Big Data as a Governance Mechanism
实证研究替代性数据（如消费者交易和卫星图像）如何通过降低信息获取成本提高股价信息含量，并约束管理层机会主义交易、提升投资效率。
This study empirically investigates two effects of alternative data availability: stock price informativeness and its disciplining effect on managers’ actions. Recent computing advancements have enabled technology companies to collect real-time, granular indicators of fundamentals to sell to investment professionals. These data include consumer transactions and satellite images. The introduction of these data increases price informativeness through decreased information acquisition costs, particularly in firms in which sophisticated investors have higher incentives to uncover information. I document two effects on managers. First, managers reduce their opportunistic trading. Second, investment efficiency increases, consistent with price informativeness improving managers’ incentives to invest and divest efficiently.Received June 1, 2017; editorial decision June 1, 2018 by Editor Wei Jiang. The Author has furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.