Interactive data and retail investor decision-making: an experimental study

Joanne Locke · Alan D. Lowe · Andy Lymer

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Financial Reporting and XBRL Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting

Abstract

The results of an experimental study of retail investors' use of eXtensible Business Reporting Language tagged (interactive) data and PDF format for making investment decisions are reported. The main finding is that data format made no difference to participants' ability to locate and integrate information from statement footnotes to improve investment decisions. Interactive data were perceived by participants as quick and ‘accurate’, but it failed to facilitate the identification of the adjustment needed to make the ratios accurate for comparison. An important implication is that regulators and software designers should work to reduce user reliance on the comparability of ratios generated automatically using interactive data.

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References

2008The Concept of Information Overload - A Review of Literature from Organization Science, Accounting, Marketing, MIS, and Related Disciplines (2004)2008The dark side of information: overload, anxiety and other paradoxes and pathologies 2002Experimental research in financial accounting 2000The problem of information overload in business organisations: a review of the literature 2000Effects of Comprehensive-Income Characteristics on Nonprofessional Investors' Judgments: The Role of Financial-Statement Presentation Format 2004Does Search-Facilitating Technology Improve the Transparency of Financial Reporting?2004The Effects of Pro Forma Earnings Disclosures on Analysts' and Nonprofessional Investors' Equity Valuation Judgments 1987How do financial analysts make decisions? A process model of the investment screening decision

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