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The Use of EDGAR Filings by Investors

Journal of Behavioral Finance, Forthcoming

47 Pages Posted: 10 Sep 2014 Last revised: 4 Dec 2016

Tim Loughran

University of Notre Dame

Bill McDonald

University of Notre Dame - Mendoza College of Business - Department of Finance

Date Written: December 3, 2016

Abstract

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

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

Tim Loughran (Contact Author)

University of Notre Dame ( email )

Department of Finance
245 Mendoza College of Business
Notre Dame, IN 46556-5646
United States
574-631-8432 (Phone)
574-631-5255 (Fax)

Bill McDonald

University of Notre Dame - Mendoza College of Business - Department of Finance ( email )

P.O. Box 399
Notre Dame, IN 46556-0399
United States

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