Browsing by Subject "commitment"

Now showing 1 - 3 of 3
  • Thumbnail Image
    ItemOpen Access
    An Empirical Examination of the Commitment to Increased Disclosure
    (2008-06-04) Evans, Mark

    I examine the relation between a corporate commitment to increased disclosure and measures of liquidity, information asymmetry, and cost of equity capital. Relative to prior research on voluntary disclosure, I use a composite, ex ante measure of commitment based in social psychology and measure commitment using characteristics of earnings announcement disclosures. Prior to Regulation Fair Disclosure (Reg FD) I find that commitment to increased disclosure is negatively related to bid-ask spreads, probability of informed trade (PIN) scores, and implied cost of capital estimates. Further analysis reveals that the disclosure of balance sheet information in earnings releases is significantly related to spreads and PINs, regardless of firms' conference call behavior, while the combination of consistent open calls and disclosure of balance sheet information in earnings releases yields the most significant results for cost of capital. After the effective date of Reg FD I find that commitment is negatively related to PIN scores and implied cost of capital estimates, but not related to bid-ask spreads. Further analysis reveals that the disclosure of balance sheet information in earnings releases is significantly related to PINs and cost of capital, regardless of firms' conference call behavior.

  • Thumbnail Image
    ItemOpen Access
    Leadership for Thriving: A Framework to Lead the Business Community to Sustainable Behaviors
    (2023-04-25) Olivares, Magdalena
    Climate change is a complex problem whose solution is still far from being on track. Although we have advanced a lot in terms of knowledge and awareness of the problem, we are struggling to transition to sustainable actions. Corporations have the key to unleash a substantial potential contribution to facing this challenge moving forward. Developing new business models that move their operations away from current environmental damage is needed. Their potential to leverage their connections with consumers and other stakeholders, educating and influencing them to be part of the solution, and joining efforts to adjust lifestyles and preferences for sustainable consumption also presents a huge opportunity. For these challenges, corporations need to face the transition from a technical to an adaptative approach. But corporations are not prepared to run this challenge on their own; integrating the environmental impact in the business model requires the support of environmental experts. This research is based on the hypothesis that there is an opportunity to enhance sustainable behavior transformation by improving communication and collaboration between business and environmental professionals. With this purpose, the research was done through a qualitative comparative analysis that looks to contrast the perspective and resources those professionals have with respect to climate change, looking for the interconnection of joint possibilities that can be approached in a more collaborative manner. The ecological self maturity, nature experience, and knowledge of environmental professionals make them the best candidates to support corporate change. But there is a learning challenge for environmental professionals as well, since technical acumen is not enough to lead such large and complex adaptative changes in human systems in the corporate world. This framework aims at providing a tool for environmental professionals to effectively hone their skills to lead and communicate with corporate audiences and guide them towards effective actions to tackle environmental change. Leadership for Thriving combines this perspective of leadership and inspiring storytelling with the optimistic approach of the breakthrough movement of thriving, which inspires the examples and reflections of this proposal.
  • Thumbnail Image
    ItemOpen Access
    Perforin and IL-2 Upregulation Define Qualitative Differences among Highly Functional Virus-Specific Human CD8(+) T Cells
    (2010) Ferrari, Guido
    The prevailing paradigm of T lymphocyte control of viral replication is that the protective capacity of virus-specific CD8(+) T cells is directly proportional to the number of functions they can perform, with IL-2 production capacity considered critical. Having recently defined rapid perforin upregulation as a novel effector function of antigen-specific CD8(+) T cells, here we sought to determine whether new perforin production is a component of polyfunctional CD8(+) T cell responses that contributes to the control of several human viral infections: cytomegalovirus (CMV), Epstein-Barr virus (EBV), influenza (flu), and adenovirus (Ad). We stimulated normal human donor PBMC with synthetic peptides whose amino acid sequences correspond to defined CTL epitopes in the aforementioned viruses, and then used polychromatic flow cytometry to measure the functional capacity and the phenotype of the responding CD8(+) T cells. While EBV and flu-specific CD8(+) T cells rarely upregulate perforin, CMV-specific cells often do and Ad stimulates an exceptionally strong perforin response. The differential propensity of CD8(+) T cells to produce either IL-2 or perforin is in part related to levels of CD28 and the transcription factor T-bet, as CD8(+) T cells that rapidly upregulate perforin harbor high levels of T-bet and those producing IL-2 express high amounts of CD28. Thus, "polyfunctional'' profiling of antigen-specific CD8(+) T cells must not be limited to simply the number of functions the cell can perform, or one particular memory phenotype, but should actually define which combinations of memory markers and functions are relevant in each pathogenic context.