Il conflitto fra trasparenza sui mercati finanziari ed esigenza di riservatezza della società

The thesis main topic is the conflict between disclosure in financial markets and the need for confidentiality of the firm. After a recognition of the major dynamics of information production and dissemination in the stock market, the analysis moves to the interactions between the information that a firm is tipically interested in keeping confidential, such as trade secrets or the data usually covered by patent protection, and the countervailing demand for disclosure arising from finacial markets. The analysis demonstrates that despite the seeming divergence between informational contents tipically disclosed to investors and information usually covered by intellectual property protection, the overlapping areas are nonetheless wide and the conflict between transparency in financial markets and the firm’s need for confidentiality arises frequently and sistematically. Indeed, the company’s disclosure policy is based on a continuous trade-off between the costs and the benefits related to the public dissemination of information. Such costs are mainly represented by the competitive harm caused by competitors’ access to sensitive data, while the benefits mainly refer to the lower cost of capital that the firm obtains as a consequence of more disclosure. Secrecy shields the value of costly produced information against third parties’ free riding and constitutes therefore a means to protect the firm’s incentives toward the production of new information and especially toward technological and business innovation. Excessively demanding standards of transparency in financial markets might hinder such set of incentives and thus jeopardize the dynamics of innovation production. Within Italian securities regulation, there are two sets of rules mostly relevant with respect to such an issue: the first one is the rule that mandates issuers to promptly disclose all price-sensitive information to the market on an ongoing basis; the second one is the duty to disclose in the prospectus all the information “necessary to enable investors to make an informed assessment” of the issuers’ financial and economic perspectives. Both rules impose high disclosure standards and have potentially unlimited scope. Yet, they have safe harbours aimed at protecting the issuer need for confidentiality. Despite the structural incompatibility between public dissemination of information and the firm’s need to keep certain data confidential, there are certain ways to convey information to the market while preserving at the same time the firm’s need for confidentality. Such means are insider trading and selective disclosure: both are based on mechanics whereby the process of price reaction to the new information takes place without any corresponding activity of public release of data. Therefore, they offer a solution to the conflict between disclosure and the need for confidentiality that enhances market efficiency and preserves at the same time the private set of incentives toward innovation.

Il sindacato della Corte di cassazione sul travisamento della prova

Sect. 606, par. 1, e), as modified by Law 46, enacted on Februray 20th, 2006 introduced the chance to appeal to the Court of cassation in case of inconsistent reasoning and extended control on its existence and on other flaws and lack of obvious logic over the text of the contested decision, namely “to other acts the process specified in the grounds of burden”. The renewed provision seems to properly reappoint the “distortion of the evidence”, i.e. the omitted or distorted evidence that could be relevant and conclusive one, in the peculiar context of the grounds' vice. After a general review of the obligation to state reasons for judicial decisions, we analyze the innovative status of the vice of “distortion of evidence” and the conditions and the limits - defined by the law - within we can contest a resolution for illegitimacy. Then, we outline the systematic spin-off brought by the new form of sect. 606, par. 1, e) on some institutions in the code of criminal procedure. Finally, we make the role of the Court of cassation clear in the modern criminal trial, since the 2006 reform gave no definite answer on this fundamental aspect of the question.

Studio di marcatori immunoistochimici, analisi FISH e ruolo dei microRNA nelle neoplasie gliali di basso e di alto grado

Gliomas are the most common primary brain tumours. Despite advances in surgical techniques, postoperative supportive care, radiation and adjuvant systemic therapy, the life expectancy of patients with high grade glioma has remained essentially poor. Furthermore differential diagnosis among astrocytomas, oligodendrogliomas and oligoastrocytomas is very challenging and subject to inter-observer variability. The purpose of the research was: 1) to investigate a series of high grade and low grade gliomas at gene and protein (immunohistochemistry) levels to disclose possible genetic portraits of malignancy; 2) to verify the utility of Nogo-A, Olig-2 and synaptophysin in providing a correct histological diagnosis of oligodendroglioma and to investigate a possible complementary role in selecting the best areas suitable for detecting 1p/19q codeletion using FISH analysis; 3) to study the role of microRNA in high grade gliomas. In order to obtain these goals large series of brain tumors were studied with DNA microarrays, immunohistochemistry and RT-PCR The results demonstrated that: - Overexpression of IGFBP-2 and CDC20 is highly related to glioblastomas and their immunopositivity can be useful for the identification of glioblastoma in small biopsies. - Nogo-A is the most useful and specific marker in differentiating oigodendrogliomas from other gliomas. Furthermore, using a Nogo-A driven FISH analysis, it is possible to identify a larger number of 1p19q codeletions in gliomas. - microRNAs can be studied in paraffin embedded tissues better than in fresh tissues. A series of six microRNA, significatively deregulated in glioblastomas, may represent a genetic signature with prognostic and predictive value and could constitute candidates for novel anti-cancer therapeutics.

Three essays in industrial organization

This dissertation comprises three essays on the topic of industrial organization. The first essay considers how different intellectual property systems can affect the incentives to invest in R&D when innovation is cumulative. I introduce a distinction between plain and sophisticated technological knowledge, which plays a crucial role in determining how different appropriability rules affect the incentives to innovate. I argue that the positive effect of weak intellectual property regimes on the sharing of intermediate technological knowledge vanishes when technological knowledge is sophisticated, as is likely to be the case in many high tech industries. The second essay analyzes a two-sided market for news where advertisers may pay a media outlet to conceal negative information on the quality of their own product (paying positive to avoid negative) and/or to disclose negative information on the quality of their competitors products (paying positive to go negative). It is shown that whether advertisers have negative consequences on the accuracy of media reports or not, ultimately depends on the extent of correlation among advertisers products. The third essay considers the role of social learning in the diffusion of a new technology. A population of agents can choose between two risky technologies: an old one for which they know the expected outcome, and a new one for which they have only a prior. Different environments are confronted. In the benchmark case agents are isolated and can perform costly experiments to infer the quality of the new technology. In the other cases agents are settled in a network and can observe the outcomes of neighbors. We observe that in expectations the quality of the new technology may be overestimated when there is a network spread of information.

Der rechtliche Status eines universellen Handelsrechts in den Rechtsordnungen Englands, Frankreichs und Deutschlands

Die Arbeit behandelt die Frage nach der Reichweite der Parteiautonomie und der Kompetenz des Schiedsgerichts zur Bestimmung des anwendbaren materiellen Rechts in einem internationalen Schiedsverfahren. Im Wege eines rechtsvergleichenden Ansatz wurden die Rechtsordnungen Englands (arbitration act 1996), Frankreichs (Art. 1492 ff. Nouveau Code de Procédure Civile)und Deutschlands (10. Buch der ZPO)untersucht, im Hinblick auf die Frage, wie nichtstaatliche Regeln (lex mercatoria) behandelt werden und unter welchen Voraussetzungen sie Anwendung finden können, sei es von Seiten der Parteien oder des Schiedsgerichts. Des Weiteren wollte die Arbeit zeigen, welche der genannten Rechtsordnungen die "wettbewerbsfähigste" ist, anders gesagt, welcher es gelingt, mit der Entwicklung eines sich wahrhaft globalisierenden, internationalen Markts mitzuhalten, indem der Weg für eine Anwendung solcher Regeln so weit wie möglich geebnet wird. Starre, nationale Vorschriften werden in diesem Zusammenhang als eine Minderung der Wettbewerbsfähigkeit eines nationalen Rechts angesehen, welches sich den vorgenannten Herausforderungen stellen möchte. Das französische Recht erwies sich hierbei als das "wettbewerbsfähigste" der drei größten europäischen Wirtschaftsnationen, indem es ein geeignetes rechtliches Regelwerk für internationale Wirtschaftsangelegenheiten verwickelte Parteien aufstellt.

The impact of R&D in firm value across Europe

In this thesis the impact of R&D expenditures on firm market value and stock returns is examined. This is performed in a sample of European listed firms for the period 2000-2009. I apply different linear and GMM econometric estimations for testing the impact of R&D on market prices and construct country portfolios based on firms’ R&D expenditure to market capitalization ratio for studying the effect of R&D on stock returns. The results confirm that more innovative firms have a better market valuation,investors consider R&D as an asset that produces long-term benefits for corporations. The impact of R&D on firm value differs across countries. It is significantly modulated by the financial and legal environment where firms operate. Other firm and industry characteristics seem to play a determinant role when investors value R&D. First, only larger firms with lower financial leverage that operate in highly innovative sectors decide to disclose their R&D investment. Second, the markets assign a premium to small firms, which operate in hi-tech sectors compared to larger enterprises for low-tech industries. On the other hand, I provide empirical evidence indicating that generally highly R&D-intensive firms may enhance mispricing problems related to firm valuation. As R&D contributes to the estimation of future stock returns, portfolios that comprise high R&D-intensive stocks may earn significant excess returns compared to the less innovative after controlling for size and book-to-market risk. Further, the most innovative firms are generally more risky in terms of stock volatility but not systematically more risky than low-tech firms. Firms that operate in Continental Europe suffer more mispricing compared to Anglo-Saxon peers but the former are less volatile, other things being equal. The sectors where firms operate are determinant even for the impact of R&D on stock returns; this effect is much stronger in hi-tech industries.

I limiti al diritto di proprietà derivanti dagli strumenti di pianificazione urbanistica. I vincoli urbanistici.

Nella prima parte viene ricostruito il concetto di vincolo espropriativo alla luce dell’elaborazione della giurisprudenza della Corte costituzionale e della Corte EDU, giungendo alla conclusione che rientrano in tale concetto le limitazioni al diritto di proprietà che: - derivano da scelte discrezionali dell’Amministrazione non correlate alle caratteristiche oggettive del bene; - superano la normale tollerabilità nel senso che impediscono al proprietario la prosecuzione dell’uso in essere o incidono sul valore di mercato del bene in modo sproporzionato rispetto alle oggettive caratteristiche del bene e all’interesse pubblico perseguito. Ragione di fondo della teoria dei vincoli è censurare l’eccessiva discrezionalità del potere urbanistico, imponendo una maggiore obiettività e controllabilità delle scelte urbanistiche. Dalla teoria dei vincoli consegue altresì che nell’esercizio del potere urbanistico l’Amministrazione, pur potendo differenziare il territorio, deve perseguire l’obiettivo del riequilibrio economico degli interessi incisi dalle sue determinazioni. L’obbligo della corresponsione dell’indennizzo costituisce la prima forma di perequazione urbanistica. Nel terzo e nel quarto capitolo viene analizzata la giurisprudenza civile e amministrativa in tema di vincoli urbanistici, rilevandone la non corrispondenza rispetto all’elaborazione della Corte costituzionale e l’incongruità dei risultati applicativi. Si evidenzia in particolare la necessità del superamento del criterio basato sulla distinzione zonizzazioni-localizzazioni e di considerare conformative unicamente quelle destinazioni realizzabili ad iniziativa privata che in concreto consentano al proprietario di conseguire un’utilità economica proporzionata al valore di mercato del bene. Nel quinto capitolo viene analizzato il rapporto tra teoria dei vincoli e perequazione urbanistica, individuandosi il discrimine tra i due diversi istituti non solo nel consenso, ma anche nella proporzionalità delle reciproche prestazioni negoziali. Attraverso la perequazione non può essere attribuito al proprietario un’utilità inferiore a quella che gli deriverebbe dall’indennità di esproprio.

The challenges and the limitations in Life Cycle Impact Assessment for metal oxide nanoparticles, a case study on nano- TiO2

Life Cycle Assessment (LCA) is a chain-oriented tool to evaluate the environment performance of products focussing on the entire life cycle of these products: from the extraction of resources, via manufacturing and use, to the final processing of the disposed products. Through all these stages consumption of resources and pollutant releases to air, water, soil are identified and quantified in Life Cycle Inventory (LCI) analysis. Subsequently to the LCI phase follows the Life Cycle Impact Assessment (LCIA) phase; that has the purpose to convert resource consumptions and pollutant releases in environmental impacts. The LCIA aims to model and to evaluate environmental issues, called impact categories. Several reports emphasises the importance of LCA in the field of ENMs. The ENMs offer enormous potential for the development of new products and application. There are however unanswered questions about the impacts of ENMs on human health and the environment. In the last decade the increasing production, use and consumption of nanoproducts, with a consequent release into the environment, has accentuated the obligation to ensure that potential risks are adequately understood to protect both human health and environment. Due to its holistic and comprehensive assessment, LCA is an essential tool evaluate, understand and manage the environmental and health effects of nanotechnology. The evaluation of health and environmental impacts of nanotechnologies, throughout the whole of their life-cycle by using LCA methodology. This is due to the lack of knowledge in relation to risk assessment. In fact, to date, the knowledge on human and environmental exposure to nanomaterials, such ENPs is limited. This bottleneck is reflected into LCA where characterisation models and consequently characterisation factors for ENPs are missed. The PhD project aims to assess limitations and challenges of the freshwater aquatic ecotoxicity potential evaluation in LCIA phase for ENPs and in particular nanoparticles as n-TiO2.

Parola arcaica e costruzioni del moderno. I sentieri della scrittura in Julio Herrera y Reissig

L’obbiettivo del lavoro è quello di delimitare uno spazio critico che consenta di ripensare il concetto di modernità nelle culture ispanoamericane degli inizi del XX secolo. In questa direzione, si è deciso di focalizzare l’attenzione su un’opera letteraria, quella dell’uruguaiano Julio Herrera y Reissig, del tutto particolare se comparata al resto delle produzioni estetiche a essa più immediatamente contigue. Tornare a leggere Herrera y Reissig equivale, infatti, nella sostanza, a rimettere mano criticamente a tutta l’epoca modernista, interpretandola non in senso unitario, bensì plurale e frammentario. Spunto di partenza dell’analisi sono state le coordinate culturali comuni in cui quelle estetiche si sono determinate e sviluppate, per poi procedere verso una moltiplicazione di percorsi in grado di rendere conto della sostanziale discrepanza di mezzi e finalità che intercorre fra Julio Herrera y Reissig e gran parte del Modernismo a lui contemporaneo. Mantenendo come base metodologica i presupposti dell’archeologia culturale foucauldiana, è stato possibile rintracciare, nell’opera dell’uruguaiano, un eterogeneo ma costante movimento di riemersione e riutilizzo delle più svariate esperienze del pensiero – estetico e non – occidentale. Nelle particolarità d’uso a cui la tradizione è sottomessa nella scrittura di Herrera y Reissig si è reso così possibile tornare a ragionare sui punti focali dell’esperienza della modernità: il legame fra patrimonio culturale e attualità, la relazione fra sedimentazione tradizionale e novità, nonché, in definitiva, le modalità attraverso le quali alla letteratura è consentito di pensare e dire la propria storia – passata, presente e futura – e, in conseguenza, metabolizzarla, per tornare ad agire attivamente su di essa.

Strumenti finanziari partecipativi e "nuovi" canali di finanziamento delle societa' per azioni

Il lavoro affronta il tema degli strumenti finanziari partecipativi e non partecipativi che possono essere emessi dalle società per azioni, alla luce della disciplina introdotta dalla riforma del diritto societario. Lo studio è diretto a fornire un inquadramento sistematico di queste modalità di finanziamento rispetto alla dicotomia azioni-obbligazioni, anche sotto il profilo contabile, per poi individuare le conseguenti implicazioni in termini di disciplina applicabile. Affrontando il dibattito dottrinale sulla collocazione complessiva degli strumenti ibridi rispetto alle forme di finanziamento tradizionali, si sposa l’opinione secondo cui tutti gli strumenti finanziari non possono essere ricompresi in una categoria unitaria, ma occorre mantenere distinti gli strumenti finanziari partecipativi indicati dall’art. 2346, comma 6, c.c., dagli altri strumenti finanziari ex art. 2411, comma 3, c.c., riconoscendo nei primi delle modalità di raccolta assimilabili al capitale di rischio e nei secondi delle forme di provvista di capitale di debito. Il connotato distintivo tra strumenti finanziari partecipativi e non partecipativi viene individuato non nell’attribuzione di diritti amministrativi – che possono anche non essere assegnati ai titolari di strumenti di cui all’art. 2346, comma 6 – bensì nell’assenza o nella presenza di un obbligo di rimborso dell’apporto fornito all’impresa. Il lavoro esamina inoltre vari profili di disciplina di entrambe le categorie di strumenti, concentrandosi prevalentemente sui diritti patrimoniali ad essi attribuibili, tra cui la partecipazione agli utili e alle perdite e i diritti in sede di liquidazione. Infine si esaminano le previsioni recentemente introdotte dal d.l. n. 83/2012 in tema di titoli obbligazionari, al fine di valutarne l’impatto sull’impianto complessivo della disciplina vigente. In particolare, viene data attenzione alle nuove disposizioni relative alle obbligazioni subordinate e/o partecipative che possono essere emesse dalle società non quotate, mettendo in evidenza le criticità dal punto di vista sistematico in tema di possibile partecipazione agli utili degli obbligazionisti.

Segmentale Musterbildung in der terminalen Abdominalregion des zentralen Nervensystems von Drosophila melanogaster

In dieser Arbeit wurden Mechanismen der Musterbildung in der terminalen Abdominalregion des Zentralnervensystems von Drosophila melanogaster untersucht. Dazu wurden zunächst die Anzahl der angelegten Neuromere und das Muster der dort lokalisierten neuralen Stammzellen (Neuroblasten) analysiert. Dabei zeigte sich, dass sowohl die Größe der Neuromere, als auch die Anzahl an Neuroblasten von anterior nach posterior sukzessiv abnimmt, wobei keine geschlechtsspezifischen Unterschiede in der Anzahl der vorhandenen Neuroblasten festgestellt werden konnten. Durch die Kombination einer Vielzahl von molekularen Markern war es anschließend möglich, die Identität aller Neuroblasten in diesem Bereich aufzuklären und in einer Karte zusammenzutragen. Sie weisen alle eine serielle Homologie zu Neuroblasten in weiter anterior gelegenen Segmenten auf. Des Weiteren wurde die embryonale Identität der geschlechtsspezifischen Neuroblasten untersucht und deren postembryonalen mänchenspezifischen Zellstammbäume charakterisiert. Diese detaillierten Beschreibungen bildeten die Grundlage für die funktionelle Analyse von geschlechts- und segmentspezifischen Faktoren, die zur Musterbildung in dieser Region des Zentralnervensystems beitragen. So konnte gezeigt werden, dass die weibliche Isoform von doublesex den programmierten Zelltod der geschlechtsspezifischen Neuroblasten induziert, während die männliche Isoform diesen verhindert. Das Hox-Gen Abdominal-B zeigt relativ milde Effekte auf das Überleben dieser Neuroblasten, was darauf hindeutet, dass weitere Faktoren benötigt werden, um diesen Prozess in segmentspezifischer Weise zu kontrollieren. Die Funktion von Hox-Genen wurde ferner im Hinblick auf die abgeleitete Morphologie der terminalen Neuromere untersucht. Es konnte herausgefunden werden, dass die regulatorische Isoform von Abdominal-B auf mehreren Ebenen wirkt: Sie beeinflusst die Zusammensetzung bestimmter Zellstammbäume durch Modifikation von Zelldeterminationsprozessen und durch die Kontrolle des programmierten Zelltods. Außerdem unterdrückt sie die Bildung einer spezifischen Subpopulation von Neuroblasten. Allerdings benötigt Abdominal-B.r die Co-Expression des ParaHox-Gens caudal, um sein gesamtes Potenzial bezüglich der Suppression dieser Neuroblasten zu entfalten. Die vorliegende Arbeit hat somit erste Einblicke in die geschlechtsspezifische und segmentspezifische Spezifizierung der terminalen Abdominalregion des Zentralnervensystems von Drosophila auf Ebene des Neuroektoderms, der daraus hervorgehenden Neuroblasten und deren Tochterzellen gewährt. Die vollständige und detailgetreue Beschreibung des Neuroblasten-Musters und der postembryonalen männchenspezifischen Zellstammbäume hat zudem attraktive Modellsysteme für zukünftige Untersuchungen etabliert, an denen sich weitere Mechanismen der Musterbildung im Zentralnervensystem analysieren lassen.

Nanoparticular iron complex drugs for parenteral administration - physicochemical characterization, biological distribution and pharmacological safety

Iron deficiency is the most common deficiency disease worldwide with many patients who require intravenous iron. Within the last years new kind of parenteral iron complexes as well as generic preparations entered the market. There is a high demand for methods clarifying benefit to risk profiles of old and new iron complexes. It is also necessary to disclose interchangeability between originator and intended copies to avoid severe anaphylactic and anaphylactoid side reaction and assure equivalence of therapeutic effect.rnrnThe investigations presented in this work include physicochemical characterization of nine different parenteral iron containing non-biological complex drugs. rnWe developed an in-vitro assay, which allows the quantification of labile iron in the different complexes and thus it is a useful tool to estimate the pharmaclogical safety regarding iron related adverse drug events. This assay additionally allowed the estimation of complex stability by evaluation of degradation kinetics at the applied conditions.rnrnAn in-ovo study was performed to additionally compare different complexes in respect to body distribution. This in combination with complex stability information allowed the risk estimation of potential local acute and chronic reactions to iron overload.rnrnInformation obtained by the combination of the methods within this work are helpful to estimate the safety and efficacy profile of different iron containing non-biological complex drugs. rnrnPhysicochemical differences between the complexes were demonstrated in respect to size of the inorganic fraction, size and size distribution of the complete particles, structure of the inorganic iron fraction, morphology of the complexes and charge of the complexes. And furthermore significant differences in the biological behavior of different complexes were demonstrated. rnrnThe combination of complex stability and biodistribution as well as the combination of structure, size and stability represent helpful tools for the physicochemical characterization of iron containing non-biological complex drugs and for the estimation of pharmacological safety. This work thus represents an up to date summary of some relevant methods for the characterization of intravenous iron complex drugs in respect to pharmaceutical quality, pharmacological safety and aspects of efficacy. rnrnProspectively, it is worthwhile that the methods within this work will contribute to the development and/or characterization of iron containing nanoparticular formulations with beneficial efficacy and safety profiles.rn

Clinical radiology and postmortem imaging (Virtopsy) are not the same: Specific and unspecific postmortem signs

The aim of this article is to disclose the characteristics of postmortem forensic imaging; give an overview of the several possible findings in postmortem imaging, which are uncommon or new to clinical radiologists; and discuss the possible pitfalls. Unspecific postmortem signs are enlisted and specific signs shall be presented, which are typical for one cause of death. Unspecific signs. Livor mortis may not only be seen from the outside, but also inside the body in the lungs: in chest CT internal livor mortis appear as ground glass opacity in the dependent lower lobes. The aortic wall is often hyperdense in postmortem CT due to wall contraction and loss of luminal pressure. Gas bubbles are very common postmortem due to systemic gas embolism after major open trauma, artificial respiration or initial decomposition; in particular putrefaction produces gas bubbles globally. Specific signs. Intracranial bleeding is hyperattenuating both in radiology and in postmortem imaging. Signs of strangulation are hemorrhage in the soft tissue of the neck like skin, subcutaneous tissue, platysma muscle and lymph nodes. The "vanishing" aorta is indicative for exsanguination. Fluid in the airways with mosaic lung densities and emphysema (aquosum) is typical for fresh-water drowning.

Cognition and driving in older persons

In Switzerland, approximately 350,000 people aged 70 years or older own a valid driving license. By law, these drivers are medically assessed every other year, most commonly by their general practitioner, to exclude that a medical condition is interfering with their driving skills. A prerequisite for driving is the integration of high-level cognitive functions with perception and motor function. Ageing, per se, does not necessarily impair driving or increase the crash risk. However, medical conditions, such as cognitive impairment and dementia, become more prevalent with advancing age and may contribute to poor driving and an increased crash risk. The extent to which driving skills are impaired depends on the cause of dementia, disease severity, other co-morbidities and individual compensation strategies. Dementia often remains undiagnosed and therefore general practitioners (GPs) can find themselves in the difficult situation to disclose a suspicion about cognitive impairment and queries about medical fitness to drive, at the same time. In addition, the literature suggests that cognitive screening tests, most commonly used by GPs, have a limited role in judging whether an older person remains fit to drive. Further specialist assessment, for example in a memory clinic or on the road testing (ORT), may be helpful when the diagnosis or its implication for driving remain unclear. Here, we review the literature about cognition and driving, for GPs who advise older drivers who wish to continue driving.

Distress Disclosure and Personality in College Students

This study examined distress disclosure, the tendency to confide unpleasant feelings and experiences to others. Other factors under consideration were gender, personality factors (such as extraversion and one's general tendency to disclose), and the identity of the person to whom individuals were asked to disclose. The subject pool included 22 male and 34 female volunteers from Bucknell University. Participants were asked to complete a measure of basic demographics, the Distress Disclosure Index, and the NEO-FFI measure of personality. They were then asked to disclose about an aspect of their lives that they personally found stressful, as if they were confiding in a best friend, a parent, or a professor, respectively. The transcriptions of those recordings were coded for length, depth, and breadth of the disclosure. The researcher hypothesized that greater length, depth, and breadth would be disclosed by females who scored highly on the Distress Disclosure Index, had high extraversion scores on the NEO-FFI, and had been asked to disclose to a best friend. The study found positive associations between openness and depth, neuroticism and depth, and gender with length, such that males were more likely to have longer disclosures. Negative associations were found between extraversion and depth, neuroticism and length, and openness and breadth. Personality factors, gender, and the disclosure target may act as better predictors of the tendency to disclose, rather than of the particular dimensions of disclosure, since every instance is unique.