Selective disclosure and the role of Form 8‐K in the post‐Reg FD era
研究了后FD条例时代8-K表格对分析师私有信息差异的影响，发现选择性披露在8-K提交前已导致信息差异，而FD条例相关的8-K提交仅部分缓解此问题。
Abstract We investigate the impact of Form 8‐K filings on cross‐firm differences in analysts’ private or idiosyncratic information in the post‐Reg FD era. Using firms’ connections to the investment community to identify the likelihood of selective disclosure, we document differences in analysts’ idiosyncratic information arising from selective disclosure before 8‐K filings. While filings of 8‐Ks pursuant to Reg FD attenuate the link between connections and analysts’ idiosyncratic information, they do so only after selective disclosures have already resulted in some analysts having better private information. In addition, the connections continue to facilitate private information search after the filings of non‐Reg FD‐specific 8‐Ks.