SECのEDGARでの情報開示が購読者に対して早く開示しているという研究

もともとは,Bloombergの記事で,シカゴ大教授らの論文について,次の通り指摘されていました。

The study of Form 4s, which track changes to stock holdings by company directors and officers, showed an average timing advantage of about 10 seconds.

この有利さは,現在では,小さくなっているとの記事があります。

On Tuesday, filings were published on the SEC’s website an average of 35 seconds after Mr. Jackson received them on his direct feed. The lag dropped to 27 seconds on Wednesday, when the Journal article was published. On Thursday and Friday the delay narrowed even more, with filings appearing on the SEC’s “Edgar” site an average of about three seconds and 2.5 seconds, respectively, after being published on Mr. Jackson’s feed. The drop in the lag time continued Monday, according to Mr. Mitts.

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