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Eliminating public company quarterly reporting to make them more like private markets is a race to the bottom, and it may weaken both.This article originally ran in Term Sheet, Fortune’s newsletter about deals and dealmakers. With the backing of the Business Roundtable, Jamie Dimon and Warren Buffett argued in a Wall Street Journal op-ed for abandoning quarterly earnings guidance – but not quarterly earnings reporting.The SEC mandated quarterly reporting in 1970, when many companies had already elected to do so because of exchange listing requirements. None of this benefits the public markets.Instead of working to limit earnings information, the SEC should call for companies to file their quarterly reports when they release their earnings, while keeping the same reporting deadlines.
As said here by Jack T. Ciesielski