Ongoing SEC Disclosures by Foreign Firms

• 成果类型: Article
• 署名作者: Boone, Audra L.; Schumann-Foster, Kathryn; White, Joshua T.
• 署名单位: Texas Christian University; U.S. Securities & Exchange Commission (SEC); Vanderbilt University
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/TAR-2018-0311
• 发表日期: 2021
• 页码: 91-120
• 关键词: cross-listings; UNITED-STATES; INFORMATION; CONSEQUENCES; environment; COMPETITION; INVESTMENT; ECONOMICS; improve; cost

摘要

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.