TY - JOUR
T1 - Filing Agents and Information Leakage
AU - Bargeron, Leonce
AU - Clifford, Christopher P.
AU - Qiu, Tian
N1 - Publisher Copyright:
© 2025 The Author(s).
PY - 2025
Y1 - 2025
N2 - 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.
AB - 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.
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U2 - 10.1017/S0022109025000110
DO - 10.1017/S0022109025000110
M3 - Article
AN - SCOPUS:105000711040
SN - 0022-1090
JO - Journal of Financial and Quantitative Analysis
JF - Journal of Financial and Quantitative Analysis
ER -