The impact of SEC reporting changes on information acquisition and market dynamics: Evidence from foreign cross-listed firms

IF 4.9 3区管理学 Q1 BUSINESS, FINANCE

Contemporary Accounting Research Pub Date : 2025-09-22 DOI:10.1111/1911-3846.70003

Yongtae Kim, Jedson Pinto, Edward Sul

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Abstract

This paper examines how a change in disclosure regulation influences investors' information acquisition and trading across multiple markets. We leverage the 2007 elimination of the Form 20-F reconciliation requirement for cross-listed firms that prepare financial statements under IFRS. Using a difference-in-differences research design, we show that investors acquire fewer Form 20-Fs of IFRS-reporting cross-listed firms when these forms are not filed in a timely manner relative to the home-country earnings announcement. We also find an increased acquisition of earnings-specific 6-Ks, indicating a shift in investor attention from delayed and unreconciled 20-Fs to more timely earnings releases in the home country. Furthermore, we find that American Depositary Receipt (ADR) market reactions to local earnings announcements increase after the deregulation, especially for firms with strong home-country institutions. In addition, we find that the deregulation increases return co-movement between the US ADR market and the home-country stock market for IFRS filers' shares. Our results bring novel insights regarding the cross-market impact of the disclosure regulation change.

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证券交易委员会报告变更对信息获取和市场动态的影响：来自国外交叉上市公司的证据

本文考察了披露规则的变化如何影响投资者在多个市场上的信息获取和交易。我们利用2007年取消了根据国际财务报告准则编制财务报表的交叉上市公司的表格20-F调节要求。使用差异中的差异研究设计，我们表明，相对于母国收益公告，如果交叉上市公司没有及时提交申报国际财务报告准则的表格20- f，投资者获得的表格20- f会更少。我们还发现，特定收益的6- k的收购有所增加，这表明投资者的注意力从延迟和不协调的20- f转移到更及时的国内收益发布。此外，我们发现美国存托凭证（ADR）市场对本地收益公告的反应在放松管制后有所增加，特别是对于那些拥有强大母国机构的公司。此外，我们发现放松管制增加了美国ADR市场与国际财务报告准则申报者股票的母国股票市场之间的回报联动。我们的研究结果为信息披露规则变化的跨市场影响提供了新的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Contemporary Accounting Research BUSINESS, FINANCE-

CiteScore

6.20

自引率

11.10%

发文量

期刊介绍： Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.