Risk reporting in financial crises: a tale of two countries
Bibliographic record
Abstract
Purpose This paper aims to investigate the attributes and information content of risk reporting in two different institutional and regulatory, namely, Canadian and German, settings during the period surrounding the financial crisis of 2008. Design/methodology/approach For a matched sample of manufacturing firms in the period 2006–2010, this study conducts a detailed content analysis of annual reports to assess and compare the volume and patterns of risk disclosures. Panel regressions are used to explore how risk disclosures related to corporate risk proxies and performance indicators. Findings Over the sample period, Canadian and German firms increase the volume but largely maintain the patterns of risk disclosures. Risk disclosures relate to corporate risk proxies but are not incrementally informative to assess firm performance. Originality/value The paper contributes to research on risk reporting by providing detailed cross-country evidence for a period particularly shaped by significant risk. The findings have implications for the regulation and usefulness of risk reporting.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.008 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.006 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".