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Aston University’s Dr Ozlem Arikan looked at the impact of the style of corporate information on investor decisions Companies arguably avoid being specific by using ‘boilerplate language’ to avoid negative reactions of the investors Dr Arikan’s research suggests that boilerplate information is not useful for investment decisions and investors lose trust in managers who use boilerplate language New research from Aston University has found boilerplate language used by managers is preventing their non-professional investors from making sound decisions. Dr Ozlem Arikan examined the impact of the style of corporate information on non-professional investor decisions. The term ‘boilerplate’ refers to standardised text, copy, documents, methods or procedures that may be used over again without making major changes to the original. In the context of risk disclosures as studied by Dr Arikan, boilerplate description of risks entails a generic list of risks that are common to all industry, rather than including details relating to risks specific to that entity. Regulators are concerned about generic disclosures which they label as boilerplate; they warn that disclosures which do not have enough details do not help investors to make sound decisions. An example of a boilerplate can be found in Google’s risk disclosure which cites social media companies as its main competitors without specifying Facebook, an obvious competitor to Google in terms of generating online advertising revenues. Dr Arikan found that although some investors are less likely to invest in a company when its disclosure is specific, this only happens when they had some knowledge about the issue disclosed. However, when the disclosed risk materialises, investors rate boilerplate managers as less credible than specific managers and are less likely to invest in these companies. Dr Ozlem Arikan, senior lecturer in accounting at Aston Business School, said: “My research suggests the Financial Reporting Council has been right all along about ‘boilerplate language’ preventing non-professional investors from making sound decisions, and it is not good for companies either. “When companies are evasive about their risks, they neither help themselves nor their investors. “Companies arguably avoid being specific to avoid negative reactions of the investors. For example, Google presumably avoids mentioning Facebook as it does not want to make Facebook’s threat to its business too explicit. However, my research suggests that companies do not necessarily avoid negative reactions by being boilerplate. “Regulators may wish to guide companies in how to make more specific disclosures, which are more useful to investors in their decision-making than their boilerplate counterparts. “Importantly boilerplate language does not give enough warnings to investors as those who read a boilerplate risk warning are more surprised when the risk materialises and they correct their previous decisions to a greater extent than investors who read the specific information” You can read the full paper, The effect of boilerplate language on nonprofessional investors’ judgments, HERE. You can find out more about Dr Arikan’s previous research HERE.
Corporate Social Responsibility Builds Investor Trust
There’s little doubt that corporate social responsibility (CSR) is a good thing for businesses. Whether it’s taking positive action on society, communities, the climate, or the planet, strong corporate citizenship tends to play well with the public, the media, and consumers alike. And that can translate into wins in terms of brand equity and reputation. What is perhaps less clear are the concrete business returns that ethical business practices may or may not generate. Or, whether doing the right thing can create value for firms beyond image, brand, and customer or employee engagement. To shed light on this, Goizueta Assistant Professor of Accounting Suhas A. Sridharan, has taken a rather novel approach. Together with colleagues from the universities of LUISS Guido Carli, Nazarbayev University, and IDC Herzliya, Sridharan has published a new study using measures of disclosure credibility to understand whether CSR builds investor trust and drives tangible benefits for corporations. Corporate Social Responsibility Does Reap Rewards “Disclosure credulity refers to how much your investors trust the information your organization provides – how much faith they have in your company’s ability to accurately convey opportunities for growth, and perhaps more critically, to navigate risk and uncertainty,” says Sridharan. “Because CSR and responsible business practices have a role in addressing a range of risks–from climate change and environmental factors to socio-economic or political uncertainty and the impact on supply chains, talent and so on–we reasoned CSR can impact investor trust and disclosure credibility. And disclosure credibility, in turn, can impact investor decision-making and business outcomes.” To study disclosure credibility, and capture shifts in investor sentiment towards firms, Sridharan and her colleagues decided to use the link between share prices and company earnings announcements–the public statements on profitability that firms are obliged to make over different periods. “Earnings announcements are among the most salient and recurring areas of corporate disclosure, and managers and investors pay very close attention to them,” Sridharan says. “Because of the nature of the information they contain, they have a direct link to security price discovery – the price that firms and investors will agree to buy and sell shares in the company. Simply put, earnings announcements can be used to examine how much investors value a firm.” As reports, earnings announcements are also highly complex and typically time-consuming to process. Because of this, Sridharan and her colleagues opted to look at just how quickly or slowly investors were reading announcements and responding to them – and how quickly or slowly stock prices were adjusting to reflect earnings news within a five-day window after earnings announcements, as well as a longer period to allow for potential overreaction or error. More Disclosure Credibility Equals Faster Results Sridharan explains, “The intuition we brought to the study was that the more investors trust a firm’s disclosures, the more efficient or faster they will be to process its earnings report; in other words, the more they will be likely to take the report on face value and less inclined to dig into the finer minutiae or question its findings.” Adopting this approach, she and her colleagues then compared and contrasted investor response to earnings reports from different firms, with greater or less involvement in CSR activities. In total, they looked at a large-scale sample of more than 19,000 annual earnings announcements from just under 3,000 U.S. firms over a 25-year period, between 1992 and 2017. Using Morgan Stanley Capital International environmental, social, and governance ratings, they were also able to determine the degree of firm-level CSR across their dataset during this period. Crunching the numbers, Sridharan and fellow researchers were able to arrive at a concrete conclusion: CSR measurably increases investor trust and disclosure credibility. “When we estimated our regression models, we found clear evidence that corporate social responsibility does indeed contribute to the average speed of price discovery around earnings announcements; and it does so positively. Our results reveal that CSR increases the speed with which stock prices incorporate earnings news. Breaking it right down, we see that a one unit increase in CSR activities corresponds to 1.96 percent increase in the average timeliness or efficiency of reported earnings.” In other words, investors are reacting more quickly and favorably to performance reports made by organizations with more demonstrated social responsibility. “We know that these types of announcements are lengthy and dense; they take time to process,” Sridharan says. “So, the intuition here is that when your firm plants a flag on responsibility and accountability, investors are more likely to take your disclosures at face value – they’re more likely to trust what you’re saying.” Organizations would do well to take this finding on board, says Sridharan; especially in today’s climate of high volatility and uncertainty. Having investors on board is critical in weathering the bad times along with the good, she adds, and CSR can be a game-changing tool in building that necessary trust. The Wild West of the Regulatory Landscape Sridharan’s paper also informs the regulatory landscape around corporate responsibility which is still in its infancy and which she likens to something of a “Wild West.” “The U.S. Securities and Exchange Commission (SEC) and other regulators are increasingly focused on improving the functioning of capital markets and understanding the role of CSR,” she says. “The SEC has included an examination of climate and ESG-related risks among its 2021 examination priorities which also underscores a growing investor interest in these issues. At the same time, research is showing that CSR can be misused or simply deployed to benefit managers looking to score reputational points with stakeholders–at the expense of shareholders. By demonstrating that investor perceptions of firms are materially shaped by firms’ CSR activities, our study highlights the importance of–and helps build the case for–monitoring and regulating firms’ CSR activities.” Suhas A. Sridharan is an Assistant Professor of Accounting at Emory University's Goizueta Business School. Sridharan studies investors' use of information to assess risk and resolve uncertainty, particularly around issues of political economy. She is available to speak with media about the importantance of CSR - simply click on her icon now to arrange an interview today.
‘The Murder Book: Understanding Homicide Today’
Augusta professor’s latest book is out now The grisly details of murder and true crime fascinate Americans. Whether it’s the current news about the horrific homicide of 22-year-old Gabby Petito, who disappeared while traveling in Wyoming with her boyfriend, Brian Laundrie, or the unsolved killing of child beauty queen JonBenét Ramsey in her home in Boulder, Colorado, almost 25 years ago, people are intrigued by murder. People’s obsession with true crime has also taken the entertainment industry by storm, leading to numerous popular documentaries, movies about murders, television series on cold case investigations and podcasts dedicated to homicide. The genre is so prolific that Hulu’s latest hit — Only Murders In the Building, starring Steve Martin, Martin Short, and Selena Gomez — centers on Upper West Side neighbors and true crime podcast fans who sleuth out a murder podcast on their own. “Murder captures our attention,” said Dr. Kim Davies, dean of Pamplin College of Arts, Humanities, and Social Sciences, who is also a sociologically trained criminologist with an academic focus on homicide and violence. “For a lot of people, I think it’s the idea of solving a mystery. And many people who find murder so fascinating, haven’t ever seen an autopsy and they haven’t seen a death. “When I taught my Sociology of Murder class here at Augusta University, I used to take students to autopsies and it’s gruesome. It’s not like what you see on television or in the movies.” Just last month, Oxford University Press published Davies’ new book, The Murder Book: Understanding Homicide Today. Back in 2007, Prentice Hall published The Murder Book: Examining Homicide by Davies, which was the only comprehensive textbook to focus on homicide. Her new textbook explores additional topics such as the increase in mass murders, the change in Stand Your Ground laws across the country and police shootings as it relates to the Black Lives Matter movement. “Probably the biggest difference in the two books is the chapter on mass murder,” Davies said. “Unfortunately, there have been a number of huge mass murders since the last book such as Sandy Hook, Virginia Tech and the Las Vegas shooting that killed 58 people. In fact, our society and our news media has focused on mass murders much more. “When I wrote the last book, students were fascinated by serial murder, and a lot of students still are, but now it seems like we are more focused on mass murder.” The full release about Davies’ book release is attached, and well worth the read. If you’re a journalist covering true crime or any other aspect of this fascinating topic – then let us help with your stories. Dr. Kim Davies is a sociologically trained criminologist with academic focus is on homicide and violence. Kim is available to speak with media about this subject – simply click on her icon now to arrange an interview today.
History was made at Arlington – and UConn’s expert was recruited to help with national news coverage
For the first time in the 84 years that soldiers have stood watch over the Tomb of the Unknowns at Arlington National Cemetery, the duty was carried out by three women. UConn's Micki McElya, a professor in the Department of History and the author of The Politics of Mourning: Death and Honor in Arlington National Cemetery, offered her perspective and insight into the significance of the moment: The images of the three female soldiers were a “visual marker” of the often unrecognized sacrifices that women and other marginalized people in the United States have made for the military, Professor McElya said. “Women have served either officially or unofficially in every single war this country has ever waged, but they have never been drafted,” she said. “So if we want to talk about sacrifice and honor, women have done that because they wanted to.” The changing of the guard was also an important moment in military history, one that showed that women are serving in “the most revered positions,” said Kara Dixon Vuic, a professor of war, conflict and society in 20th-century America at Texas Christian University in Fort Worth. “These are the rituals that the nation holds dear,” she said. “Some might call it militaristic and some might say it represents the best of us. But to have women at the heart of it, whatever your perspective is, is important because it shows that women are at the heart of these debates now.” If you are a journalist covering the historic aspects of this occasion or other events taking place, then let our experts help with your stories. Professor McElya is an expert in the histories of women, gender, sexuality, and race in the U.S., with a focus on politics and memory. She’s available to speak with media regarding these topics – simply click on her icon now to arrange an interview today.
It is in the news daily the awareness campaigns are everywhere – but for Spanish-speaking Americans, a lot of the information on COVID-19 and vaccination efforts against the disease weren’t reaching home. That was leaving a large swath of the population unprotected against the virus. Pastor Angel Maestre takes to the airwaves for his radio show, 97 Oasis, each week, speaking about faith to his Spanish-speaking audience. When COVID-19 vaccines rolled out, he began including teachings about health and science. “It was my duty as a leader,” Maestre says. Vaccination rates among the Hispanic population were extremely low at the time. In Richmond County, less than 10 percent of this community was vaccinated. Maestre partnered with Dr. Jose Vaszquez, an infectious diseases physician at Augusta University Health. Vazquez began appearing on Maestre’s radio show. He also spoke and answered questions at Maestre’s church, Centro Cristiano Oasis de Bendicion. “The Hispanic community has been one of the toughest communities to get vaccinated,” Vasquez says. “They’re not anti-vaxxers. But, most of the education put out there is in English. A lot of it is not in Spanish. So, they didn’t understand.” According to Vazquez, the top three concerns among the Hispanic community were that the COVID-19 vaccine contained fetal tissue, caused infertility and could result in undocumented immigrants encountering problems with immigration authorities. “They thought if we took their name and number, that ICE or immigration would come and take them, which is not true.” Vazquez eased concerns, and vaccination rates increased quickly. “I’m proud to say because of our outreach programs with some of our partners, specifically going through the churches, that it has actually increased to 30 to 35 percent.” Are you a journalist looking to know more about how COVID-19 is impacting Hispanic communities and what else can be done to ensure every person in America has access to vaccines? That’s where Augusta University can help. Dr. Jose Vazquez, division chief and professor of medicine in the Medical College of Georgia, is an expert in the realm of infectious diseases. He studies and treats infectious diseases, including antibiotic-resistant superbugs and fungal infections. He has been a reliable source for local, statewide and national media regarding the coronavirus outbreak. Dr. Vazquez is available to speak with media regarding this topic – simply click on his icon to arrange an interview.
Who knew that all those posts about what’s cooking and what’s for dinner could lead to a burgeoning belly? It’s a surprising finding that researchers at Georgia Southern University have discovered – and it’s getting attention from American and international media. Researchers at Georgia Southern University in the U.S. recruited 145 students and split them into two groups. Both were given plates of cheese crackers to nibble but half were told to stop and take a picture first. Immediately after eating them, volunteers were asked to rate how much they liked them and whether they wanted more. The results, published in the journal Appetite, showed those taking snaps of the crackers scored higher in terms of enjoyment and wanting seconds. Picture-taking, researchers said, seems to change the way the brain perceives food and increases the craving for more calories. They wrote: ‘Memories of food and the act of recording consumption can affect how much we eat. "Our results indicate picture-taking leads to greater wanting of the food following consumption. "The effects were most noticeable in volunteers given smaller portions – six crackers instead of 12. Researchers warned: "Those seeking to eat smaller portions, especially of tempting foods that they want to cut back on, should avoid taking pictures of what they are eating." October 03, Daily Mail If you’re a journalist looking to cover this research or learn more for a story – then let our experts help. The researchers behind this study are available, simply reach out to Georgia Southern Director of Communications Jennifer Wise at jwise@georgiasouthern.edu to arrange an interview today.
Trailblazing treatment by ChristianaCare physical therapists catches attention of NFL
ChristianaCare physical therapists have developed a trailblazing treatment to prevent muscle strains that has caught the attention of numerous sports teams, including the Los Angeles Rams and Baltimore Ravens. The treatment involves using a screening tool called the “core sling screen” to test the strength of trunk muscles, also known as core muscles, and is combined with a specialized exercise program to strengthen those muscles. Weakness in those muscles can lead to common athletic injuries such as strains in the abdomen, groin, quadriceps and lower back. A study on the treatment’s success was published this spring in the Journal of Sport Rehabilitation. Following that, ChristianaCare physical therapists, Brian Catania, MPT, SCS, ATC, and Travis Ross, PT, DPT, who co-authored the study and spearheaded the treatment, presented it to the NFL’s Professional Football Athletic Trainer Symposium. Athletic trainers with the Los Angeles Rams and the Baltimore Ravens met directly with Catania and Ross to learn how to use it to prevent their players from sustaining muscle injuries. “The research by ChristianaCare Rehabilitation Services regarding core slings is an extremely effective approach that is based off of sound reasoning and practical application,” said Jon Hernandez, PT, DPT, SCS, ATC, CSCS, physical therapist and assistant athletic trainer for the Rams. “The principles of the sling activation series are incorporated into our daily, clinical practice. Whether it be our injury prevention programs, corrective exercises, or rehabilitation practices, the sling activation series is applicable to a myriad of conditions we see in an NFL athletic training room.” Catania and Ross care for patients at ChristianaCare Rehabilitation Services at Glasgow, in Newark, Del. They began working on ways to increase resilience in core muscles nearly nine years ago. Through their research, they developed a screening tool, that they call the “core sling screen,” which detects weakness in those muscles. Strains are among the most common sports injuries, according to the U.S. National Institute of Arthritis and Musculoskeletal and Skin Diseases. “We reasoned that if we could identify ways to improve the strength of the core muscles, common lower extremity injuries would be less likely to occur,” said Catania, who also is the program manager at ChristianaCare’s Rehabilitation Services location in Glasgow. “But it had to be a two-part approach. We needed to develop a reliable screening tool to examine the core muscles and then also come up with a targeted exercise program to strengthen those muscles.” The study was conducted by ChristianaCare’s departments of Rehabilitation Services and Sports Medicine. “At ChristianaCare, we are relentlessly curious and we continuously look for ways to innovate,” said Bradley Sandella, D.O., director of Sports Medicine at ChristianaCare, who also co-authored the study. “We don’t want to just treat injuries – we want to prevent them from ever occurring, even if it means that we have to come up with novel and progressive approaches.” A randomized-control study was performed to test out traditional exercises and compare them to a newly developed exercise program that involved rotational movements of the torso, known as rotary-based exercises. The study found that the rotary-based exercises increased the activation of targeted abdominal muscles and could make adjacent areas of the body, such as the groin, less injury-prone. The study included 31 female and male students from the University of Delaware. Catania and Ross have provided further instruction to both the Rams and Ravens. In May, they visited the Ravens’ facility in Owings Mills, Md., to personally instruct Ravens athletic trainers and physical therapists on how to perform the treatment. The treatment also has been presented at the National Athletic Trainers’ Association and the Eastern Athletic Trainers Association. “It has been meaningful through this research to contribute to the ongoing evolution in the field of physical therapy and sports medicine,” Ross said. “We are always looking for ways to protect our patients, many of whom are athletes, from injury. It makes physical therapy better, it makes patients better, and it makes players better.” To learn more about this treatment and the expertise ChristianaCare is bringing to organizations like the NFL - contact Bradley Sandella, D.O., director of Sports Medicine at ChristianaCare. He's available to speak with media, simply click on his icon now to arrange an interview today.
Covering Breast Cancer Awareness Month? Our experts are ready for your questions and coverage
October is Breast Cancer Awareness Month. Did you know that on average, every 2 minutes a woman is diagnosed with breast cancer in the United States. And according to the National Breast Cancer Foundation: In 2021, an estimated 281,550 new cases of invasive breast cancer will be diagnosed in women in the U.S. as well as 49,290 new cases of non-invasive (in situ) breast cancer. 63% of breast cancer cases are diagnosed at a localized stage (there is no sign that the cancer has spread outside of the breast), for which the 5-year survival rate is 99%. This year, an estimated 43,600 women will die from breast cancer in the U.S. Although rare, men get breast cancer too. In 2021, an estimated 2,650 men will be diagnosed with breast cancer this year in the U.S. and approximately 530 will die. 1 in 8 women in the United States will be diagnosed with breast cancer in her lifetime Breast cancer is the most common cancer in American women, except for skin cancers. It is estimated that in 2021, approximately 30% of all new women cancer diagnoses will be breast cancer. There are over 3.8 million breast cancer survivors in the United States. This year's theme is It's Time to Rise and the National Breast Cancer Foundation has a host of materials to watch and read for anyone looking to test themselves, find support or learn how they can help. If you're a journalist looking to know more about this topic or if you are covering Breast Cancer Awareness month - then let our experts help with your stories. Dr. Alicia Vinyard is a Board-Certified General Surgeon and Fellowship Trained Breast Surgical Oncologist at the Georgia Cancer Center and Medical College of Georgia at Augusta University. Dr. Vinyard is also an expert in breast cancer, cancer surgery and cancer survivorship. She is available to speak to media about Breast Cancer Awareness Month – simply click on her icon to now arrange an interview today.
Economic benefits of hosting a sporting mega event are overestimated, new research finds
Experts from Aston University and New York University (NYU) studied how industrial firms in Beijing fared in the run-up to the 2008 Olympics Dr Johan Rewilak and Ted Hayduk (NYU) looked at whether industrial firms in Beijing disproportionately increased their investment ahead of the Games compared to similar Chinese firms The results are interesting for academics, policy makers, businesses and entrepreneurs. Economic experts from Aston University and New York University (NYU) have found that host cities do not receive any disproportionate economic benefits from hosting a sporting mega event. Dr Johan Rewilak from Aston Business School and Ted Hayduk (NYU) studied how industrial firms in Beijing fared in the run-up to the 2008 Summer Olympics. Most studies of this kind focus on the service sector, but this is one of the first examining industrial firms. They looked at whether industrial firms in Beijing disproportionately increased their investment ahead of the Games compared to similar Chinese firms, and explored how those firms compared when it came to profitability. The study found that hosting the 2008 Olympic Games did not provide disproportionate benefits in terms of capital investment or earnings relative to other comparable cities in China. Dr Johan Rewilak, lecturer in economics at Aston Business School, said: “One criticism of having cities host the Olympics is that it funnels public funds into a specific region or area of a country. However, our findings do not support that hypothesis. “Specifically, manufacturing firms in the host city did not receive greater economic benefits compared with firms in similar cities across China, and we found evidence that complements previous arguments that SMEs typically have limited to no disproportional positive impact on the local economy. Ted Hayduk, clinical assistant professor at New York University, said: “In terms of capital investment, we found that the host region had no differential effect for both the Summer and the Winter Games. Given that we found no significant result in 2008, it is somewhat unsurprising to find an insignificant result for the 2022 Winter Games. “This is because the budget for Beijing 2022 is only 10% of what was spent in 2008, and/or alternatively, as the necessary infrastructure has already been built, it has yet to depreciate sufficiently to warrant investment in its replacement.” You can find out more about the study HERE. You can also listen to Dr Rewilak on Aston University’s podcast series, EURO 2020: The Business and Science of Football. He joined journalist Steve Dyson, Dr Danny Fitzpatrick and Dr Robert Thomas to discuss the benefits of holding EURO 2020 across the continent, and whether it was likely to bring an economic spike in a world still living through Coronavirus.
Aston University to officially launch Cyber Security Innovation Centre at Birmingham Tech Week
It will take place at Conference Aston on 13 October, during Birmingham Tech Week 2021 Line up of speakers includes experts from Security Exports Department for International Trade, DCMS and the IoD The event will be of relevance to companies, alumni, academic staff interested in cybersecurity. The Cyber Security Innovation (CSI) Centre at Aston University will host its inaugural event during Birmingham Tech Week 2021. The CSI Centre, established in 2020, brings together stakeholders from industry, government and leading cyber security research institutions with the aim to deliver industry-aligned research outcomes. CSI members include globally-recognised academics undertaking research projects that address real-world cyber security challenges through innovative solutions. Cyber (In)Security, Requires a Robust Approach Through Continuous Innovation, will see a broad range of contributors taking part across the face-to-face event on 13 October. They include speakers from the UK Defence and Security Exports Department for International Trade, the Institute of the Directors (IoD), Cyber Senior Policy Lead, DCMS, Opel/Vauxhall and Professor Vladlena Benson, Director of CSI Centre. Professor Vladlena Benson, director of the CSI at Aston Business School, said: “I am delighted to officially launch the CSI Centre at Conference Aston during Birmingham Tech Week 2021 and am looking forward to welcoming everyone to our first face-to-face event. “This is a wonderful opportunity to meet face-to-face with industry-leading experts, academics and start-ups. With most of the UK confined to working from home for over a year, there is no better opportunity to meet and build relationships with the people who can help business owners grow, innovate and make their companies more resilient. “Statistics shows that UK small businesses are successfully hacked every 19 seconds2 and new certification standards coming into play for consumer IoT devices and cyber-physical access control systems. It is time to find a robust approach maximising the effectiveness of cybersecurity investment now. “The bad guys are winning the cyber security war - the good guys need to do better. Although organisations are investing more and more in cyber security, the average number of days to detect a breach is increasing year on year, not reducing. So, we need to do something different.” To attend the event on 13 October 2021, you can sign up HERE.
