Information Revealed through the Regulatory Process: Interactions between the SEC and Companies ahead of Their IPO
分析了美国证券交易委员会在IPO前与公司的沟通，发现其关注点集中在收入确认等特定议题，促使公司增加相关披露，但同时也导致上市延迟和流动性下降。
Abstract We analyze communications between the SEC and firms prior to IPOs using LDA analysis and KL divergence. The SEC’s concerns closely map onto the regulator’s stated mandate: companies increase prospectus disclosures on precise topics of SEC concern. Revenue recognition is the dominant topic of SEC concern, and it is not independently discovered by investors. Increased SEC concern about it is associated with greater secondary sales, lower post-IPO liquidity, lower post-IPO returns, and a higher probability of withdrawal. The regulator’s role during the capital raising process results in increased transparency but contributes to delays in the going public process.