Abstract
This study examines the impact of the SEC’s decision to accelerate the 20-F filing deadline from six to four months after the fiscal year-end for foreign private issuers (FPIs). We find that only large FPIs experience a significant positive market reaction around the accelerated 20-F filing date, and such acceleration is associated with an improved reporting environment. We also find that only large FPIs benefit from further acceleration of 20-F filing deadline from four to three months after the fiscal year-end. Additionally, any further acceleration of 20-F filing does not benefit all sizes of the FPIs. Our results contribute to the debate about whether it is beneficial for the FPIs to accelerate their 20-F filing deadline to align with the 10-K filing deadlines.
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