Economic Consequences of SEC Disclosure Regulation : Evidence From the OTC Bulletin Board

  title={Economic Consequences of SEC Disclosure Regulation : Evidence From the OTC Bulletin Board},
  author={Brian J. Bushee and Christian Leuz},
  • Brian J. Bushee, Christian Leuz
  • Published 2017
This paper examines the economic consequences of a regulatory change mandating OTCBB firms to comply with reporting requirements under the 1934 Securities Exchange Act. This change substantially increases mandated disclosures for firms previously not filing with the SEC. We document that the imposition of disclosure requirements results in significant costs for smaller firms, forcing them off the OTCBB. SEC regulation also has significant benefits. Firms previously filing with the SEC… CONTINUE READING
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