| Tekijä: | Bushee, B.J. Leuz, C. |
| Otsikko: | Economic consequences of SEC disclosure regulation: evidence from the OTC bulletin board |
| Lehti: | Journal of Accounting & Economics
2005 : JUN, VOL 39:2, p. 233-264 |
| Asiasana: | Stock markets Financial reporting Disclosure Regulations USA |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the economic consequences of a regulatory change mandating OTCBB (Over-The-Counter Bulletin Board) firms to comply with reporting requirements (here as: reqs.) under the U.S. 1934 Securities Exchange Act. It is documented that the imposition of disclosure reqs. results in significant costs for smaller firms, forcing them off the OTCBB. SEC (U.S. Securities and Exchange Commission) regulation also has significant benefits. Firms previously filing with the SEC experience positive stock returns and permanent increases in liquidity, suggesting positive externalities from disclosure regulation. |
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