Information acquisition costs and price informativeness: global evidence
研究了全球范围内通过披露技术降低信息获取成本如何影响价格信息含量，发现集中式电子披露系统的采用减少了盈余公告前后的私人信息获取，尤其在成本降幅大的国家效果更明显。
Abstract We study how global changes in information acquisition costs through disclosure technologies affect price informativeness. To explore this issue, we examine worldwide adoptions of centralized electronic disclosure systems, which significantly reduce the cost of and broaden access to financial disclosures. Consistent with theory, we show a significant reduction in private information acquisition around earnings announcements as a result of these adoptions. These effects are most pronounced in countries with the most substantial reductions in information acquisition costs and where we find more significant decreases in informed trade. Overall, we highlight an important, unintended cost of broadening access to financial disclosures through technology adoptions.