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The impact of accelerating 20-F filing
Institution:1. University of Michigan-Flint, Flint, MI, United States;2. Miami University, Oxford, OH, United States;3. University of Memphis, Memphis, TN, United states;4. Old Dominion Unversity, Norfolk, VA, United States;1. UNSW Sydney, School of Accounting, Sydney, NSW 2052, Australia;2. University of Western Australia, Accounting and Finance, Perth, WA 6009, Australia;1. University of Huddersfield, Huddersfield Business School, Queensgate, Huddersfield HD1 3DH, UK;2. Heriot-Watt University, Edinburgh Business School, Mary Burton Building, Edinburgh EH14 4AS, UK;1. Department of Business Administration, University of Patras, University Campus, 26504 Rio - Patras, Greece;2. Department of Mathematics, University of Patras, University Campus, 26504 Rio – Patras, Greece;1. School of Economics and Management, Tsinghua University, Beijing 100084, China;2. Guanghua School of Management, Peking University, Beijing 100085, China;3. School of Accountancy, Singapore Management University, Singapore 188065, Singapore;4. College of Economics and Management, China Agricultural University, Beijing 100083, China
Abstract:This study examines the impact of the SEC’s decision to accelerate the 20-F filing deadline from six to four months after the fiscal year-end for foreign private issuers (FPIs). We find that only large FPIs experience a significant positive market reaction around the accelerated 20-F filing date, and such acceleration is associated with an improved reporting environment. We also find that only large FPIs benefit from further acceleration of 20-F filing deadline from four to three months after the fiscal year-end. Additionally, any further acceleration of 20-F filing does not benefit all sizes of the FPIs. Our results contribute to the debate about whether it is beneficial for the FPIs to accelerate their 20-F filing deadline to align with the 10-K filing deadlines.
Keywords:20-F  Foreign private issuers  Filing deadline  Market reaction  G14  M41  M48
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