Nonfinancial Risk Disclosure and the Costs of Private Ordering

In 2016 the Securities and Exchange Commission (SEC) considered for the first time whether financial disclosure reform should address information on sustainability matters and other sources of nonfinancial risk. The resulting debate over these issues raised fundamental questions about how well the federal disclosure regime addresses emerging risks and about how well private ordering, through shareholder engagement, the work of private standard‐setters, and corporate voluntary disclosure, can fill the gaps. This article argues that the current model of nonfinancial risk disclosure, based largely on private ordering, is ineffective and undermines the SEC's mission to protect investors, facilitate capital formation, and promote fair, orderly, and efficient markets. This conclusion rests on evidence that the current state of sustainability disclosure is inadequate for investment analysis and that these deficiencies are largely problems of comparability and quality that cannot readily be addressed by private ordering. This article also highlights the costs of agency inaction to investors and to public companies, which have been largely ignored in the debate over the future of financial reporting. It concludes by proposing avenues for disclosure reform.     

Risk pooling in new york city: the anatomy of an award-winning innovation

This article discusses the Citywide Central Insurance Program of New York City. This award-winning innovation ensures insurance for many of the city's nonprofit social service providers. Using a partnership approach, CCIP increases the availability of insurance, reduces insurance costs, and improves the risk management.     

Deconstructing naturalization ceremonies as public spectacles of citizenship

ABSTRACT

Naturalizations, unlike inaugurations and national party conventions, are one of the few daily repeated political theatre experiences, replete with monologs, dialogues, costumes, props, actors, stage managers, plural audiences, and staged practices. They serve as a public ritual to render foreigners into members. In so doing, they generate a citizen identity, reinforce the power of the state and confirm a relationship between new citizens, current citizens, and the state. In this article, through an interpretive process including participant-observation and grounded theory approaches, I question the presence, interaction, and roles of the multiple publics (immigrants, observers, civil servants, judges and non-governmental groups) in a naturalization ceremony. I present field notes and reflections from a ‘typical’ US naturalization ceremony. I deconstruct the choreography and structure of the public ritual to show what the public performance of naturalization tells us about what it means to be an American citizen. I explore what messages the state is trying to convey to naturalizing immigrants (and others) through the ritual of the naturalization ceremony. The locus of inquiry is New York City where 70,000 of the 680,000 naturalizations take place every year.     

The influence of implicit theories and offender characteristics on judgements of sexual offenders: a moderated mediation analysis

The psychological factors underpinning responses to sexual offenders are beginning to receive increased empirical scrutiny. One such factor is offender representativeness, which refers to the extent to which a given offender example matches a stereotype of those who are typically labelled as “sexual offenders”. Using a sample of 252 community members, we examined the role of implicit theories about sexual offenders (ie whether sexual offending is seen as fixed or malleable) in mediating the relationship between affective responses to sexual offenders and policy outcome judgements. We found support for this mediating effect, although this was eliminated when participants were presented with a “non-representative” offender vignette. We argue that the relationship between affective responses and policy judgements is contingent on the activation of a sexual offender stereotype, and that this link can be disrupted via the increased presentation of non-stereotypical case examples. Implications for public debate and professional practice are discussed.     

Inaction,under-reaction action and incapacity: communication breakdown in Italy’s vaccination governance

This article explores why governments do not respond to public compliance problems in a timely manner with appropriate instruments, and the consequences of their failure to do so. Utilising a case study of Italian vaccination policy, the article considers counterfactuals and the challenges of governing health policy in an age of disinformation. It counterposes two methods of governing vaccination compliance: discipline, which uses public institutions to inculcate the population with favourable attitudes and practices, and modulation, which uses access to public institutions as a form of control. The Italian government ineffectively employed discipline for a number of years. Epistemological and organisational constraints stymied its efforts to tackle a significant childhood vaccination compliance problem. With a loss of control over the information environment, vaccinations were not served well by exogenous crises, the sensationalism of the news cycle and online misinformation. Hampered by austerity, lack of capacity and epistemic shortcomings, the Italian government did not protect the public legitimacy of the vaccination programme. Instead of employing communications to reassure a hesitant population, they focused on systemic and delivery issues, until it was too late to do anything except make vaccinations mandatory (using modulation). The apparent short-term success of this measure in generating population compliance does not foreclose the need for ongoing governance of vaccine confidence through effective discipline. This is evident for the COVID-19 vaccination campaign, with many Italians still indicating that they would not accept a vaccine despite the devastation that the disease has wrought throughout their country.