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Study: Paying Firms Get First Look at SEC’s EDGAR Filings

Joe Mont | October 29, 2014

A new study claims a select group of investors, among them hedge funds and high-frequency traders, gets to see filings with the Securities and Exchange Commission before the public does. The researchers found that traders and news services paying an SEC vendor for a monthly subscription to data feeds typically receive access to EDGAR filings up to a minute before the general public does.

The claim is made in a research paper, “Run EDGAR Run:  SEC Dissemination in a High-Frequency World,” authored by Jonathan Rogers of the University of Colorado, and Douglas Skinner and Sarah Zechman of the University of Chicago’s Booth School of Business. Analyzing Form 4 insider trading filings they studied the process through which SEC-filed disclosures – including earnings releases (Form 8-Ks), quarterly and annual financial...

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