Regulation FD: A Review and Synthesis of the Academic Literature

Koch, Adam S.; Lefanowicz, Craig E.; Robinson, John R.

doi:10.2139/ssrn.2163572

Cited by 28 publications

(35 citation statements)

References 90 publications

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“…In summary, the evidence suggests that Reg FD has leveled the playing field and reduced information asymmetries among investors, but at the same time had a chilling effect on the amount of available information for some firms, particularly smaller and technology firms. The chilling effect appears to have materialized primarily through changes in information intermediation, such as reduced analyst coverage for some firms (see Koch, Lefanowicz, and Robinson [] for a detailed survey). However, the evidence for specific outcomes is often mixed and the results differ across studies.…”

Section: Evidence On the Economic Effects Of Disclosure Regulationmentioning

confidence: 99%

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The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research

Leuz

Wysocki

2016

J of Accounting Research

1,290

382

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This paper discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation, drawing on U.S. and international evidence. Given the policy relevance of research on regulation, we highlight the challenges with (1) quantifying regulatory costs and benefits, (2) measuring disclosure and reporting outcomes, and (3) drawing causal inferences from regulatory studies. Next, we discuss empirical studies that link disclosure and reporting activities to firm-specific and market-wide economic outcomes. Understanding these links is important when evaluating regulation. We then synthesize the empirical evidence on the economic effects of disclosure regulation and reporting standards, including the evidence on International Financial Reporting Standards (IFRS) adoption. Several important conclusions emerge. We generally lack evidence on market-wide effects and externalities from regulation, yet such evidence is central to the

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Section: Evidence On the Economic Effects Of Disclosure Regulationmentioning

confidence: 99%

“…See, for example, Chaplinsky Hanley, and Moon [2015] and Dambra et al [2015] for early studies examining disclosure provisions of the JOBS Act. Lefanowicz, and Robinson [2013] for a detailed survey). However, the evidence for specific outcomes is often mixed and the results differ across studies.…”

Section: Regulation Fair Disclosurementioning

confidence: 99%

The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research

Leuz

Wysocki

2016

J of Accounting Research

1,290

382

View full text Add to dashboard Cite

show abstract

“…Koch, Lefanowicz, and Robinson (2012) survey the academic literature and conclude that Regulation FD has largely eliminated the benefits of management access. This calls into question analysts' supposed continued Contents lists available at ScienceDirect journal homepage: www.elsevier.com/locate/jfec emphasis on seeking and cultivating access to management.…”

Section: Introductionmentioning

confidence: 99%

Access to management and the informativeness of analyst research

Green¹,

Jame²,

Markov³

et al. 2014

Journal of Financial Economics

311

123

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“…Regulation Fair Disclosure (Regulation FD), enacted in 2000, requires that management disclose material information to all investors at the same time, which likely diminishes the value of private meetings with management. Koch, Lefanowicz, and Robinson (2012) survey the academic literature and conclude that Regulation FD has largely eliminated the benefits of management access. This calls into question analysts' supposed continued Contents lists available at ScienceDirect journal homepage: www.elsevier.com/locate/jfec emphasis on seeking and cultivating access to management.…”

Section: Introductionmentioning

confidence: 99%