Shrinking the 13D disclosure window will benefit non-activist investors
Ryan Christopher Polk,
Steve Buchheit,
Mark E. Riley
et al.
Abstract:Purpose
This study aims to examine the Securities and Exchange Commission’s final rule in Modernization of Beneficial Ownership Reporting, which reduced the time for significant public company shareholders to file Schedule 13D (effective February 5, 2024). The authors corroborate prior results under the historic 10-day maximum reporting regime and provide updated academic analysis regarding how the five-day deadline between the “triggering” event, accumulating 5% of the outstanding shares and public disclosure… Show more
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