How Do Investors Evaluate Business Continuity Management （BCM） Disclosures in Emergency Situations？ Evidence From the Great East Japan Earthquake

This study examines economic effects of business continuity management （BCM） disclosures through analyzing changes in shareholder returns in the wake of the Great East Japan Earthquake. The author examined differences in the recovery of share price between disclosing and non-disclosing corporations. The results show that the cumulative average abnormal returns （CAARs） of disclosing corporations recovered faster than non-disclosing corporations. Then, the author examined differences in the recovery of share price between developing and non-developing corporations. The results show that there is no statistically significant difference in the recovery of share price between developing and non-developing corporations. Finally, the author examined the differences of BCM between disclosing and non-disclosing corporations. The results suggest that BCM or business continuity plan （BCP） disclosing corporations have a broader coverage of the BCP, more appropriate procedures for responding to emergency situations, more effective training of the BCM, and more mature BCM systems than non-disclosing ones.

The Effect of the 2007/2008 Financial Crisis on Enterprise Risk Management Disclosure of Top US Banks

We document the effect of the 2007/2008 financial crisis on the volume and the quality of enterprise risk management （ERM） disclosure in the annual reports of the largest US banks, and analyze its determinants. Using a content analysis approach of the annual reports form 10-K for the years 2006, 2007, 2008, and 2009, we find that the ERM disclosure is significantly and positively associated with the crisis, bank size, board independence, duality and significantly and negatively associated with profitability, leverage, and board size. This paper seeks to fill a gap in the literature by investigating the effect of the crisis on ERM disclosure in the US banking sector context, and gives an insight into the factors affecting risk disclosure practices during the financial crisis.

Evaluating the Risk of Disclosure and Utility in a Synthetic Dataset

The advancement of information technology has improved the delivery of nancial services by the introduction of Financial Technology(FinTech).To enhance their customer satisfaction,Fintech companies leverage articial intelligence(AI)to collect ne-grained data about individuals,which enables them to provide more intelligent and customized services.However,although visions thereof promise to make customers’lives easier,they also raise major security and privacy concerns for their users.Differential privacy(DP)is a common privacy-preserving data publishing technique that is proved to ensure a high level of privacy preservation.However,an important concern arises from the trade-off between the data utility the risk of data disclosure(RoD),which has not been well investigated.In this paper,to address this challenge,we propose data-dependent approaches for evaluating whether the sufcient privacy is guaranteed in differentially private data release.At the same time,by taking into account the utility of the differentially private synthetic dataset,we present a data-dependent algorithm that,through a curve tting technique,measures the error of the statistical result imposed to the original dataset due to the injection of random noise.Moreover,we also propose a method that ensures a proper privacy budget,i.e.,will be chosen so as to maintain the trade-off between the privacy and utility.Our comprehensive experimental analysis proves both the efciency and estimation accuracy of the proposed algorithms.

Institutional Ownership, Risk Disclosure, and Potential Benefits： From the Perspective of Internal Control and Firm Risk

This study investigates risk reporting practices of Chinese listed manufacturing companies. More specifically, it empirically examines the relationship between the percentage of institutional shareholding, the disclosure of risk related information and the impact of risk disclosure on internal control and firm risk. Three risk disclosure attributes indicative of good risk related information disclosure are employed in this research. As hypothesized, we find that firms with higher institutional ownership provide more informative disclosure on distinct risk factors and take more actions in response to the risk factors. Results drawn from the potential benefits of risk reporting suggest that risk disclosure has positive effects on the quality of internal control. We also find that risk disclosure can effectively decrease future downside systemic risk.