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This paper examines the economic consequences of SEC disclosure regulation. We exploit a recent regulatory change mandating firms on the OTC Bulletin Board to comply with the reporting requirements under the Securities Exchange Act of 1934. This change substantially increases the amount and enforcement of required disclosures for firms that previously did not file with the SEC. In this unique setting, we document that the imposition of SEC disclosure requirements and enforcement results indoi:10.2139/ssrn.307821 fatcat:y2mk4znpvffstnu3v7fmgl5eei