Trials, tricks and transparency: how disclosure rules affect clinical knowledge

Scandals of selective reporting of clinical trial results by pharmaceutical firms have underlined the need for more transparency in clinical trials. We provide a theoretical framework which reproduces incentives for selective reporting and yields three key implications concerning regulation. First, a compulsory clinical trial registry complemented through a voluntary clinical trial results database can implement full transparency (the existence of all trials as well as their results is known). Second, full transparency comes at a price. It has a deterrence effect on the incentives to conduct clinical trials, as it reduces the firms'gains from trials. Third, in principle, a voluntary clinical trial results database without a compulsory registry is a superior regulatory tool; but we provide some qualified support for additional compulsory registries when medical decision-makers cannot anticipate correctly the drug companies' decisions whether to conduct trials. Keywords: pharmaceutical firms, strategic information transmission, clinical trials, registries, results databases, scientific knowledge JEL classification: D72, I18, L15

The Complementarity between segment disclosure and earnings quality, and its effect on cost of capital

We investigate the role of earnings quality in determining the levels of segment disclosure, and whether and how better quality earnings and segment disclosure influences cost of capital. Using a large US sample for the period 2001-2006, we find a positive relation between earnings quality and levels of segment disclosures. We also find that firms providing better quality segment information, contingent upon good earnings quality, enjoy lower cost of capital. We base our empirical tests on a self created index of segment disclosure. Our results contribute to a better understanding of (1) the incentives for providing segment disclosures, and (2) how accounting quality (quality of segment information and earnings quality) is related to the cost of capital.

L'obligation d'usage en droit des marques

Introduction Les marques occupent une place centrale dans le monde économique moderne. Indispensables pour distinguer les produits ou services d'une entreprise sur le marché et guider le consommateur vers l'article de son choix, elles constituent un instrument de marketing et de publicité essentiel. Les investissements souvent considérables liés à la création et au lancement d'une marque méritent une protection adéquate. C'est pourquoi la loi fédérale sur la protection des marques et des indications de provenance (LPM) accorde au titulaire d'un enregistrement de marque le droit exclusif de faire usage de cette marque et d'en disposer. Cette protection est ce¬pendant assortie d'une condition: passé un délai de grâce de cinq ans, la marque doit être utilisée en relation avec les produits ou les services enre-gistrés. C'est le principe de l'obligation d'usage. Ce principe, qui soulève de nombreux problèmes juridiques, n'a pas encore fait l'objet d'une étude systématique approfondie depuis l'entrée en vigueur de la LPM. La présente monographie vise à combler cette lacune. L'étude de l'obligation d'usage implique de se pencher sur deux problèmes principaux: d'une part, l'usage en tant que condition légale au maintien du droit (art. 11 LPM) et, d'autre part, les conséquences du défaut d'usage (art. 12 LPM). Nous avons donc divisé notre recherche en deux parties. La première partie comporte quatre titres. Le titre premier est consacré à la présentation générale de l'obligation d'usage; le deuxième à la notion d'usage de la marque. Le troisième concerne l'usage sous une forme divergeant de la marque enregistrée et la question des produits ou services pour lesquels la marque doit être utilisée. Enfin, le titre quatrième traite des problèmes relatifs au lieu et à l'auteur de l'usage. La seconde partie est divisée en trois titres. Le titre cinquième a pour objet les mécanismes de la déchéance et de la restitution du droit. Le sixième porte sur les justes motifs pour le non-usage et le septième sur les voies de droit permettant d'invoquer la déchéance. Le principe de l'obligation d'usage existait déjà avant l'entrée en vigueur de la loi sur la protection des marques, raison pour laquelle nous commencerons généralement par exposer les principes développés sous l'ancien droit avant d'analyser chaque question. Afin de tenir compte des développements intervenus sur le plan européen, notamment suite à l'adoption de la directive d'harmonisation de 1988, nous examinerons également les solutions retenues en droit français, en droit allemand et en droit communautaire.

Iowa Ethics and Campaign Disclosure Board, Agency Performance Plan

Annual Report, Agency Performance Plan

The 411 on Disability Disclosure a Workbook for Youth with Diabillities, 2004

When you opened this workbook, you made an important decision! You made a decision to learn about disability disclosure and what it can mean for you. This workbook provides the expertise about disclosing a disability, and you provide the expertise about yourself. This workbook does not tell you what to do. Rather, it helps you make informed decisions about disclosing your disability, decisions that will affect your educational, employment, and social lives. In fact, making the personal decision to disclose your disability can lead to greater confidence in yourself and your choices. Disclosure is a very personal decision, a decision that takes thought and practice. Both young people with visible disabilities and those with hidden (not readily apparent to others) disabilities can benefit from using this workbook.

Medical and legal professionals' attitudes towards confidentiality and disclosure of clinical information in forensic settings: a survey using case vignettes.

OBJECTIVE: When potentially dangerous patients reveal criminal fantasies to their therapists, the latter must decide whether this information has to be transmitted to a third person in order to protect potential victims. We were interested in how medical and legal professionals handle such situations in the context of prison medicine and forensic evaluations. We aimed to explore the motives behind their actions and to compare these professional groups. METHOD: A mail survey was conducted among medical and legal professionals using five fictitious case vignettes. For each vignette, participants were asked to answer questions exploring what the professional should do in the situation and to explain their justification for the chosen response. RESULTS: A total of 147 questionnaires were analysed. Agreement between participants varied from one scenario to another. Overall, legal professionals tended to disclose information to a third party more easily than medical professionals, the latter tending to privilege confidentiality and patient autonomy over security. Perception of potential danger in a given situation was not consistently associated with actions. CONCLUSION: Professionals' opinions and attitudes regarding the confidentiality of potentially dangerous patients differ widely and appear to be subjectively determined. Shared discussions about clinical situations could enhance knowledge and competencies and reduce differences between professional groups.

Iowa Ethics and Campaign Disclosure Board Notification Letter, June 26, 2006

State Audit Reports - Notification Letters

The 411 Disability Disclosure: A Workbook for youth with Disabilities,

When you opened this workbook, you made an important decision! You made a decision to learn about disability disclosure and what it can mean for you. This workbook provides the expertise about disclosing a disability, and you provide the expertise about yourself. This workbook does not tell you what to do. Rather, it helps you make informed decisions about disclosing your disability, decisions that will affect your educational, employment, and social lives. In fact, making the personal decision to disclose your disability can lead to greater confidence in yourself and your choices. Disclosure is a very personal decision, a decision that takes thought and practice. Both young people with visible disabilities and those with hidden (not readily apparent to others) disabilities can benefit from using this workbook.

Iowa Ethics and Campaign Disclosure Board, Agency Performance Plan, 2007

Annual Report, Agency Performance Plan

Mandatory accounting disclosure by small private companies

This article analyzes how mandatory accounting disclosure is grounded on differentrationales for private and public companies. It also explores technological changes, such ascomputerised databases and the Internet, which have recently made disclosure of companyaccounts by small companies potentially less costly and more valuable, thanks to electronicfiling and universal online access to credit information systems. These recent developmentsfavour policies that would expand the scope of mandatory publication for small companies incountries where it is voluntary. They also encourage policies to reduce the costs and enhancethe value of disclosure through administrative reforms of filing, archive and retrieval systems.Survey and registry evidence on how the information in the accounts is valued and used bycompanies is consistent with these claims about the evolution of the tradeoff of costs andbenefits that should guide policy in this area.

Iowa Ethics and Campaign Disclosure Board, Agency Performance Plan, 2008

Annual Report, Agency Performance Plan Iowa Ethics and Campaign Disclosure Board