Analyst Information Acquisition via EDGAR

2020 ◽  
Author(s):  
Brian Gibbons ◽  
Peter Iliev ◽  
Jonathan Kalodimos
Keyword(s):  
Information Acquisition ◽  
Data Gathering ◽  
Abnormal Returns ◽  
Public Information ◽  
Career Concerns ◽  
Electronic Data ◽  
Research Attention ◽  
Forecasting Error ◽  
Financial Metrics ◽  
Time Periods

We identify analysts’ information acquisition patterns by linking EDGAR (Electronic Data Gathering, Analysis, and Retrieval) server activity to analysts’ brokerage houses. Analysts rely on EDGAR in 24% of their estimate updates with an average of eight filings viewed. We document that analysts’ attention to public information is driven by the demand for information and the analysts’ incentives and career concerns. We find that information acquisition via EDGAR is associated with a significant reduction in analysts’ forecasting error relative to their peers. This relationship is likewise present when we focus on the intensity of analyst research. Attention to public information further enables analysts to provide forecasts for more time periods and more financial metrics. Informed recommendation updates are associated with substantial and persistent abnormal returns, even when the analyst accesses historical filings. Analysts’ use of EDGAR is associated with longer and more informative analysis within recommendation reports. This paper was Accepted by Shiva Rajgopal, accounting.

scholarly journals Privacy preserving electronic data gathering

2005 ◽  
Vol 42 (7-8) ◽  
pp. 739-746
Author(s):  
E.C. Laskari ◽  
G.C. Meletiou ◽  
D.K. Tasoulis ◽  
M.N. Vrahatis
Keyword(s):  
Data Gathering ◽  
Privacy Preserving ◽  
Electronic Data

scholarly journals Evolving Research on Price Competition in the Grocery Retailing Industry: An Appraisal

1999 ◽  
Vol 28 (2) ◽  
pp. 119-127 ◽  
Author(s):  
John M. Connor
Keyword(s):  
Foreign Direct Investment ◽  
Fast Food ◽  
Direct Investment ◽  
Price Competition ◽  
Data Gathering ◽  
Management Styles ◽  
Electronic Data ◽  
Grocery Retailing ◽  
Slotting Allowances ◽  
Retail Formats

With the end of the Supermarket Revolution in the 1970s, new forms of horizontal, vertical, and geographic competition have appeared to challenge the supremacy of the supermarket format. New retail formats like warehouse stores, supercenters, and fast-food outlets appear to affect local retail supermarket prices. Slotting allowances, coupons, and electronic data gathering have intensified retailer-manufacturer rivalry. Foreign direct investment offers the promise of new European-style management styles in U.S. grocery retailing.

Why Do IPO Offer Prices Only Partially Adjust?

2014 ◽  
Vol 04 (03) ◽  
pp. 1450009 ◽  
Author(s):  
Özgür Ş. İnce
Keyword(s):  
Initial Public Offering ◽  
Private Information ◽  
Information Acquisition ◽  
Structural Model ◽  
Public Information ◽  
Public And Private ◽  
New Information ◽  
Pricing Process ◽  
Ipo Pricing ◽  
Public Offering

This study develops a structural model of the initial public offering (IPO) pricing process that enables the estimation of adjustment rates for public and private pricing information gathered during bookbuilding. The estimated upward adjustment rate of public information is only 21%, significantly less than the 28% rate of private information. Adjustment rates decline towards the IPO date, especially for upward adjustments. The findings contradict information acquisition theories that predict a complete adjustment to public information and highlight the inefficiency of the IPO bookbuilding mechanism in handling new information even when information is publicly available and especially when it is favorable.

scholarly journals Information encountering re-encountered

2020 ◽  
Vol 76 (3) ◽  
pp. 731-751 ◽  
Author(s):  
Sanda Erdelez ◽  
Stephann Makri
Keyword(s):  
Information Acquisition ◽  
Theoretical Description ◽  
Theoretical Development ◽  
Future Research ◽  
Information Discovery ◽  
Research Attention ◽  
Content Type ◽  
Additional Information ◽  
Human Information Behavior ◽  
Information Encountering

PurposeIn order to understand the totality, diversity and richness of human information behavior, increasing research attention has been paid to examining serendipity in the context of information acquisition. However, several issues have arisen as this research subfield has tried to find its feet; we have used different, inconsistent terminology to define this phenomenon (e.g. information encountering, accidental information discovery, incidental information acquisition), the scope of the phenomenon has not been clearly defined and its nature was not fully understood or fleshed-out.Design/methodology/approachIn this paper, information encountering (IE) was proposed as the preferred term for serendipity in the context of information acquisition.FindingsA reconceptualized definition and scope of IE was presented, a temporal model of IE and a refined model of IE that integrates the IE process with contextual factors and extends previous models of IE to include additional information acquisition activities pre- and postencounter.Originality/valueBy providing a more precise definition, clearer scope and richer theoretical description of the nature of IE, there was hope to make the phenomenon of serendipity in the context of information acquisition more accessible, encouraging future research consistency and thereby promoting deeper, more unified theoretical development.

scholarly journals REAKSI PASAR TERHADAP PENGUMUMAN CASH DIVIDEND PADA PERUSAHAAN YANG TERGABUNG DALAM INDEKS KOMPAS 100

2020 ◽  
Vol 9 (3) ◽  
pp. 988
Author(s):  
I Putu Agus Ary Raditya Juliana ◽  
Ica Rika Candraningrat
Keyword(s):  
Abnormal Return ◽  
Trading Volume ◽  
Stock Exchange ◽  
Participant Observation ◽  
Abnormal Returns ◽  
Public Information ◽  
Rank Test ◽  
Cash Dividend ◽  
Volume Activity ◽  
Before And After

The purpose of this study is to determine the market reaction to the announcement of cash dividends, by looking at differences in abnormal return and trading volume activity before and after the cash dividend announcement. Dividend announcement is an event that affects the market, because the company provides information to the public. Information provided by the company will influence investors' decision making and will act on that information. The sample of this study amounted to 33 of the 100 companies incorporated in the Kompas 100 index on the Indonesia Stock Exchange (IDX). The data collection method uses non-participant observation, which is document observation. The analysis technique used is Paired-Sample T Test and Wilcoxon-Signed Rank Test. The results showed that there were no differences in abnormal returns and trading volume activity before and after the distribution of cash dividends. Keywords: cash dividend, abnormal return, trading volume activity

scholarly journals Foraging zebra finches ( Taeniopygia guttata ) are public information users rather than conformists

2021 ◽  
Vol 17 (6) ◽  
pp. 20200767
Author(s):  
Edwin J. C. van Leeuwen ◽  
Thomas J. H. Morgan ◽  
Katharina Riebel
Keyword(s):  
Social Learning ◽  
Information Acquisition ◽  
Public Information ◽  
Taeniopygia Guttata ◽  
Food Sources ◽  
Zebra Finches ◽  
Foraging Activity ◽  
Novel Food ◽  
Black And White ◽  
Evolutionary Origins

Social learning enables adaptive information acquisition provided that it is not random but selective. To understand species typical decision-making and to trace the evolutionary origins of social learning, the heuristics social learners use need to be identified. Here, we experimentally tested the nature of majority influence in the zebra finch. Subjects simultaneously observed two demonstrator groups differing in relative and absolute numbers (ratios 1 : 2/2 : 4/3 : 3/1 : 5) foraging from two novel food sources (black and white feeders). We find that demonstrator groups influenced observers' feeder choices (social learning), but that zebra finches did not copy the majority of individuals. Instead, observers were influenced by the foraging activity (pecks) of the demonstrators and in an anti-conformist fashion. These results indicate that zebra finches are not conformist, but are public information users.

scholarly journals The effects of ISO 14001 on corporate financial and environmental performance

2021 ◽  
Author(s):  
Melissa Lynn Mandula
Keyword(s):  
Stock Market ◽  
Environmental Performance ◽  
Abnormal Returns ◽  
Iso 14001 ◽  
Market Returns ◽  
Emission Reductions ◽  
Stock Market Returns ◽  
Event Window ◽  
Transportation Equipment ◽  
Time Periods

The purpose of this study is to examine the effects of ISO 14001 registration on corporate financial and environmental performance. The stock market's reaction to the ISO 14001 registration of a sample of Canadian firms is investigated. An analysis of the overall sample of companies revealed that there were no abnormal stock market returns experienced during a three day event window. However, abnormal returns were experienced when the companies were analyzed individually. The environmental performance component of this study investigated whether ISO 14001 registered facilities experience greater emission reductions than non-registered facilties within the Transportation Equipment Industries sector in Canada. The results of the analysis indicated that there was no difference between facilities that adopted ISO 14001 at differenct time periods and that the facilities that adopted ISO 14001 experienced an increase in aggregated weighed emissions.

scholarly journals Behind the Volatility Index Levels: The Paradox of 2016

2017 ◽  
Vol 1 (1) ◽  
pp. 44
Author(s):  
G. D. Hancock
Keyword(s):  
Strong Evidence ◽  
Abnormal Returns ◽  
Investor Sentiment ◽  
Market Volatility ◽  
Volatility Index ◽  
Daily Data ◽  
Vix Futures ◽  
Negative News ◽  
2016 Election ◽  
Time Periods

The low 2016 volatility index levels present a paradox in light of previous research suggesting periods of uncertainty and negative news events should reflect higher VIX levels. This study uses daily data for the VIX, VIX futures and the VVIX, to examine the information content of variations in the natural logarithmic changes in the index levels relative to 12 other parallel time periods encompassing 2004-2016. Straight-forward variation and predictive tests are constructed to determine signs of unusual market volatility behavior. The results reveal strong evidence of unusual volatility behavior during the 2016 election period, pocked by frequent periods of abnormal returns. The 2016 VIX levels alone are shown to be insufficient to draw conclusions regarding investor sentiment.

Sign in / Sign up

Export Citation Format

Share Document