Journal of Behavioral Finance, Forthcoming
47 Pages Posted: 10 Sep 2014 Last revised: 4 Dec 2016
Date Written: December 3, 2016
Using data from the SEC’s EDGAR server log, we examine the consumption of financial information in filings from 2003 through 2012. The EDGAR filings represent a first-source database for investors doing fundamental research on stock valuations. The magnitude of daily EDGAR requests for 10-Ks is surprisingly low and shows only a small difference between firms with and without publicly-traded equity. The average publicly-traded firm has their annual report requested only 28.4 total times by investors immediately after the 10 K-filing. The lack of annual report requests suggests that investors generally are not doing fundamental research on stocks.
Keywords: EDGAR; fundamental research; information decay; web traffic; Form 10-K
JEL Classification: G14; G18; M41
Suggested Citation: Suggested Citation
Loughran, Tim and McDonald, Bill, The Use of EDGAR Filings by Investors (December 3, 2016). Journal of Behavioral Finance, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2493941