Ongoing SEC Disclosures by Foreign Firms
研究了外国公司母国报告要求和上市选择如何影响其向美国证券交易委员会（SEC）的持续披露及投资者反应，发现越来越多公司在披露避风港注册，导致信息流差异扩大。
ABSTRACT We study how home-market reporting requirements and listing choices associate with ongoing SEC disclosures by foreign firms and the investor response. The SEC defers material event and interim financial disclosure obligations to foreign firms' home-market regulator or exchange. We find that a growing number of foreign firms incorporate in disclosure havens and have few or no event-driven disclosure obligations. These firms furnish fewer 6-K disclosures, but experience greater investor interest and market response to each filing. There is little evidence that the SEC substitutes for lower information flow with additional monitoring. Our results indicate that the SEC's one-size-fits-all approach to foreign firm disclosure has led to increasing disparity in information flow, despite the strong demand for and reaction to disclosures by firms from weaker regimes. JEL Classifications: G15; G34; G38.