Information Decay and Financial Disclosures

Tim Loughran B · Bill McDonald

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Financial Reporting and XBRL Financial Markets and Investment Strategies Auditing, Earnings Management, Governance

Abstract

Using data from the SEC’s EDGAR server log, we examine the consumption of financial information in filings from 2003 through 2012. We document how quickly download counts for EDGAR forms decay over the year following their initial filing. We find that different types of disclosures experience very different information flows as measured by download activity. After examining a variety of the most common forms, we focus on annual reports (10-K) and registration statements (S-1). The magnitude of the daily EDGAR requests for 10-Ks is relatively low and shows a surprisingly small difference between firms with and without publicly-traded equity.

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References

1997Industry costs of equity 1977RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION 2011In Search of Attention 2001Capital markets research in accounting 1990Initial Public Offerings and Underwriter Reputation 2004Why Has IPO Underpricing Changed Over Time 1998Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks 2014Measuring Readability in Financial Disclosures

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2017It Depends on Where You Search: Institutional Investor Attention and Underreaction to News 2020Corporate social responsibility and information flow 2021Impact of Firm-Initiated Tweets on Stock Return and Trading Volume 2020Ongoing SEC Disclosures by Foreign Firms

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