According to Choi (2012), in many parts of the world, disclosure rules mean little, and monitoring and enforcement are largely absent. Insofar as disclosure rules are not enforced, the required disclosures are (in practice) voluntary, because corporate managers will not comply with disclosure rules if compliance is more costly than the expected costs of noncompliance. Therefore, it is important to clearly distinguish between disclosures that are "required" and disclosures that actually are made. It is misleading to focus on disclosure rules without also looking at actual disclosure practices (Chapter 5).

Consider voluntary versus non-voluntary disclosure in other parts of the world. Research a country other than the US or United Kingdom and tell us about their disclosure requirements. How does this compare to the US?