#2210. Does Modern Information Technology Attenuate Managerial Information Hoarding? Evidence from the EDGAR Implementation

August 2026publication date
Proposal available till 30-05-2025
4 total number of authors per manuscript4500 $

The title of the journal is available only for the authors who have already paid for
Journal’s subject area:
Finance;
Economics and Econometrics;
Business and International Management;
Strategy and Management;
Places in the authors’ list:
place 1place 2place 3place 4
FreeFreeFreeFree
1350 $1200 $1050 $900 $
Contract №2210.1 Contract №2210.2 Contract №2210.3 Contract №2210.4
1 place - free (for sale)
2 place - free (for sale)
3 place - free (for sale)
4 place - free (for sale)

Abstract:
Exploiting the staggered implementation of the EDGAR system from 1993 to 1996 as exogenous shocks to information dissemination technologies, we document that faster dissemination of corporate disclosures through the internet increases firms future stock price crash risk. These results are robust to alternative sample constructions, measures of crash risk, and fixed effects. Supplemental evidence suggests two channels: an increase in stock liquidity and an increase in investors reliance on public disclosure, both of which exacerbate managers incentives to withhold bad news. Overall, our findings suggest that modern information technology may have an unintended effect on managers bad news hoarding behavior.
Keywords:
EDGAR; Information hoarding; Modern information technology; Stock liquidity; Stock price crash risk

Contacts :
0