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Causes and Consequences of the Adoption of OTC Market's Alternative Reporting System
Başlık:
Causes and Consequences of the Adoption of OTC Market's Alternative Reporting System
Yazar:
Yang, Liu, author.
ISBN:
9780355991352
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 electronic resource (131 pages)
Genel Not:
Source: Dissertation Abstracts International, Volume: 79-10(E), Section: A.
Advisors: Andrew J. Leone; Miguel Minutti-Meza Committee members: Indraneel Chakraborty; Sundaresh Ramnath.
Özet:
Trading in the Over-The-Counter (OTC) market is evolving. To facilitate order execution and help investors value and trade in OTC stocks, the OTC Markets Group (formally Pink Sheets LLC) offers an Alternative Reporting System that allows OTC firms to disclose information in ways that are similar to SEC reporting, but with less stringent requirements. I investigate the tradeoffs between reporting under the Alternative versus SEC reporting system, using unique OTC data. Specifically, I compare the trading, stock liquidity, and earnings properties of the firms reporting under these two options. I find that OTC firms following SEC reporting have higher stock liquidity than firms following the Alternative reporting. The stocks of SEC reporting firms have comparatively fewer zero-return days and experience lower bid-ask spreads and returns volatility. However, I find no differences in the earnings response coefficients and trading volumes around earnings release days for SEC and Alternative reporting firms. Finally, SEC reporting firms have higher earnings quality and are less likely to inflate their stock prices through stock promotion campaigns. Overall, these results are consistent with listed OTC firms choosing SEC reporting to signal their quality, but not necessarily having incrementally informative earnings.
Notlar:
School code: 0125
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