This paper examines the role of disclosure in assisting market participants to form expectations of future earnings from the accrual content of reported earnings. Using the Transparency and Disclosure ratings prepared by Standard and Poor’s, the authors show how disclosure and accruals jointly affect the earnings expectations that are incorporated in current stock [...]
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Posted on February 15th, 2012
Posted on January 11th, 2012
Cleary Gottlieb recently updated a memorandum addressing disclosure issues that frequently arise in communications between a public company and the market. The memorandum, “Communication with Financial Analysts and Related Disclosure Issues,” includes recent developments in the enforcement of Regulation FD, as well as judicial decisions relating to Rule 10b-5 and the duty to [...] Posted on September 15th, 2011
This IDC Financial Insights Perspective discusses eight early principles in the use of social media in banking. In the past two months, IDC Financial Insights Asia/Pacific ran several round tables and hosted one executive panel on the use of social media in banking. These forums have given us insight into how banks utilize [...] Posted on September 5th, 2011
This paper studies the role of central bank communication of its economic assessment in shaping inflation dynamics. Imperfect information about the central bank’s assessment – or the basis for monetary policy decisions – could complicate the private sector’s learning about its policy response function. The authors show how clear central bank communication, which [...] Posted on June 5th, 2011
Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous. If the public is able to assess accurately the [...] 6 pages
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