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The Effect Of Shortened Reporting Lag On The Usefulness Of Form 20-F, Zhenfeng Liu
The Effect Of Shortened Reporting Lag On The Usefulness Of Form 20-F, Zhenfeng Liu
FIU Electronic Theses and Dissertations
This study examines the impact of the Securities and Exchange Commission’s (SEC) decision to accelerate the Form 20-F (20-F) filing deadline on the usefulness of 20-Fs. I find that only the large and medium firms experienced a significant increase in market reaction when they accelerated their 20-F filing deadlines to four months after the year-end, while no significant change in market reaction is detected for small firms. I also find that the market did not appear to have reacted to firms who voluntarily further shortened their 20-F reporting lag to less than four months after the year-end. Finally, I find …