Journal of Financial and Quantitative Analysis / Volume 51 / No.2 / April 2016

信息處理成本會影響公司特質信息的獲取嗎？基于采用XBRL的證據

作者：Yi Dong, Oliver Zhen Li, Yupeng Lin 和Chenkai Ni

摘要：最近美國各個公司在向證券交易委員會（SEC）提交材料時被強令采用可擴展商業報告語言（eXtensible Business Reporting Language ，簡稱XBRL）。在此情況下，我們研究了信息處理成本對投資者獲得公司特質性信息的影響。采用XBRL提交材料能使金融數據變得更加标準化和标簽化，且具有機器可讀性。本研究發現，XBRL的采用減少了不同公司股票回報率的同步性。這種同步性的減少主要體現在XBRL被強制運行的時期，但是對于公司可以自由選擇是否運行XBRL的時期，同步性并沒與發生明顯減少。此外，該效應在透明度差和結構複雜的公司中更加顯著。最後，研究還發現，XBRL的采用能夠減少價格滞後程度。

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

Yi Dong, Oliver Zhen Li, Yupeng Lin and Chenkai Ni

ABSTRACT

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.

原文鍊接：http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=10362126&fulltextType=RA&fileId=S0022109016000235

翻譯：傅亞平