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Leveling the Playing Field between Large and Small Institutions: Evidence from the SEC's XBRL Mandate

机译：平衡大型机构和小型机构之间的竞争环境：来自SEC XBRL授权的证据

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摘要

We investigate how XBRL adoption affects smaller institutions' access to financial statement information relative to their larger counterparts. We examine three aspects of trading responsiveness: abnormal trading volume, response speed to 10-K information, and decision to trade immediately following the 10-K filing. With regard to all three aspects of trading responsiveness, we find that small institutions' responsiveness to 10-K news increases significantly more relative to the change experienced by large institutions from the pre- to post-XBRL periods. We further document that small institutions' stock picking skills in the 10-K filing period increase more compared to those of large institutions following the regulation. Our results are robust to a battery of falsification and sensitivity tests. Collectively, our results suggest that the informational playing field between small and large institutions has become more even following the SEC's XBRL mandate.
机译：我们调查采用XBRL相对于大型机构如何影响小型机构对财务报表信息的访问。我们检查了交易响应性的三个方面：异常交易量，对10-K信息的响应速度以及在提交10-K后立即进行交易的决定。关于交易响应的所有三个方面，我们发现，相对于大型机构从XBRL之前到之后的经历，小型机构对10-K新闻的响应性显着增加。我们进一步证明，在遵守法规之后，小型机构在10-K申请期内的选股技能比大型机构的选股技能增长更多。我们的结果对于一系列的伪造和敏感性测试是可靠的。从总体上看，我们的结果表明，即使在SEC的XBRL任务授权之后，大型机构之间的信息竞争环境也变得越来越大。

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