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The Role of Public Disclosure in Regulatory Oversight: Evidence from SEC Comment Letters
This paper examines the benefits and costs of disclosing regulatory oversight actions. Specifically, I analyze the capital-market consequences of the SEC's decision to make firm reviews publicly available. Typically, following a review of a public company, the SEC creates a "comment letter" describing its concerns about the company's financials. Comment letters were previously available only to the company itself, but the SEC started publishing them in 2005. Using a unique database of commentdoi:10.7916/d8t152w6 fatcat:y4sr6q3oijaqfeaet4hpviu74i