Has Firms' Form 8-K Filing Behavior Changed Since Section 409 of the Sarbanes-Oxley Act Became Effective?

Abstract

Carter and Soo (1999) find that over 26% of Form 8-K filings are filed after the statutory due date. The purpose of my paper is to provide a descriptive follow-up to Carter and Soo's study in the period closely following the effective date of SOX Section 409. Results indicate that firms' have significantly improved the timeliness of their Form 8-K filings. Relative to the other events examined, filings are more likely to be late if they report board of director resignations. Other results indicate no discernable differences between the number of days to file within the four day requirement; no industry is more likely than another to be non-compliant; and disclosures of negative events are more likely filed late than for either positive or mixed events. No form of public enforcement is found for those who violated SOX Section 409.

Keywords: Sarbanes-Oxley Act, Form 8-K, Timeliness, Enforcement

JEL Classification: M41, G34, G38, K22