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讲座简介：
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Modern information technologies have fundamentally changed how information is disseminated in financial markets. Using the staggered implementation of the EDGAR system in 1993-1996 as a shock to information dissemination technologies, we find evidence that modern information technologies increase information production by corporate outsiders. Specifically, trades by individual investors in a stock become more informative about future stock returns after the stock becomes subject to mandatory filing on EDGAR. This effect is driven primarily by investors who have access to the internet. There is evidence that the amount and accuracy of information produced by sell-side analysts increase following the EDGAR implementation. Market responses to analyst revisions also become stronger after firms become EDGAR filers. Furthermore, stock pricing efficiency improves after a firm becomes an EDGAR filer. Overall, these results suggest that greater and broader information dissemination facilitated by modern information technologies improves information production and stock pricing efficiency. |
