XBRL Adoption and Systematic Information Acquisition via EDGAR

Jie Zhou

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Financial Reporting and XBRL Auditing, Earnings Management, Governance E-Government and Public Services

Abstract

ABSTRACT We investigate how XBRL adoption relates to the systematic file requests from EDGAR. We define systematic requests as requests for EDGAR filings using automated scripts and computer programs. Our results show that systematic requests for EDGAR filings increase significantly after the adoption of XBRL and that the increase is not driven by requests for financial statements in older, static formats (HTML or TXT). Cross-sectional analyses further suggest that the increase in systematic requests is more pronounced for firms with lower information accessibility and accounting comparability. Results from a difference-in-differences specification provide similar inferences. Overall, our findings are consistent with the view that XBRL facilitates bulk downloading and processing of company disclosures, suggesting greater information acquisition subsequent to enactment of the XBRL mandate. JEL Classifications: M41; M48; K22.

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References

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2019Does one size fit all? Evidence on XBRL adoption and 10‐K filing lag

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