TY  - SER
AU  - Bhattacharya,Nilabhra
AU  - Jun Cho,Young
AU  - Kim,Jae B.
TI  - Leveling the playing field between large and small institutions: evidence from the SEC´s XBRL mandate
KW  - Contabilidad
KW  - Publicaciones seriadas
KW  - Administración del portafolio
KW  - Análisis de inversiones
KW  - Agencias de calificación (Finanzas)
KW  - Finanzas
KW  - Legislación
KW  - Estados Unidos
N2  - We investigate how XBRL adoption affects smaller institutions' access to financial statement information relative to their larger counterparts. We examine three aspects of trading responsiveness: abnormal trading volume, response speed to 10-K information, and decision to trade immediately following the 10-K filing. With regard to all three aspects of trading responsiveness, we find that small institutions' responsiveness to 10-K news increases significantly more relative to the change experienced by large institutions from the pre- to post-XBRL periods. We further document that small institutions' stock picking skills in the 10-K filing period increase more compared to those of large institutions following the regulation. Our results are robust to a battery of falsification and sensitivity tests. Collectively, our results suggest that the informational playing field between small and large institutions has become more even following the SEC's XBRL mandate
ER  -