Transactions with creditors - Solvent firms - The affiliation strategy - mandatory disclosure
8 important questions on Transactions with creditors - Solvent firms - The affiliation strategy - mandatory disclosure
Why are mandatory disclosure obligations likely to be more beneficial for creditors supplying by way of markets than for bank lenders? TQ
P 119-120
Banks generally make relatively large investments in borrower companies, and so have incentives to engage in screening and monitoring of debtors. So it doesn't need to be mandatory, they demand disclosure anyway.
For smaller investors:
1. Smaller proportions of money: Higher coordination costs in gathering information
2. Gathering information might impede their ability to sell their investment in the marketplace, because of restrictions on insider trading.
What is relationship lending?
What are the rules in the US regarding disclosure of financial statements to third parties?
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How does the US differ from other jurisdictions regarding the disclosure of financial statements to third parties?
- Less heavy rules for disclosure for smaller businesses. Less information on the annual report.
How are publicly traded corporations treated in all jurisdictions?
- US (GAAP): all material information bearing on the values of the issuer's financial condition in a registration statement filed with the SEC.
Why is disclosure particularly important in the context of corporate groups?
- Hence: groups need to suffice to IFRS (EU) and GAAP (US) standards
What is the role of gatekeepers in disclosure?
- CRA: credit rating agencies
All major jurisdictions require publically traded companies to be verified by third party gatekeepers
What were some scandals regarding gatekeeper control for mandatory disclosure?
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