Form 13F (Mis)Filings

43 Pages Posted: 14 Jul 2016 Last revised: 25 Oct 2016

See all articles by Anne M. Anderson

Anne M. Anderson

Middle Tennessee State

Paul Brockman

Lehigh University - College of Business

Date Written: October 15, 2016

Abstract

We examine the reliability of Form 13F filings and find significant reporting errors. Using a hand-collected sample of 13F filings by bank holding companies, we show that (1) reported holdings do not always appear on the SEC’s Official List, (2) market prices of Official List securities are often inaccurate, and (3) amended 13F reports are sometimes less accurate than the original filings. Overall, our evidence shows that reliance on 13F filings is unwarranted for both private investors and capital markets researchers. One important implication of our findings is that investors using 13F-based (i.e., copycat) trading strategies should exercise extreme caution..

Keywords: 13F Filing, Disclosure, Institutional Investor

JEL Classification: D35, G10, G18

Suggested Citation

Anderson, Anne M. and Brockman, Paul, Form 13F (Mis)Filings (October 15, 2016). Available at SSRN: https://ssrn.com/abstract=2809128 or http://dx.doi.org/10.2139/ssrn.2809128

Anne M. Anderson (Contact Author)

Middle Tennessee State ( email )

TN
United States

Paul Brockman

Lehigh University - College of Business ( email )

Bethlehem, PA 18015
United States

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