Disclosure Choices of Foreign Registrants in the United States
描述外国公司在美国证监会申报文件中的披露特征和时机，分析豁免规则如何影响披露质量及投资者评估能力。
This study provides descriptive evidence on the nature and timing of disclosures of foreign registrants (hereafter issuers) in filings with the U.S. Securities and Exchange Commission (SEC). The SEC has exempted foreign issuers from some disclosure requirements applicable to U.S.based registrants in order to encourage foreign firms to enter U.S. capital markets (Silkenat [1994]).' For example, under current SEC annual reporting rules, a foreign issuer that does not wish to make a public offering of securities in the United States may omit disclosures about income taxes, leases, pensions, nonconsolidated affiliates, related parties, and complete industry and geographic segment information. While these exemptions may stimulate listing in the U.S., they may also impair investors' ability to evaluate the financial performance of the affected firms. In particular, the SEC has relaxed disclosure requirements in areas cited by the AICPA Special Committee on Financial Reporting as the most useful to financial