Abstract

http://ssrn.com/abstract=1932315
 
 

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The Determinants and Consequences of Information Acquisition via EDGAR


Michael S. Drake


Brigham Young University - Marriott School

Darren T. Roulstone


Ohio State University (OSU) - Fisher College of Business

Jacob R. Thornock


University of Washington - Michael G. Foster School of Business

March 21, 2014

Contemporary Accounting Research, Forthcoming

Abstract:     
Using a novel dataset that tracks all web traffic on the SEC’s EDGAR servers from 2008-2011, we examine the determinants and capital market consequences of investor information acquisition of SEC filings. The average user employs the database very few times per quarter and most users target specific filing types such as periodic accounting reports; a small subset of users employ EDGAR almost daily and access many filings. EDGAR activity is positively related with corporate events (particularly restatements, earnings announcements, and acquisition announcements), poor stock performance, and the strength of a firm’s information environment. EDGAR activity is related to, but distinct from, other proxies of investor interest such as trading volume, business press articles, and Google searches. Finally, information acquisition via EDGAR, both to obtain earnings news and to provide context for it, has a positive influence on market efficiency with respect to earnings news. Overall, our results provide a unique, user-based perspective on investor access of mandatory disclosures and its impact on price formation.

Number of Pages in PDF File: 57

Keywords: Information acquisition, EDGAR, information environment

JEL Classification: G12, G14, M41

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Date posted: February 14, 2012 ; Last revised: March 21, 2014

Suggested Citation

Drake, Michael S. and Roulstone, Darren T. and Thornock, Jacob R., The Determinants and Consequences of Information Acquisition via EDGAR (March 21, 2014). Contemporary Accounting Research, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1932315 or http://dx.doi.org/10.2139/ssrn.1932315

Contact Information

Michael S. Drake
Brigham Young University - Marriott School ( email )
United States
Darren T. Roulstone (Contact Author)
Ohio State University (OSU) - Fisher College of Business ( email )
2100 Neil Avenue
Columbus, OH 43210-1144
United States

Jacob Thornock
University of Washington - Michael G. Foster School of Business ( email )
Box 353200
Seattle, WA 98195-3200
United States
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