Disclosure processing costs, investors' information choice, and equity market outcomes: A review
This paper reviews the literature examining how costs of monitoring for, acquiring, and
analyzing firm disclosures–collectively,“disclosure processing costs”–affect investor …
analyzing firm disclosures–collectively,“disclosure processing costs”–affect investor …
Using and interpreting fixed effects models
Fixed effects (FE) have emerged as a ubiquitous and powerful tool for eliminating unwanted
variation in observational accounting studies. Unwanted variation is plentiful in accounting …
variation in observational accounting studies. Unwanted variation is plentiful in accounting …
Financial statement analysis with large language models
We investigate whether large language models (LLMs) can successfully perform financial
statement analysis in a way similar to a professional human analyst. We provide …
statement analysis in a way similar to a professional human analyst. We provide …
The impact of information processing costs on firm disclosure choice: Evidence from the XBRL mandate
E Blankespoor - Journal of Accounting Research, 2019 - Wiley Online Library
This paper examines the effect of market participants' information processing costs on firms'
disclosure choice. Using the recent eXtensible Business Reporting Language (XBRL) …
disclosure choice. Using the recent eXtensible Business Reporting Language (XBRL) …
A (sub) penny for your thoughts: Tracking retail investor activity in TAQ
We placed 85,000 retail trades in six retail brokerage accounts from December 2021 to June
2022 to validate the Boehmer et al. algorithm, which uses subpenny trade prices to identify …
2022 to validate the Boehmer et al. algorithm, which uses subpenny trade prices to identify …
Shall we talk? The role of interactive investor platforms in corporate communication
CMC Lee, Q Zhong - Journal of Accounting and Economics, 2022 - Elsevier
Between 2010 and 2017, Chinese investors used an investor interactive platform (IIP) to ask
public companies around 2.5 million questions, the vast majority of which received a reply …
public companies around 2.5 million questions, the vast majority of which received a reply …
The irrelevance of environmental, social, and governance disclosure to retail investors
Using an hourly data set on retail investor individual security positions from Robinhood
Markets, we find no evidence that environmental, social, and governance (ESG) disclosures …
Markets, we find no evidence that environmental, social, and governance (ESG) disclosures …
Bloated disclosures: can ChatGPT help investors process information?
Generative AI tools such as ChatGPT can fundamentally change the way investors process
information. We probe the economic usefulness of these tools in summarizing complex …
information. We probe the economic usefulness of these tools in summarizing complex …
Analyst information acquisition via EDGAR
We identify analysts' information acquisition patterns by linking EDGAR (Electronic Data
Gathering, Analysis, and Retrieval) server activity to analysts' brokerage houses. Analysts …
Gathering, Analysis, and Retrieval) server activity to analysts' brokerage houses. Analysts …
Retail investors and ESG news
An important debate exists around the extent to which retail investors make sustainable
investments and, if they do, why. We contribute to this debate by investigating the aggregate …
investments and, if they do, why. We contribute to this debate by investigating the aggregate …