Information acquisition costs and price informativeness: global evidence

• 成果类型: Article
• 署名作者: McClure, Charles G.; Shi, Shawn X.; Watts, Edward M.
• 署名单位: University of Chicago; University of Washington; University of Washington Seattle; Yale University
• 刊物名称: REVIEW OF ACCOUNTING STUDIES
• ISSN/ISSBN: 1380-6653
• DOI: 10.1007/s11142-025-09906-3
• 发表日期: 2025
• 页码: 2468-2507
• 关键词: firm-specific information; STOCK-PRICE; institutional investors; INVESTMENT SENSITIVITY; market liquidity; earnings; disclosure; IMPACT; FUTURE; PROTECTION

摘要

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.