AN EXAMINATION OF 13F FILINGS: An Examination of 13F Filings

We examine Form 13F institutional holdings and find evidence of reporting discrepancies that can be significant for the users of such filings. Using a hand-collected sample of 13F filings by large bank holding companies, we find that (1) reported security holdings do not always match the U.S. Securities and Exchange Commission's Official List, (2) market valuations of Official List securities can be inaccurate, and (3) amended 13F reports can be even less accurate than the original reports. Our findings show that in many cases, the frequencies and magnitudes of price discrepancies can be substantial. Overall, our evidence suggests that 13F users should exercise caution when relying on these reports.