Leveling the playing field between large and small institutions
Bhattacharya, Nilabhra
Leveling the playing field between large and small institutions : evidence from the SEC´s XBRL mandate / Nilbhra Bhattacharya, Young Jun Cho & Jae B. Kim . -- Páginas 51 a la 71
Reseña : 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..
Contabilidad--Publicaciones seriadas
Administración del portafolio--Publicaciones seriadas
Análisis de inversiones--Publicaciones seriadas
Agencias de calificación (Finanzas)--Publicaciones seriadas
Finanzas--Legislación--Estados Unidos--Publicaciones seriadas
Jun Cho, Young ; Kim, Jae B. ;
Leveling the playing field between large and small institutions : evidence from the SEC´s XBRL mandate / Nilbhra Bhattacharya, Young Jun Cho & Jae B. Kim . -- Páginas 51 a la 71
Reseña : 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..
Contabilidad--Publicaciones seriadas
Administración del portafolio--Publicaciones seriadas
Análisis de inversiones--Publicaciones seriadas
Agencias de calificación (Finanzas)--Publicaciones seriadas
Finanzas--Legislación--Estados Unidos--Publicaciones seriadas
Jun Cho, Young ; Kim, Jae B. ;