Is more always better? Information acquisition and stock price crash risk
研究发现，投资者对公司SEC文件的高搜索强度会给管理层带来隐瞒坏消息的市场压力，进而增加未来股价崩盘风险，且该效应在机构持股高、CEO过度自信、无形资产多的公司中更显著。
We posit that high search intensity on a firm's SEC filings creates capital market pressure on managers to withhold bad news. Using the count of non-robot EDGAR downloads of SEC filings as a proxy for search intensity, we find that high search intensity is related to higher future crash risk. The result is cross-sectionally stronger for firms with higher transient institutional holdings, overconfident CEOs, and more intangibles. Our findings are robust to different measures of crash risk and bad news hoarding. Overall, we highlight one unintended capital market consequence associated with the high intensity of information acquisition.