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

信息处理成本会影响公司特质信息的获取吗？基于采用XBRL的证据

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

摘要：最近美国各个公司在向证券交易委员会（SEC）提交材料时被强令采用可扩展商业报告语言（eXtensible Business Reporting Language ，简称XBRL）。在此情况下，我们研究了信息处理成本对投资者获得公司特质性信息的影响。采用XBRL提交材料能使金融数据变得更加标准化和标签化，且具有机器可读性。本研究发现，XBRL的采用减少了不同公司股票回报率的同步性。这种同步性的减少主要体现在XBRL被强制运行的时期，但是对于公司可以自由选择是否运行XBRL的时期，同步性并没与发生明显减少。此外，该效应在透明度差和结构复杂的公司中更加显著。最后，研究还发现，XBRL的采用能够减少价格滞后程度。

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.

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

翻译：傅亚平