• The Korean Journal of Financial Management
• /
• 제26권3호
• /
• pp.103-138
• /
• 2009

In this article we examine a unique data set of intraday fair disclosure(FD) releases to shed light on market efficiency within the trading day. Specifically, this paper analyze the response of stock prices on fair disclosure disseminated in real-time through KIND(Korea Investor's Network for Disclosure) on Korea stock exchange during the period from January 2003 to September 2004. We find that the prices of stock experiences a statistically and economically significant increase beginning seconds after the fair disclosure is initially announced and lasting approximately two minutes. The stock price responds more strongly to fair disclosure on smaller firm but the response to fair disclosure on the largest firm stock is more gradual, lasting five minutes. We also examine the profitability of a short-term trading strategy based on dissemination of fair disclosure. After controlling for trading costs we find that trader who execute a trade following initial disclosure generate negative profits, but trader buying stock before initial disclosure realize statistically significant positive profit after two minute of disclosure. Summarizing overall results, our evidence supports that security prices on Korea stock exchange reflects all available information within two minutes and the Korea stock market is semi-strongly efficient enough that a trader cannot generate profits based on widely disseminated news unless he acts almost immediately.

• The Journal of Industrial Distribution & Business
• /
• 제6권2호
• /
• pp.5-11
• /
• 2015

Purpose - This research investigates the effect of disclosure quality with two main components, reliability and timeliness, on economic value added in Iran. Research design, data, and methodology - The sampling includes 170 Tehran Stock Exchange listed companies from 2008-12. Multiple regression analysis was applied to test the hypotheses and estimates of the coefficients. Firm size and return on assets were the control variables. Results - The results show that timeliness of information has a positive impact on economic value added. We did not find any significant relationship between disclosure quality and reliability of information and economic value added. The regressed model shows that there is no significant association between firm size and economic value added. The results also show that there is a positive association between return on assets and economic value added. Conclusions - Theoretically, timely information is effective in decision-making. This study shows that timeliness of information has positive effect on the creation of economic value added. However, disclosure quality, reliability, and firm size do not effect on economic value added. Companies with greater return on assets produce greater economic value added.

• Knowledge Management Research
• /
• 제22권1호
• /
• pp.309-330
• /
• 2021

The information security disclosure system (ISDS) has been implemented since 2016 to ensure the protection of stakeholders and the right to know, and to promote voluntary investment in information protection by companies. Regarding the information security disclosure system, there have been studies that urge the implementation of the system, but studies that analyze the contents disclosed after the implementation of the system or suggest improvement directions are few. In this study, the contents of the information security disclosure system that had been announced on the information security industry promotion portal until 2019 were analyzed, the current status was summarized, and the direction of system improvement was suggested. In some cases, companies that disclosed information through the disclosure system increased the number of personnel in charge and obtained certifications related to information security, but did not find any effect on the increase/decrease in investment. The current disclosure system has not been activated because it has difficulty in giving individual companies incentives to disclose. Thus, this study suggests the inclusion of ISDS to information security management system (ISMS), which is currently mandatory for certain companies. In the current disclosure system, it is difficult for the company's stakeholders or customers to check the contents of the disclosure. As a way to do this, a method of including in the contents of the personal information processing policy or the notification of the use of personal information was suggested.

• Asian Journal of Business Environment
• /
• 제9권2호
• /
• pp.35-46
• /
• 2019

Purpose - The purpose of this study is to find out the intellectual capital disclosure (ICD) and its determinants in the pharmaceutical and chemical industry of Bangladesh. Research design, data, and methodology - This research study is conducted on the listed firms of pharmaceutical and chemical industry in Bangladesh during the period of 2016 to 2017. This study develops a self-structured intellectual capital disclosure index; and the proxies of determinants of ICD are used as board characteristics (board size, independent directors and female directors), ownership structures (institutional ownership and director ownership), and firm characteristics (firm size, leverage and performance). The study uses a content analysis to analyze the extent of ICD and a pooled cross-sectional method to find the determinants of ICD. Research Findings - This study finds that intellectual capital disclosure is positively associated with firm size, leverage, and firm performance and negatively associated with director ownership and institutional ownership. This study also finds that there is no significant association of ICD with independent director or female director. Conclusions - The study recommends that the regulatory authority should develop mandatory guidelines on ICD for ensuring proper and consistent disclosure about the intellectual capitals. Besides, the companies should include a separate section in the annual reports to disclose the measurement and management of intellectual capital.

• International journal of advanced smart convergence
• /
• 제7권2호
• /
• pp.86-94
• /
• 2018

This study focuses on presenting the IT program module provided by real - time forecasting and database of the voluntary disclosure quality measure in order to solve the problem of capital cost due to information asymmetry of external investors and corporate executives. This study suggests a model of the algorithm that the quality of real - time voluntary disclosure can be provided to all investors immediately by IT program in order to deliver the meaningful value in the domestic capital market. This is a method of generating and analyzing real-time or non-real-time prediction models by transferring the predicted estimates delivered to the Big Data Log Analysis System through the statistical DB to the statistical forecasting engine.

• The Journal of Asian Finance, Economics and Business
• /
• 제6권4호
• /
• pp.27-35
• /
• 2019

The paper examines the level of disclosure on Islamic banks' performance in the United Arab Emirates (UAE). The data was collected through content analysis of annual reports and financial statements of all fully-fledged Islamic banks working in the UAE over the period 2009 to 2013. Return on Assets is used as a proxy for the performance of Islamic banks while disclosure index is used as a proxy for Islamic banks' disclosure. Also, predetermined variables are used in the study like Size, Deposits, Non-Performing Investments and Capital to Risk Weighted Assets Ratio. Two-Stage Least-Square regression method is used to check the interdependence relationships between disclosure and performance of Islamic banks in the UAE. The results show a significant relationship between performance and disclosure in the UAE Islamic banks. Our regression results show that Islamic banks with higher levels of disclosure lead to higher operating performance. Furthermore, the performance has a great impact on the level of disclosure which means Islamic banks with high performance measures will disclose more information for investors and other institutions in order to reduce the cost of equity and increase their values in the market. This study is considered as a battery for further studies in the relationship between disclosure and financial performance of Islamic banks at a global level.

• Asian Journal of Business Environment
• /
• 제10권1호
• /
• pp.45-50
• /
• 2020

Purpose: This paper examines the theoretical grounds for the disclosure of the Korea Fair Trade Commission. Three central measures of the disclosure are scrutinized: The interconnected status of affiliate companies, the important matters of private affiliates, and the large internal transactions. Contemplating on three measures, respectively, we review the rationale and derive policy implications. Research design, data, and methodology: Collecting the data of violation rates and remedial measures, we analyze the intensity of the disclosure enforcement. These statistics are critically reviewed by the economic literature of mandatory disclosure. Results: Statistics evince that the Korea Fair Trade Commission has enforced the regulatory disclosure quite successfully. Violation rates of the disclosure has declined from the outset. It demonstrates that the Korea Fair Trade Commission has enforced those measures satisfactorily for about a decade. But we cannot ascertain empirically whether the regulatory disclosures are socially and economically beneficial. To evaluate the effect of the regulatory disclosures precisely, we need a further empirical investigation. Conclusions: Despite the lack of policy evaluation, this study suggests complementary measures for current disclosures. First, disclosure of executive compensation in privately held subsidiaries must be introduced. Second, the controlling shareholder/manager should be responsible for information disclosure on foreign subsidiaries.

• Asian Pacific Journal of Cancer Prevention
• /
• 제17권4호
• /
• pp.1779-1784
• /
• 2016

Background: Western physicians tend to favour complete disclosure of a cancer diagnosis to the patient, while non-Western physicians tend to limit disclosure and include families in the process; the latter approach is prevalent in clinical oncology practice in India. Few studies, however, have examined patient preferences with respect to disclosure or the role of family members in the process. Materials and Methods: Structured interviews were conducted with patients (N=127) in the medical oncology clinic of a tertiary referral hospital in Bangalore, India. Results: Patients ranged in age from 18-88 (M=52) and were mostly male (59%). Most patients (72%) wanted disclosure of the diagnosis cancer, a preference significantly associated with higher education and English proficiency. A majority wanted their families to be involved in the process. Patients who had wanted and not wanted disclosure differed with respect to their preferences regarding the particulars of disclosure (timing, approach, individuals involved, role of family members). Almost all patients wanted more information concerning their condition, about immediate medical issues such as treatments or side effects, rather than long-term or non-medical issues. Conclusions: While most cancer patients wanted disclosure of their disease, a smaller group wished that their cancer diagnosis had not been disclosed to them. Regardless of this difference in desire for disclosure, both groups sought similar specific information regarding their cancer and largely favoured involvement of close family in decision making. Additional studies evaluating the influence of factors such as disease stage or family relationships could help guide physicians when breaking bad news.

• International Journal of Advanced Culture Technology
• /
• 제7권2호
• /
• pp.103-112
• /
• 2019

Online self-disclosure was hypothesized as a mediating variable, explaining the relationship between Facebook access motivation (relationship expansion, curiosity about others' life, maintenance of social connection, social pressure from others, habitual use, impression management, searching for information, and content sharing) and Facebook addiction. Data came from 407 high school students in the Busan, and Gyeongnam provinces. Structural analysis was used to specify the relations among measured construct. Facebook access motivation of curiosity about others' life, Facebook access motivation of maintenance of social connection, Facebook access motivation of social pressure from others, Facebook access motivation of habitual use, and Facebook access motivation of impression management were significant predictors of Facebook addiction. Online self-disclosure mediates between Facebook access motivation of curiosity about others' life, Facebook access motivation of social pressure from others, Facebook access motivation of searching for information & Facebook access motivation of content sharing and Facebook addiction. Viewing online self-disclosure as a mediator has important implications for social media addiction counseling practice.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권9호
• /
• pp.271-281
• /
• 2020

This study aims to investigate whether and why the disclosure of full financial information to estimate taxable income (TI) is incrementally useful for investors' decision making at earnings announcements. This paper shows analytically that the information content of TI beyond book income is determined by the relative informativeness of TI exceeding that of book-tax differences (BTDs), and therefore should be affected by the earnings quality of TI relative to BTDs. This study collects data on earnings announcements from Korean listed firms and employs multiple regression tests for earnings persistence, a major indicator of earnings quality, of TI and BTDs and their information content. The empirical test results show that TI is more persistent than BTDs for the entire sample in this study. Further, the investors' reaction to TI is greater than that to BTDs, and the market response to TI controlling for BI is positive. However, the market test results are significantly observed only in the subsample group with full disclosure of financial statements, not in the samples with disclosure of aggregated earnings only. In sum, this study provides new evidence that the TI information obtained from a detailed earnings announcement is useful for investors in addition to book income.