Does Information-Processing Cost Affect Firm-Specific Information Acquisition? Evidence from XBRL Adoption

doi:10.1017/S0022109016000235

CORC > 上海财经大学 > 上海财经大学

	Does Information-Processing Cost Affect Firm-Specific Information Acquisition? Evidence from XBRL Adoption
	Dong, Yi 1; Li, Oliver Zhen 2; Lin, Yupeng 3; Ni, Chenkai 4
刊名	JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS
	2016-04
卷号	51 期号:2 页码:435-462
ISSN号	0022-1090
DOI	10.1017/S0022109016000235
英文摘要	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.
WOS研究方向	Business & Economics
语种	英语
出版者	CAMBRIDGE UNIV PRESS
WOS记录号	WOS:000378927300004
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1310]
专题	上海财经大学
通讯作者	Ni, Chenkai
作者单位	1.Shanghai Univ Finance & Econ, Sch Accounting, Shanghai 200433, Peoples R China; 2.Natl Univ Singapore, Sch Business, Singapore 119245, Singapore; 3.City Univ Hong Kong, Coll Business, Kowloon, Hong Kong, Peoples R China; 4.Renmin Univ China, Sch Business, Beijing 100872, Peoples R China
推荐引用方式 GB/T 7714	Dong, Yi,Li, Oliver Zhen,Lin, Yupeng,et al. Does Information-Processing Cost Affect Firm-Specific Information Acquisition? Evidence from XBRL Adoption[J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS,2016,51(2):435-462.
APA	Dong, Yi,Li, Oliver Zhen,Lin, Yupeng,&Ni, Chenkai.(2016).Does Information-Processing Cost Affect Firm-Specific Information Acquisition? Evidence from XBRL Adoption.JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS,51(2),435-462.
MLA	Dong, Yi,et al."Does Information-Processing Cost Affect Firm-Specific Information Acquisition? Evidence from XBRL Adoption".JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS 51.2(2016):435-462.