Information Revealed through the Regulatory Process: Interactions between the SEC and Companies ahead of Their IPO
SEC
IPO
regulatory process
disclosure
The Review of Financial Studies (2020)
The Review of Financial Studies (2020)
Abstract
We examine the interactions between the SEC and companies filing for an IPO. Using hand-collected data on SEC comment letters and company responses, we document how the regulatory review process affects disclosure quality and IPO outcomes. The regulatory process reveals significant information about the quality and risks of the issuing firm.