Life in the fast lane: sophistication among individual investors
研究了个人投资者互联网速度与其成熟度的关系，发现更快的网速与投资者对财报公告的市场反应更强、价格漂移更小相关，表明高速互联网有助于个人投资者的价格发现。
Purpose We examine the role of internet speed in sophistication among individual investors. Design/methodology/approach This paper utilizes archival data and regression-based analyses in examining the research question. Findings We first show that higher individual investor internet speed (IIIS) is associated with geographic measures of education, job type and income of users accessing EDGAR filings. We then show that higher IIIS is positively related to the market reaction to newly released 10-K, 10-Q and 8-K filings and that the relation is stronger for companies and filings where greater sophistication is needed. Higher IIIS is also associated with a lower price drift after the release of a 10-K, 10-Q and 8-K filing on EDGAR. Originality/value Overall, our findings suggest that greater internet access speeds can aid in the sophistication and price discovery process for individual investors.