This study tests for changes in U.S.-listed foreign firms’ financial reporting properties and transparency when their home market regulators enter an arrangement that facilitates enforcement cooperation with the Securities and Exchange Commission. This arrangement—the International Organization of Securities Commissions’ Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU)—has explicit disclosure-related provisions. I show that the MMoU is associated with improvements across various measures of accounting properties and transparency. Collectively, the findings help resolve enduring questions about why the earnings quality of U.S.-listed foreign firms diverged from that of U.S. firms during pre-MMoU periods.

本研究测试了在美国上市的外国公司的财务报告属性和透明度在其本国市场监管机构与美国证券交易委员会达成一项促进执法合作的安排时的变化。这种安排——国际证监会组织关于磋商与合作和信息交换的多边谅解备忘录 (MMoU)——有明确的披露相关规定。我表明 MMoU 与会计属性和透明度的各种衡量标准的改进有关。总的来说，这些发现有助于解决关于为什么在 MMoU 之前期间在美国上市的外国公司的盈利质量与美国公司的盈利质量不同的持久问题。