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As Itamar Rosenn, a researcher at Facebook in Palo Alto, Calif., wrote in an e-mail: "Our data is not able to account for differences in honesty and overall disclosure among genders and relationship status types; we can only observe what the user herself provides".
We also show that the SDS have an incremental effect beyond overall disclosure quantity in the financial reporting package.
We find that higher disclosure levels are, on average, associated with lower cost of equity capital even after controlling for overall disclosure quality.
To capture measurement validity of the SDS, we draw on previous literature (e.g., Ahmed 1995) that finds strong associations between overall disclosure scores and firm characteristics.
Second, we proxy overall disclosure quality in the annual report by using the database of the German competition 'Best Annual Report' (Baetge 1992).
Our findings indicate that higher levels of voluntary strategy disclosure are on average associated with a lower cost of equity capital, higher trading volumes and lower bid ask spreads, even after controlling for overall disclosure quality.
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Other senior intelligence and counterterrorism officials offer a dissenting view, saying that it is difficult, if not impossible, to separate the impact of the messages between the Qaeda leaders from Mr. Snowden's overall disclosures, and that the decline is more likely a combination of the two.
BAR is the overall company disclosure score representing disclosure on strategic aspects surveyed during the German annual report contest.
Descriptive statistics on SDS are given in Table 4 and reveal an overall average disclosure level of 34%%, ranging from 3%% (minimum) to 83%% (maximum).
The first short questionnaire (at M0) included items about patient perception of the overall cancer disclosure process (Fig. 2a) coming from previous research [ 41, 42, 45, 46].
Scores were assessed separately for each domain and were also summed to obtain a 'Total Self-Disclosure' score with higher scores indicating greater overall self-disclosure.
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