کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1017012 940286 2014 7 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Do XBRL filings enhance informational efficiency? Early evidence from post-earnings announcement drift
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
Do XBRL filings enhance informational efficiency? Early evidence from post-earnings announcement drift
چکیده انگلیسی

In 2009, the Securities Exchange Commission (SEC) mandated public firms to file their financial statements using eXtensible Business Reporting Language (XBRL). The SEC's main motive behind this mandate is that XBRL filings would enhance the informational efficiency in the stock markets by making financial data easier to use and analyze for a broad range of investors. Using a sample from the first wave of mandated XBRL filers, we find a decline in post earnings announcement drift for the good news portfolio in the post-XBRL adoption period. Instead of a drift associated with underreaction, we find that markets overreact to negative earnings surprises for the bad news portfolio during our observation period, which coincides with the financial crisis. We detect limited evidence that XBRL adoption mitigates overreaction, which is another form of market inefficiency. We also find limited evidence that XBRL particularly benefits small investors.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Business Research - Volume 67, Issue 6, June 2014, Pages 1099–1105
نویسندگان
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