| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27529 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w27529 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585202 |
| 推荐引用方式 GB/T 7714 | Itay Goldstein,Shijie Yang,Luo Zuo. The Real Effects of Modern Information Technologies: Evidence from the EDGAR Implementation. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27529.pdf（596KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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