Delayed Foreign Filings and Investor Attention: Evidence from Form 20-F Reconciliation Elimination
Delayed Foreign Filings and Investor Attention: Evidence from Form 20-F Reconciliation Elimination
dc.contributor.author | Pinto, Jedson | |
dc.contributor.author | Sul, Edward | |
dc.date.accessioned | 2019-12-06T18:30:16Z | |
dc.date.available | 2019-12-06T18:30:16Z | |
dc.date.issued | 2019-08-20 | |
dc.description.abstract | We argue that the 2007 SEC elimination of the U.S. GAAP reconciliation requirement for IFRS-reporting cross-listed firms increased disclosure redundancy across home country and U.S. ADR markets, affecting U.S. market investors' information acquisition behavior. First, we document a decreased yet significant delay between information release dates in the two countries following reconciliation elimination. Furthermore, greater delay in IFRS firms' unreconciled Form 20-F filings decreases 20-F download activity and reverses potential liquidity benefits of timely disclosure. We also document an increase in return co-movement across the home country and the U.S., suggesting increased market integration. Furthermore, there are increased return and volume reactions to home country earnings announcements in the ADR market post-SEC deregulation. Our results bring novel insights regarding the important implications of timeliness of Form 20-F filings in conjunction with the reconciliation elimination's effects on information integration across the two markets on investor information acquisition behavior. | |
dc.identifier.uri | http://hdl.handle.net/10125/64818 | |
dc.subject | Cross Listing | |
dc.subject | Disclosure | |
dc.subject | Timeliness | |
dc.subject | Investor Attention | |
dc.subject | Market Integration | |
dc.subject | IFRS | |
dc.title | Delayed Foreign Filings and Investor Attention: Evidence from Form 20-F Reconciliation Elimination |
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