This study examines the impact of SEC comment letters on future financial reporting outcomes and earnings credibility. Naïve Bayesian classification identifies comment letters associated with future restatements and write-downs. An investor attention-based quantitative measure of importance, using EDGAR downloads, also predicts these outcomes. Disclosure-event abnormal returns, revenue recognition comments, and the number of letters in a conversation appear to be useful quantitative metrics for classifying importance in certain settings. This study also documents trends in comment letter topics over time and identifies topics associated with the textual and quantitative classifications of importance, providing insights into the factors that draw investor attention and that relate to future restatements and write-downs. Innocuous comment letters are associated with improvements in earnings credibility following comment letter reviews.

本研究考察了SEC评论信对未来财务报告结果和收益信誉的影响。朴素的贝叶斯分类识别与未来重述和减记相关的注释字母。使用EDGAR下载的，基于投资者关注度的重要性量化指标也可以预测这些结果。披露事件的异常回报，收入确认评论和对话中的信件数量似乎是对某些情况下的重要性进行分类的有用的量化指标。这项研究还记录了评论信主题随时间变化的趋势，并确定了与重要性的文本和定量分类相关的主题，从而洞悉了引起投资者注意的因素以及与未来重述和减记有关的因素。