{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"institution":[{"name":"Research Square"}],"indexed":{"date-parts":[[2026,8,5]],"date-time":"2026-08-05T08:49:02Z","timestamp":1785919742933,"version":"3.56.0"},"posted":{"date-parts":[[2026,8,5]]},"group-title":"In Review","reference-count":27,"publisher":"Springer Science and Business Media LLC","license":[{"start":{"date-parts":[[2026,8,5]],"date-time":"2026-08-05T00:00:00Z","timestamp":1785888000000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"accepted":{"date-parts":[[2026,7,30]]},"abstract":"<title>Abstract<\/title>\n                <p>\n                  Section 13(f) requires large institutional managers to disclose their US equity holdings quarterly. The rule is fifty years old, applies identically to filers differing by more than two orders of magnitude in portfolio breadth, and is defended partly on the ground that disclosure is costly. I test whether these disclosures move prices using a negative control supplied by the regime: Norges Bank Investment Management files quarterly reports containing no positions under confidential treatment, with the information table following about a year later. Across 29,421 security-events from 894 filings by 26 managers during 2013\u20132026, newly disclosed and materially increased positions earn a two-day abnormal return of \u2212\u20097.0 basis points relative to the control when security-events are weighted equally, and between \u2212\u20092 and \u2212\u20096 basis points when filings are weighted equally. The control returns 0.7 basis points, close to the zero an empty filing should produce. None of the alternative weighting estimates is significant at five per cent, although some six-factor fixed-effect specifications reach that threshold; all have the same sign. The estimates differ because control filings hold about 1,100 securities each and treatment filings about 33. There is no gradient in position size relative to trading volume, where execution costs should bind most strongly. Under the preferred six-factor specifications, confidence intervals generally exclude effects more negative than about fifteen to sixteen basis points, while the market model is less precise. Security-event and filing weighting answer different questions and are reported side by side.\n                  <bold>JEL classification:<\/bold>\n                  G14, G18, G23, G28\n                <\/p>","DOI":"10.21203\/rs.3.rs-10533940\/v1","type":"posted-content","created":{"date-parts":[[2026,8,5]],"date-time":"2026-08-05T08:15:17Z","timestamp":1785917717000},"source":"Crossref","is-referenced-by-count":0,"title":["What Does Mandatory Portfolio Disclosure Reveal? A Placebo Test of the 13F Regime"],"prefix":"10.21203","author":[{"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"297","reference":[{"issue":"3","key":"ref1","doi-asserted-by":"publisher","first-page":"479","DOI":"10.1093\/rfs\/13.3.479","article-title":"Forcing firms to talk: financial disclosure regulation and externalities","volume":"13","author":"Admati AR","year":"2000","unstructured":"Admati AR, Pfleiderer P (2000) Forcing firms to talk: financial disclosure regulation and externalities. Rev Financ Stud 13(3):479\u2013519. https:\/\/doi.org\/10.1093\/rfs\/13.3.479","journal-title":"Rev Financ Stud"},{"issue":"2","key":"ref2","doi-asserted-by":"publisher","first-page":"739","DOI":"10.1111\/jofi.12012","article-title":"Uncovering hedge fund skill from the portfolio holdings they hide","volume":"68","author":"Agarwal V","year":"2013","unstructured":"Agarwal V, Jiang W, Tang Y, Yang B (2013) Uncovering hedge fund skill from the portfolio holdings they hide. J Finance 68(2):739\u2013783. https:\/\/doi.org\/10.1111\/jofi.12012","journal-title":"J Finance"},{"issue":"1","key":"ref3","doi-asserted-by":"publisher","first-page":"31","DOI":"10.1016\/S1386-4181(01)00024-6","article-title":"Illiquidity and stock returns: cross-section and time-series effects","volume":"5","author":"Amihud Y","year":"2002","unstructured":"Amihud Y (2002) Illiquidity and stock returns: cross-section and time-series effects. J Financ Mark 5(1):31\u201356. https:\/\/doi.org\/10.1016\/S1386-4181(01)00024-6","journal-title":"J Financ Mark"},{"issue":"5","key":"ref4","doi-asserted-by":"publisher","first-page":"1499","DOI":"10.1017\/S0022109013000483","article-title":"Why do hedge funds avoid disclosure? Evidence from confidential 13F filings","volume":"48","author":"Aragon GO","year":"2013","unstructured":"Aragon GO, Hertzel M, Shi Z (2013) Why do hedge funds avoid disclosure? Evidence from confidential 13F filings. J Financ Quant Anal 48(5):1499\u20131518. https:\/\/doi.org\/10.1017\/S0022109013000483","journal-title":"J Financ Quant Anal"},{"issue":"11","key":"ref5","doi-asserted-by":"publisher","first-page":"2993","DOI":"10.1093\/rfs\/hhv036","article-title":"The sovereign wealth fund discount: evidence from public equity investments","volume":"28","author":"Bortolotti B","year":"2015","unstructured":"Bortolotti B, Fotak V, Megginson WL (2015) The sovereign wealth fund discount: evidence from public equity investments. Rev Financ Stud 28(11):2993\u20133035. https:\/\/doi.org\/10.1093\/rfs\/hhv036","journal-title":"Rev Financ Stud"},{"key":"ref6","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.1683628","author":"Brown SJ","year":"2020","unstructured":"Brown SJ, Schwarz C (2020) Do market participants care about portfolio disclosure? Evidence from hedge funds\u2019 13F filings. SSRN Working Paper 1683628. https:\/\/doi.org\/10.2139\/ssrn.1683628"},{"issue":"3","key":"ref7","doi-asserted-by":"publisher","first-page":"414","DOI":"10.1162\/rest.90.3.414","article-title":"Bootstrap-based improvements for inference with clustered errors","volume":"90","author":"Cameron AC","year":"2008","unstructured":"Cameron AC, Gelbach JB, Miller DL (2008) Bootstrap-based improvements for inference with clustered errors. Rev Econ Stat 90(3):414\u2013427. https:\/\/doi.org\/10.1162\/rest.90.3.414","journal-title":"Rev Econ Stat"},{"issue":"1","key":"ref8","doi-asserted-by":"publisher","first-page":"57","DOI":"10.1111\/j.1540-6261.1997.tb03808.x","article-title":"On persistence in mutual fund performance","volume":"52","author":"Carhart MM","year":"1997","unstructured":"Carhart MM (1997) On persistence in mutual fund performance. 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J Financ Econ 98(2):256\u2013278. https:\/\/doi.org\/10.1016\/j.jfineco.2010.05.006","journal-title":"J Financ Econ"},{"issue":"1","key":"ref11","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/j.jfineco.2014.10.010","article-title":"A five-factor asset pricing model","volume":"116","author":"Fama EF","year":"2015","unstructured":"Fama EF, French KR (2015) A five-factor asset pricing model. J Financ Econ 116(1):1\u201322. https:\/\/doi.org\/10.1016\/j.jfineco.2014.10.010","journal-title":"J Financ Econ"},{"issue":"2","key":"ref12","doi-asserted-by":"publisher","first-page":"515","DOI":"10.1086\/422982","article-title":"Copycat funds: information disclosure regulation and the returns to active management in the mutual fund industry","volume":"47","author":"Frank MM","year":"2004","unstructured":"Frank MM, Poterba JM, Shackelford DA, Shoven JB (2004) Copycat funds: information disclosure regulation and the returns to active management in the mutual fund industry. 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Rev Financ Stud 23(11):3996\u20134025. https:\/\/doi.org\/10.1093\/rfs\/hhq072","journal-title":"Rev Financ Stud"},{"issue":"2","key":"ref15","doi-asserted-by":"publisher","first-page":"360","DOI":"10.1016\/j.jfineco.2011.03.007","article-title":"Friends or foes? Target selection decisions of sovereign wealth funds and their consequences","volume":"101","author":"Kotter J","year":"2011","unstructured":"Kotter J, Lel U (2011) Friends or foes? Target selection decisions of sovereign wealth funds and their consequences. J Financ Econ 101(2):360\u2013381. https:\/\/doi.org\/10.1016\/j.jfineco.2011.03.007","journal-title":"J Financ Econ"},{"key":"ref16","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.4095482","author":"Kwon D","year":"2022","unstructured":"Kwon D (2022) The differential effects of the 13F disclosure rule on institutional investors. 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Rev Financ Stud 22(1):435\u2013480. https:\/\/doi.org\/10.1093\/rfs\/hhn053","journal-title":"Rev Financ Stud"},{"key":"ref21","article-title":"SEC proposes to update Form 13F reporting threshold for institutional investment managers","author":"Securities and Exchange Commission","year":"2020","unstructured":"Securities and Exchange Commission (2020) SEC proposes to update Form 13F reporting threshold for institutional investment managers. Press Release 2020\u2009\u2013\u2009152. https:\/\/www.sec.gov\/newsroom\/press-releases\/2020-152"},{"key":"ref22","unstructured":"Securities and Exchange Commission (2026a) Frequently asked questions about Form 13F. Division of Investment Management staff guidance. https:\/\/www.sec.gov\/rules-regulations\/staff-guidance\/division-investment-management-frequently-asked-questions\/frequently-asked-questions-about-form-13f"},{"key":"ref23","article-title":"Determine the status of my filing. 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J Financ Econ 126(1):36\u201353. https:\/\/doi.org\/10.1016\/j.jfineco.2017.06.001","journal-title":"J Financ Econ"},{"issue":"1","key":"ref25","doi-asserted-by":"publisher","first-page":"165","DOI":"10.1093\/rfs\/hhg035","article-title":"Institutional herding","volume":"17","author":"Sias RW","year":"2004","unstructured":"Sias RW (2004) Institutional herding. Rev Financ Stud 17(1):165\u2013206. https:\/\/doi.org\/10.1093\/rfs\/hhg035","journal-title":"Rev Financ Stud"},{"issue":"9","key":"ref26","doi-asserted-by":"publisher","first-page":"3454","DOI":"10.1016\/j.jbankfin.2013.05.003","article-title":"Better than the original? The relative success of copycat funds","volume":"37","author":"Verbeek M","year":"2013","unstructured":"Verbeek M, Wang Y (2013) Better than the original? The relative success of copycat funds. 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J Acc Econ 5:179\u2013194. https:\/\/doi.org\/10.1016\/0165-4101(83)90011-3","journal-title":"J Acc Econ"}],"container-title":[],"original-title":[],"link":[{"URL":"https:\/\/www.researchsquare.com\/article\/rs-10533940\/v1","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.researchsquare.com\/article\/rs-10533940\/v1.html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,8,5]],"date-time":"2026-08-05T08:15:20Z","timestamp":1785917720000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.researchsquare.com\/article\/rs-10533940\/v1"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,8,5]]},"references-count":27,"URL":"https:\/\/doi.org\/10.21203\/rs.3.rs-10533940\/v1","relation":{},"subject":[],"published":{"date-parts":[[2026,8,5]]},"subtype":"preprint"}}