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来源类型Working Paper
规范类型报告
DOI10.3386/w27529
来源IDWorking Paper 27529
The Real Effects of Modern Information Technologies: Evidence from the EDGAR Implementation
Itay Goldstein; Shijie Yang; Luo Zuo
发表日期2020-07-13
出版年2020
语种英语
摘要Using the implementation of the EDGAR system from 1993 to 1996 as a shock to information dissemination technologies, we examine the potential benefits and costs of modern information technologies on the real economy. On the one hand, we document that broader information dissemination leads to a decrease in the cost of capital and an increase in the level of equity financing and corporate investment. On the other hand, we provide evidence that greater dissemination of corporate disclosures crowds out investors’ private information acquisition and reduces managerial learning from stock prices. Our findings suggest that it is important to consider this tradeoff between improved equity financing and reduced managerial learning when evaluating the economic effects of modern information technologies. Our evidence suggests that the former effect dominates in value firms while the latter effect dominates in high-growth firms.
主题Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Corporate Finance ; Other ; Accounting, Marketing, and Personnel
URLhttps://www.nber.org/papers/w27529
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/585202
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GB/T 7714
Itay Goldstein,Shijie Yang,Luo Zuo. The Real Effects of Modern Information Technologies: Evidence from the EDGAR Implementation. 2020.
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