27, 1955-July 6, 1956.

Drawn to the Sea: Charles Bradford Hudson (1865-1939), Artist, Author, Army Officer, with Special Notice of His Work for the United States Fish Commission and Bureau of Fisheries

The biography of Charles Bradford Hudson that follows this preface had its seeds about 1965 when I (VGS) was casually examining the extensive files of original illustrations of fishes stored in the Division of Fishes, National Museum of Natural History, Smithsonian Institution. I happened upon the unpublished illustration of a rainbow trout by Hudson and was greatly impressed with its quality. The thought occurred to me then that the artist must have gone on to do more than just illustrate fishes. During the next 20 years I occasionally pawed through those files, which contained the work of numerous artists, who had worked from 1838 to the present. In 1985, I happened to discuss the files with my supervisor, who urged me to produce a museum exhibit of original fish illustrations. This I did, selecting 200 of the illustrations representing 21 artists, including, of course, Hudson. As part of the text for the exhibit, Drawn from the Sea, Art in the Service of Ichthyology, I prepared short biographies of each of the artists. The exhibit, with an available poster, was shown in the Museum for six months, and a reduced version was exhibited in U.S. and Canadian museums during the next 3 years.

Domestic Violence and the Inter-American Commission on Human Rights: Jessica Lenahan (Gonzales) v United States

On 21 July 2011 the Inter-American Commission on Human Rights issued its much awaited decision in the case of Jessica Lenahan (Gonzales) v United States. In a landmark decision the Commission found the United States of America to be in violation of the American Declaration of the Rights and Duties of Man 1948 due to the failure of the state to protect a victim of domestic violence and her children. This paper analyses the Lenahan decision and its significance for the United States. In particular, the substantial influence of the case law of the European Court of Human Rights on the Commission’s reasoning is examined.

Admisión de las Islas Vírgenes Británicas y de las Islas Vírgenes de los Estados Unidos como miembros asociados de la Comisión Económica para América Latina = Admission of the British Virgin Islands and United States Virgin Islands as associate members of the Economic Commission for Latin America

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