Selective Disclosure and the Role of Form 8-K in the Post-Reg FD Era

Journal of Business Finance and Accounting, Forthcoming

62 Pages Posted: 21 Jun 2015 Last revised: 7 Nov 2019

See all articles by Cristi A. Gleason

Cristi A. Gleason

University of Iowa - Department of Accounting

Zhejia Ling

California State University, Fullerton

Rong Zhao

University of Calgary

Date Written: October 21, 2019

Abstract

We investigate the impact of Form 8-K filings on cross-firm differences in analysts’ private or idiosyncratic information in the post-Reg FD era. Using firms’ connections to the investment community to identify the likelihood of selective disclosure, we document differences in analysts’ idiosyncratic information arising from selective disclosure before 8-K filings. While filings of 8-Ks pursuant to Reg FD attenuate the link between connections and analysts’ idiosyncratic information, they do so only after selective disclosures have already resulted in some analysts having better private information. In addition, the connections continue to facilitate private information search after the filings of non-Reg FD-specific 8-Ks.

Keywords: Form 8-K filing, Selective disclosure, Connections, Analysts' idiosyncratic information

JEL Classification: G14, M41

Suggested Citation

Gleason, Cristi A. and Ling, Zhejia and Zhao, Rong, Selective Disclosure and the Role of Form 8-K in the Post-Reg FD Era (October 21, 2019). Journal of Business Finance and Accounting, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2615976 or http://dx.doi.org/10.2139/ssrn.2615976

Cristi A. Gleason (Contact Author)

University of Iowa - Department of Accounting ( email )

108 Pappajohn Business Building
Iowa City, IA 52242-1000
United States

Zhejia Ling

California State University, Fullerton ( email )

Department of Accounting
College of Business and Economic
Fullerton, CA California 92834
United States

Rong Zhao

University of Calgary ( email )

2500 University Drive, NW
Calgary, Alberta T2N 1N4
Canada
403-220-2568 (Phone)
403-210-2217 (Fax)

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