Journal of Financial and Quantitative Analysis Vol. 60 No. 8 2025
Filing Agents and Information Leakage
open access
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.
- DOI
- 10.1017/s0022109025000110
- Volume
- 60
- Issue
- 8
- Pages
- 4065-4090
- Language
- en
- Sources
- openalex crossref