Stop quarterly reporting, Robert Pozen against Trump’s proposal: “It can increase insider …

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the interview

Stop quarterly reporting, Robert Pozen against Trump’s proposal: “It can increase insider trading risks”

Sara Tirrito

22 Settembre 2025
Aggiornato alle 09:41

3 minuti di lettura

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Robert Pozen, Senior Lecturer alla MIT Sloan School of Managemet

Bringing public financial communication for listed companies from three to six months can create great «temptation for insider trading». Moreover, «the efficiency of stock market pricing depends on getting information regularly, not having it will make markets inefficient». These are the «two powerful arguments» against Donald Trump’s proposal to abolish quarterly reports according to Robert Pozen, Senior Lecturer at MIT Sloan School of Management, former chairman of the SEC’s Committee on Improvements to Financial Reporting and of the International Financial Reporting Standards (IFRS). «Moving from quarterly to semi-annual reporting – he says – does not encourage long-term thinking and has lots of negatives». Professor Pozen, what is your opinion on the debate about abolishing quarterly reports?«I’m against the move from quarterly to semi-annual reports. The costs are very substantial because investors will have to go a long time without hearing from the company as to how it’s doing. You have these long dark periods without information. It creates temptation for insider trading because there’s not much information there. And you will make the markets less efficient because they’ll have less information. It also means that there’ll be more what in the US we call 8-Ks, which means when there’s a big event you’ll have to put out these special press releases to tell people about it». What are the benefits of such a change?«Well, the main benefit that people cite is that executives will have more long-term thinking, but six months is not long term. If we want executives to think long term, we should be