I investigate capital market consequences of an increase in prescribed timeliness of firms’ mandatory disclosure of material events. Specifically, I examine an SEC regulatory change that accelerates the Form 8-K filing deadline and classify 8-Ks as likely to be constrained or unconstrained by the increase in prescribed timeliness. After the regulatory change, firms filing constrained 8-Ks exhibit increases in information asymmetry between investors and investor disagreement at the 8-K filing date relative to firms filing unconstrained 8-Ks. Moreover, the relative increases in information asymmetry and investor disagreement for firms filing constrained 8-Ks appear to be attributable to a decline in the length of and quantitative information included in 8-K disclosure. My findings shed light on the costs of a prescriptive approach to enhanced disclosure timeliness of ongoing disclosure.

中文翻译：

---

规定披露及时性的后果：来自加快 8-K 表格提交截止日期的证据

我调查了公司强制披露重大事件的规定及时性增加对资本市场的影响。具体来说，我检查了美国证券交易委员会的一项监管变化，该变化加快了 8-K 表格的提交截止日期，并将 8-K 分类为可能受到规定及时性增加的约束或不受约束。在监管变化之后，与提交不受限制的 8-K 的公司相比，提交受约束的 8-K 的公司在 8-K 申请日表现出投资者之间的信息不对称和投资者分歧增加。此外，对于提交受限 8-K 的公司而言，信息不对称和投资者分歧的相对增加似乎是由于 8-K 披露中包含的长度和数量信息的减少。