Disclosure "Scriptability"
In response to the increasing use of computer programs to process firm disclosures, this registered report develops a new measure of "scriptability" that reflects computerized, rather than human, information processing costs. We validate our measure using SEC filing-derived data from prior...
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| Veröffentlicht in: | Journal of accounting research 2018-05, Vol.56 (2), p.363-430 |
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| container_end_page | 430 |
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| container_issue | 2 |
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| container_title | Journal of accounting research |
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| creator | ALLEE, KRISTIAN D. DEANGELIS, MATTHEW D. MOON, JAMES R. |
| description | In response to the increasing use of computer programs to process firm disclosures, this registered report develops a new measure of "scriptability" that reflects computerized, rather than human, information processing costs. We validate our measure using SEC filing-derived data from prior research and identify firm and disclosure characteristics related to it. In our planned hypothesis tests, we find some evidence that the speed of the market response to filings increases with scriptability, but find little evidence that scriptability affects the incidence and speed of news dissemination by Dow Jones. In additional analyses, we find that scriptability exhibits both positive and negative associations with changes in information asymmetry between market participants, depending on the filing, trading window, and measure examined. We also find little evidence that XBRL interacts with scriptability in a meaningful way. Overall, our study broadens our understanding of information processing costs and provides opportunities for new avenues of research. |
| doi_str_mv | 10.1111/1475-679X.12203 |
| format | Article |
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We validate our measure using SEC filing-derived data from prior research and identify firm and disclosure characteristics related to it. In our planned hypothesis tests, we find some evidence that the speed of the market response to filings increases with scriptability, but find little evidence that scriptability affects the incidence and speed of news dissemination by Dow Jones. In additional analyses, we find that scriptability exhibits both positive and negative associations with changes in information asymmetry between market participants, depending on the filing, trading window, and measure examined. We also find little evidence that XBRL interacts with scriptability in a meaningful way. 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Overall, our study broadens our understanding of information processing costs and provides opportunities for new avenues of research.</description><subject>Asymmetric information</subject><subject>Automation</subject><subject>Computerization</subject><subject>Disclosure</subject><subject>Dissemination</subject><subject>Extensible Business Reporting Language</subject><subject>financial reporting</subject><subject>G10</subject><subject>G12</subject><subject>G14</subject><subject>G24</subject><subject>G30</subject><subject>G39</subject><subject>G41</subject><subject>high‐frequency trading</subject><subject>Information dissemination</subject><subject>Information processing</subject><subject>information processing costs</subject><subject>M40</subject><subject>M41</subject><subject>M49</subject><subject>News</subject><subject>Securities industry</subject><subject>Software</subject><subject>textual analysis</subject><subject>Trading</subject><subject>XBRL</subject><issn>0021-8456</issn><issn>1475-679X</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2018</creationdate><recordtype>article</recordtype><recordid>eNqFkEtLw0AUhQdRMFbXgiBIXaedO-9ZltYnhYIPcDdMkgkkRBNnEiT_3sRot97Ngcv57uUchM4BL2CYJTDJYyH12wIIwfQARfvNIYowJhArxsUxOgmhxBhrTiFCF5sipFUdOu-u5s-pL5rWJkVVtP38FB3ltgru7Fdn6PX25mV9H293dw_r1TZOGUgaCy0TrVhGlVKMKcogc1JbTDMpKNcEgHMOIC047nJgOgedQgZJIkmeWaAzdD3dbXz92bnQmrLu_Mfw0hBMJGGcKTm4lpMr9XUI3uWm8cW79b0BbMYCzBjXjHHNTwEDISbiq6hc_5_dPO5WT3_g5QSWoa39HiRCDDm4pt97dWNy</recordid><startdate>20180501</startdate><enddate>20180501</enddate><creator>ALLEE, KRISTIAN D.</creator><creator>DEANGELIS, MATTHEW D.</creator><creator>MOON, JAMES R.</creator><general>Wiley Subscription Services, Inc</general><general>Blackwell Publishing Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>20180501</creationdate><title>Disclosure "Scriptability"</title><author>ALLEE, KRISTIAN D. ; DEANGELIS, MATTHEW D. ; MOON, JAMES R.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c4173-697b984d3888448341de79a03d76359211555117a1e5ef149f19c1d1bb72fda13</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2018</creationdate><topic>Asymmetric information</topic><topic>Automation</topic><topic>Computerization</topic><topic>Disclosure</topic><topic>Dissemination</topic><topic>Extensible Business Reporting Language</topic><topic>financial reporting</topic><topic>G10</topic><topic>G12</topic><topic>G14</topic><topic>G24</topic><topic>G30</topic><topic>G39</topic><topic>G41</topic><topic>high‐frequency trading</topic><topic>Information dissemination</topic><topic>Information processing</topic><topic>information processing costs</topic><topic>M40</topic><topic>M41</topic><topic>M49</topic><topic>News</topic><topic>Securities industry</topic><topic>Software</topic><topic>textual analysis</topic><topic>Trading</topic><topic>XBRL</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>ALLEE, KRISTIAN D.</creatorcontrib><creatorcontrib>DEANGELIS, MATTHEW D.</creatorcontrib><creatorcontrib>MOON, JAMES R.</creatorcontrib><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of accounting research</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>ALLEE, KRISTIAN D.</au><au>DEANGELIS, MATTHEW D.</au><au>MOON, JAMES R.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Disclosure "Scriptability"</atitle><jtitle>Journal of accounting research</jtitle><date>2018-05-01</date><risdate>2018</risdate><volume>56</volume><issue>2</issue><spage>363</spage><epage>430</epage><pages>363-430</pages><issn>0021-8456</issn><eissn>1475-679X</eissn><abstract>In response to the increasing use of computer programs to process firm disclosures, this registered report develops a new measure of "scriptability" that reflects computerized, rather than human, information processing costs. 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| fulltext | fulltext |
| identifier | ISSN: 0021-8456 |
| ispartof | Journal of accounting research, 2018-05, Vol.56 (2), p.363-430 |
| issn | 0021-8456 1475-679X |
| language | eng |
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| source | Wiley-Blackwell Journals; JSTOR |
| subjects | Asymmetric information Automation Computerization Disclosure Dissemination Extensible Business Reporting Language financial reporting G10 G12 G14 G24 G30 G39 G41 high‐frequency trading Information dissemination Information processing information processing costs M40 M41 M49 News Securities industry Software textual analysis Trading XBRL |
| title | Disclosure "Scriptability" |
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