Does Information-Processing Cost Affect Firm-Specific Information Acquisition? Evidence from XBRL Adoption
Does Information-Processing Cost Affect Firm-Specific Information Acquisition? Evidence from XBRL Adoption
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信息处理成本是否会影响企业特定信息的获取？
DOI：
10.1017/s0022109016000235
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发表时间：
2016-04-01
影响因子：
3.9
通讯作者：
Ni, Chenkai
中科院分区：
文献类型：
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作者：
Dong, Yi;Li, Oliver Zhen;Ni, Chenkai
我们研究了信息处理成本如何影响投资者对公司特定信息的获取，使用了一个自然实验，该实验源于最近要求美国公司在向美国证券交易委员会（SEC）提交文件时采用可扩展商业报告语言（XBRL）的命令。XBRL文件使财务数据标准化、标记和机器可读。我们发现采用XBRL降低了公司股票收益同步性。同步性的减少主要适用于强制性计划下的申报，而不是自愿性计划。此外，这种影响对于不透明和复杂的公司更为明显。最后，我们发现采用XBRL也减少了价格延迟。
We examine how information-processing cost affects investors' acquisition of firm-specific information using a natural experiment resulting from a recent mandate requiring U.S. firms to adopt eXtensible Business Reporting Language (XBRL) when submitting filings to the U.S. Securities and Exchange Commission (SEC). XBRL filings make financial data standardized, tagged, and machine readable. We find that XBRL adoption reduces firms' stock return synchronicity. The reduction in synchronicity mainly applies to filings under the mandatory program as opposed to the voluntary program. Furthermore, such an effect is more pronounced for opaque and complex firms. Finally, we find that XBRL adoption also reduces price delay.