Who Pays Attention to SEC Form 8-K?
研究发现，SEC 8-K表格的事件日和提交日，彭博终端上的机构投资者关注度显著异常，而传统媒体在提交日关注更高；价格发现在事件日到提交日之间发生，提交日的媒体报道吸引散户投资者并导致价格继续变动，机构投资者则趁机提供流动性获利。
ABSTRACT The SEC requires public companies to disclose material information on Form 8-K within four days of a triggering event. We show that on 8-K event and filing dates, there is significant abnormal attention on Bloomberg terminals, which are a source of information for institutional investors, while traditional media attention tends to be higher on filing days. Significant price discovery occurs on the event date and on the days between that day and the filing date. The traditional media coverage on the filing day appears to attract the attention of retail investors and leads to further price changes in the direction of the pre-filing day price change. Institutional investors exploit this price pressure via opportunistic liquidity provision. Overall, our evidence suggests that the Form 8-K filing may have little direct informational benefit, particularly to retail investors. JEL Classifications: D8; G1; G2; M4.