Work

Filing Agents and Information Leakage

Year: 2025

Type: article

Abstract: Filing agents—intermediaries used by 80% of U.S. firms—are associated with leakage of information that affects stock prices. Prior to the public release of a securities filing, most firms outsource the final processing and submission of the filing to a third-party filing agent. We find leakage is higher when firms use filing agents than when firms self-file, particularly pre-2018. Leakage is greater when the private information is more valuable and decreases when firms switch to self-filing. Our research suggests filing agents, and a firm’s choice to use them, are an important, understudied channel for the leakage of private information.

Source: Journal of Financial and Quantitative Analysis

DOI: 10.1017/s0022109025000110

Authors: Leonce Bargeron, Christopher P. Clifford, Tian Qiu

Institutions: University of Kentucky, University of Alabama

Language: English

Topic: Financial Markets and Investment Strategies

Subfield: Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: hybrid

Estimated APC paid: $3,550

OpenAlex ID: W4408459409

FWCI:

Cites: 23

Cited by:

Related to: 10