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Securities Law Expertise and Corporate Disclosure

机译：证券法专业知识和公司披露

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摘要

We examine whether securities lawyers involved in SEC comment letter inquiries act as client advocates by resisting disclosure changes or as gatekeepers by encouraging disclosure transparency. Consistent with an advocacy role, we find that securities lawyers' involvement in SEC comment letters is associated with resisting disclosure inquiries through redacting information from filings and issuing fewer amendments to previous disclosures. Our evidence also supports the view that the role of securities lawyers extends beyond the specific inquiry; their involvement is associated with improved readability and more cautionary language in the subsequent 10-K, and fewer future restatements and comment letters. Last, we find that securities lawyers serve more of an advocacy role when proprietary costs are high and when the inquiry involves a possible amendment, but more of a gatekeeper role when an inquiry is more complex.
机译：我们检查参与SEC评论信调查的证券律师是通过抵制披露更改来充当客户辩护人，还是通过鼓励披露透明性来充当看门人。与倡导角色相一致，我们发现证券律师参与SEC评论信与通过修改文件中的信息并减少对先前披露的修改而抵制披露查询有关。我们的证据也支持这样一种观点，即证券律师的作用超出了特定的调查范围；他们的参与与随后的10-K的改进的可读性和更多的警告语言有关，并减少了将来的重述和评论信。最后，我们发现，当专有成本很高且调查涉及可能的修改时，证券律师将更多地充当辩护角色，而当查询更为复杂时，证券律师将扮演更多的看门人角色。

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