The Timeliness Of 10-K Filings, Early Filers, And Effects Of Filing Deadline Changes

This study documents the timeliness of 10-K filings on EDGAR between 1997 and 2018. Consistent with prior studies, we show that firms tend to file around the statutory filing deadlines. We find that 10-K filings become timelier over time, especially after the statutory filing deadline changes. Prior to deadline changes, we find early filers tend to be dormant state companies, shell companies, development stage companies, or financial entities, such as trusts, asset-backed securities, mortgage certificates, and funds. Most of these early filers have little or zero assets, liabilities, revenues, and expenses. After deadline changes, however, we find firms with large market capitalization and better financial position and performance also report 10-Ks early, indicating that early filers are not a random sample in recent years. Finally, we show that the changes of filing deadlines increase the number of early filers, but do not affect the proportion of late filers.