【报告主题】Impact of SEC Climate-Related Comment Letters on Mandatory and Voluntary Disclosures of Focal and Peer Firms
【主讲嘉宾】Tharindra Ranasinghe，American University
【报告时间】2026年9月15日 14:00
【报告地点】会计学院108室
【内容提要】
This paper examines the determinants and disclosure consequences of SEC’s climate-related comment letters (CCLs) for recipient firms and their industry peers. We find that the likelihood of receiving a CCL decreases with more climate-related disclosures in 10-Ks but increases with more such disclosures in ESG reports, indicating that the SEC uses voluntary ESG reports to identify climate disclosure deficiencies in 10-Ks. After receiving a CCL, focal firms expand climate-related disclosures in 10-Ks while leaving ESG reports unchanged. Peer firms, by contrast, reduce disclosures in ESG reports but make no changes to 10-Ks. These patterns reveal asymmetric responses by the two groups of firms in mitigating regulatory risk exposure imposed by SEC monitoring. We further find that investment by climate-sensitive institutional investors declines for peer firms post-CCL. Our findings highlight both direct and industry spillover effects of CCLs and asymmetric effects of SEC oversight across disclosures within and beyond its jurisdiction.