[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-31844":3,"doc-seo-31844":27},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"file_id":15,"file_url":16,"file_type":17,"file_size":18,"view_count":4,"is_deleted":4,"is_public":19,"is_downloadable":19,"audit_status":19,"page_count":20,"language":21,"language_code":22,"table_of_contents":23,"faqs":24,"seo_title":13,"seo_description":14,"update_tm":25,"read_time":26},31844,1099514067415,"Rowan","https://ap-avatar.wpscdn.com/avatar/100002539d78ffe74a7?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779092875211072502",8,"Research & Report","The Effect of Mandatory Disclosure Dissemination on Information Asymmetry among Investors: Evidence from the Implementation of the EDGAR System","The study examines how the SEC’s EDGAR system implementation affected information asymmetry among investors. EDGAR was designed to reduce acquisition costs of mandatory filings, but disclosure theory highlights that high integration costs—needed to filter and interpret signals—can disadvantage less sophisticated investors. Consistent with this view, EDGAR is found to increase information asymmetries. Effects intensify for firms facing higher integration costs and for those with lower analyst coverage, implying that lower acquisition costs do not uniformly benefit all investors.","cbCaisAk6ePfl7we","https://ap.wps.com/l/cbCaisAk6ePfl7we","pdf",387217,1,24,"English","en","# Introduction\n## Research motivation and EDGAR’s dissemination goals\n## Processing-costs framework and hypotheses\n# Effects of EDGAR on information asymmetry","[{\"question\":\"What is the main research question of the paper?\",\"answer\":\"The paper studies how the initial implementation of the SEC’s EDGAR system changed information asymmetry among investors.\"},{\"question\":\"Why might EDGAR increase information asymmetry even though acquisition costs fall?\",\"answer\":\"Even with lower acquisition costs, integration costs for filtering and interpreting disclosure signals may be high enough to disadvantage less sophisticated investors.\"},{\"question\":\"Which firms experience a stronger EDGAR effect according to the findings?\",\"answer\":\"The results are more pronounced for firms with higher integration costs (more complex filings and higher information content) and for firms with lower analyst coverage.\"}]",1780261370,60,{"code":4,"msg":28,"data":29},"ok",{"site_id":30,"language":22,"slug":31,"title":13,"keywords":32,"description":14,"schema_data":33,"social_meta":84,"head_meta":86,"extra_data":88,"updated_unix":25},105,"the-effect-of-mandatory-disclosure-dissemination-on-information-asymmetry-among-investors-evidence-from-the-implementation-of-the-edgar-system","",{"@graph":34,"@context":83},[35,52,66],{"@type":36,"itemListElement":37},"BreadcrumbList",[38,42,46,49],{"item":39,"name":40,"@type":41,"position":19},"https://docshare.wps.com","Home","ListItem",{"item":43,"name":44,"@type":41,"position":45},"https://docshare.wps.com/document/","Document",2,{"item":47,"name":12,"@type":41,"position":48},"https://docshare.wps.com/document/research-report/",3,{"item":50,"name":13,"@type":41,"position":51},"https://docshare.wps.com/document/the-effect-of-mandatory-disclosure-dissemination-on-information-asymmetry-among-investors-evidence-from-the-implementation-of-the-edgar-system/31844/",4,{"url":50,"name":13,"@type":53,"author":54,"headline":13,"publisher":56,"fileFormat":59,"description":14,"dateModified":60,"datePublished":60,"encodingFormat":59,"isAccessibleForFree":61,"interactionStatistic":62},"DigitalDocument",{"name":9,"@type":55},"Person",{"url":39,"name":57,"@type":58},"DocShare","Organization","application/pdf","2026-05-31",true,{"@type":63,"interactionType":64,"userInteractionCount":4},"InteractionCounter",{"@type":65},"ViewAction",{"@type":67,"mainEntity":68},"FAQPage",[69,75,79],{"name":70,"@type":71,"acceptedAnswer":72},"What is the main research question of the paper?","Question",{"text":73,"@type":74},"The paper studies how the initial implementation of the SEC’s EDGAR system changed information asymmetry among investors.","Answer",{"name":76,"@type":71,"acceptedAnswer":77},"Why might EDGAR increase information asymmetry even though acquisition costs fall?",{"text":78,"@type":74},"Even with lower acquisition costs, integration costs for filtering and interpreting disclosure signals may be high enough to disadvantage less sophisticated investors.",{"name":80,"@type":71,"acceptedAnswer":81},"Which firms experience a stronger EDGAR effect according to the findings?",{"text":82,"@type":74},"The results are more pronounced for firms with higher integration costs (more complex filings and higher information content) and for firms with lower analyst coverage.","https://schema.org",{"og:url":50,"og:type":85,"og:title":13,"og:site_name":57,"og:description":14},"article",{"robots":87,"canonical":50},"index,follow",{"doc_id":7,"site_id":30}]