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JOURNAL OF ACCOUNTING AND FINANCE
Responses of Small and Large Investors to XBRL disclosure to the SEC
Author(s): Shiyou Li
Citation: Shiyou Li, (2017) "Responses of Small and Large Investors to XBRL disclosure to the SEC," Journal of Accounting and Finance, Vol. 17, Iss. 2, pp. 23-39
Article Type: Research paper
Publisher: North American Business Press
Abstract:
The Securities and Exchange Commission (SEC) mandated that financial reports of public companies be
prepared in interactive format using the eXtensible Business Reporting Language (XBRL). This study examines the changing pattern in the responses of small and large investors to XBRL disclosure as evidenced by trading outcomes. Empirical results suggest that large investors and small investors respond to XBRL filings negatively in the first two years of the three-year phase-in, and respond positively in the third year, consistent with the improvement in the quality of XBRL filings, suggesting a significant learning curve.
