2013年11月12日学术报告通知

题目：SEC Comment Letters and Insider Sales

报告人：加州伯克利大学Patricia Dechow 教授

时间：2013年11月12日（周二）下午1:30

地点：会计学院二楼报告厅（206）

This paper examines SEC comment letters and is coauthored with Alastair Lawrence and James Ryans.

ABSTRACT: The Securities and Exchange Commission’s (SEC) Division of Corporation Finance reviews company filings and where appropriate, issues comment letters to elicit better compliance with applicable disclosure requirements and Generally Accepted Accounting Principles. Since 2005, the Division’s staff publicly releases comment letters and companies’ responses to those letters no earlier than 45 days (20 business days post 2011) following the review completion. We provide evidence of increases in insider sales following the public disclosure of comment letters pertaining to more material financial disclosure and reporting issues. We also provide evidence of increases in insider sales in the week prior to such disclosures. Moreover, increases in pre-disclosure insider sales are most pronounced for firms with high short interest. Our findings suggest that SEC’s practice of delaying the release of comment letter correspondence does not best serve the interests of outside investors.

特别注意宣讲结束后教授将和各位老师和同学进行学术交流，地点仍然在206，请有意者做好准备。

教授主页为：

http://facultybio.haas.berkeley.edu/faculty-list/dechow-patricia