Suresh Nallareddy, Robert Pozen & Shivaram Rajgopal, Consequences of Mandatory Quarterly Reporting: The U.K. Experience (2017)

… We exploit the start of mandatory quarterly reporting by the Financial Conduct Authority (FCA) in 2007 and the end of the requirement in 2014 in the United Kingdom to examine corporate and capital market behavior. After imposition of mandatory quarterly reporting in 2007, we find (i) a dramatic decline in the number of companies that issue reports with quantitative information (defined as including both sales and earnings numbers for the quarter); (ii) a substantial increase in companies announcing managerial guidance for the upcoming year’s earnings or sales; and (iii) an increase in analyst following for all sample companies. However, using a difference-in-differences analysis, we find that the imposition of mandatory quarterly reporting has virtually no impact on firms’ investment decisions. Companies that voluntarily moved back from quarterly to semi-annual reporting after 2014 have experienced a reduction in analyst coverage, but no detectable increases in their levels of corporate investments.

via Oxford

米国証券取引委員会によるレビューと簡明な英語の利用

米国証券取引委員会によるレビューと簡明な英語の利用(plain English ruleについて,Wall Street Journal誌が記事を書いています。

記事の冒頭は次の通りです。

After combing through a 19,974-word filing for a securities offering, Securities and Exchange Commission senior counsel Catherine Gordon had some guidance for the company that drafted it. “In the second paragraph, add a comma,” she wrote to an attorney for the trust, sponsored by Incapital LLC, in December, “to improve readability.” Meet the stock market’s punctuation police. Corporate securities filings are plagued by some of the world’s most impenetrable prose, but it isn’t for lack of effort. Every year, SEC lawyers and accountants review several thousand of the more than half-million documents that companies file with the agency. And while they are primarily on the prowl for accounting inconsistencies and breaches of securities regulations, they also chase down typos, sentence fragments, jargon, puffery and sloppy punctuation.

ご興味があれば,日本企業に対する最近の米国証券取引委員会のコメント回答もどうぞ。

via CorporateCounsel.net

More Than You Wanted to Know: The Failure of Mandated Disclosure

「開示制度が必要かについて研究しています」というと,大半の場合,必要に決まっているじゃないかという反応が返ってくるのですが,行き過ぎた開示制度に疑義を示すビデオを見つけました。表題の書籍More Than You Wanted to Know: The Failure of Mandated Disclosureに関するプロモーションの一環のようです。当該書籍は,2014年4月13日発売で,amazon.co.jpamazon.comから購入できます。