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
Date Written: October 21, 2019
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: Suggested Citation