Informing the Market: The Effect of Modern Information Technologies on Information Production
利用EDGAR系统分阶段实施作为外生冲击，研究发现互联网披露公司信息增加了外部人的信息生产，个人投资者交易和卖方分析师的信息产出均变得更准确。
Abstract Modern information technologies have fundamentally changed how information is disseminated in financial markets. Using the staggered implementation of the EDGAR system from 1993 to 1996 as a shock to information dissemination technologies, we find evidence that internet dissemination of corporate disclosures increases information production by corporate outsiders. Trades by individual investors, especially those with access to the internet, become more informative about future stock returns following the EDGAR implementation. The amount and accuracy of information produced by sell-side analysts increase after the implementation. These results suggest that greater and broader information dissemination facilitated by modern information technologies improves information production. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.