XBRL-Formatted Financial Reporting and the Feedback Effect of Price
研究SEC强制采用XBRL格式财务报告是否让投资者更好地处理公开财务信息，从而减少管理者从股价中学习私人信息的程度，发现投资-价格敏感性显著下降，且在高复杂度和高激励企业中更明显。
We examine whether the SEC’s XBRL-formatted financial reporting mandate allows investors to better process public financial information, reducing the extent to which managers learn private information from stock price. We find a significant decrease in the investment-price sensitivity for firms that started to file their 10-Ks in an XBRL format, consistent with a reduction in the cost of information processing crowding out private information in stock price. We also find that the decrease in the investment-price sensitivity associated with XBRL adoption is more pronounced for firms with higher business and information complexity and for firms with higher incentives for managers to learn from stock price. Overall, our results suggest that XBRL can reduce the feedback effect of stock price and impair real efficiency as it increases investors’ ability to synthesize and integrate financial data for analysis.