Filing Agents and Information Leakage
研究发现，美国80%的公司使用的备案代理（第三方中介）在证券文件公开前会泄露信息，影响股价；使用代理的公司比自行提交的公司泄露更严重，尤其在2018年前，且信息价值越高泄露越多。
Abstract Filing agents—intermediaries used by 80% of U.S. firms—are associated with leakage of information that affects stock prices. Prior to the public release of a securities filing, most firms outsource the final processing and submission of the filing to a third-party filing agent. We find leakage is higher when firms use filing agents than when firms self-file, particularly pre-2018. Leakage is greater when the private information is more valuable and decreases when firms switch to self-filing. Our research suggests filing agents, and a firm’s choice to use them, are an important, understudied channel for the leakage of private information.