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DESCRIPTION:\n\nTwo Essays on SEC Reporting Rules\n\nFriday\, December 12\,
  2025\, at 12:30pm\n\nTomas Milo\, a doctoral student at McGill University
  in the area of Accounting will be presenting his research proposal entitl
 ed:\n\n(The presentation will be conducted on Zoom)\n\nStudent Committee c
 hair: Professor Hongping Tan and Professor Dongyoung Lee\n\n\nABSTRACT\n\n
 This thesis comprises two essays that examine the consequences of Securiti
 es and Exchange Commission (SEC) reporting rules on capital market partici
 pants and corporate behavior.\n\nIn the first essay\, I investigate the im
 pact of the SEC’s 2017 mandate requiring Foreign Private Issuers (FPIs) us
 ing IFRS to file annual reports in XBRL format. Leveraging this regulatory
  setting\, I document a significant increase in individual ownership for F
 PIs subject to the mandate. Empirical tests provide evidence that this inc
 rease is mainly driven by local individual investors in the FPIs’ home cou
 ntries\, rather than foreign individual investors. The effect is more pron
 ounced when the FPI’s home country exhibits higher financial literacy and 
 when the XBRL filings are more informative.\n\nIn the second essay\, I stu
 dy how managers determine disclosure thresholds for environmental legal pr
 oceedings following the SEC’s 2020 modernization of Regulation S-K Item 10
 3. This reform allows firms to replace a bright-line reporting threshold w
 ith a higher\, firm-specific cutoff. I find that the new regime produces a
  bimodal distribution of disclosures where firms cluster at either the min
 imum or maximum permitted thresholds\, consistent with a corner-solution e
 quilibrium. Firms with larger environmental penalties and higher proprieta
 ry costs are more likely to adopt the maximum threshold to minimize disclo
 sure. Using a difference-in-differences approach based on firms’ pre-refor
 m violations\, I show that firms whose violations become less likely to be
  disclosed under the higher threshold subsequently increase pollution leve
 ls.\n
DTSTART:20251212T173000Z
DTEND:20251212T193000Z
SUMMARY:PhD Research Proposal Presentation: Tomas Milo
URL:https://www.mcgill.ca/desautels/channels/event/phd-research-proposal-pr
 esentation-tomas-milo-369577
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