Consequences of Prescribed Disclosure Timeliness: Evidence from Acceleration of the Form 8-K Filing Deadline
研究了美国SEC将8-K表格提交截止日期提前后，受约束的公司相比未受约束的公司，在提交日信息不对称和投资者分歧增加，这归因于披露长度和定量信息的减少。
ABSTRACT I investigate capital market consequences of an increase in prescribed timeliness of firms' mandatory disclosure of material events. Specifically, I examine an SEC regulatory change that accelerates the Form 8-K filing deadline and classifies 8-Ks as likely to be constrained or unconstrained by the increase in prescribed timeliness. After the regulatory change, firms filing constrained 8-Ks exhibit increases in information asymmetry between investors and investor disagreement at the 8-K filing date relative to firms filing unconstrained 8-Ks. Moreover, the relative increases in information asymmetry and investor disagreement for firms filing constrained 8-Ks appear to be attributable to a decline in the length of and quantitative information included in 8-K disclosures. My findings shed light on the costs of a prescriptive approach to enhanced disclosure timeliness of ongoing disclosure. Data Availability: Data are available from public sources cited in the text. JEL Classifications: D82; D83; G18; M41.