Who Pays Attention to SEC Form 8-K?

• 成果类型: Article
• 署名作者: Ben-Rephael, Azi; Da, Zhi; Easton, Peter D.; Israelsen, Ryan D.
• 署名单位: Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; University of Notre Dame; Michigan State University; Michigan State University's Broad College of Business
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/TAR-2019-0425
• 发表日期: 2022
• 页码: 59-88
• 关键词: INVESTOR ATTENTION; search; news

摘要

The SEC requires public companies to disclose material information on Form 8-K within four days of a triggering event. We show that on 8-K event and filing dates, there is significant abnormal attention on Bloomberg terminals, which are a source of information for institutional investors, while traditional media attention tends to be higher on filing days. Significant price discovery occurs on the event date and on the days between that day and the filing date. The traditional media coverage on the filing day appears to attract the attention of retail investors and leads to further price changes in the direction of the pre-filing day price change. Institutional investors exploit this price pressure via opportunistic liquidity provision. Overall, our evidence suggests that the Form 8-K filing may have little direct informational benefit, particularly to retail investors.