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Information acquisition costs and price informativeness: global evidence

Author

Listed:
  • Charles G. McClure

    (The University of Chicago, Booth School of Business)

  • Shawn X. Shi

    (University of Washington, Michael G. Foster School of Business)

  • Edward M. Watts

    (Yale School of Management)

Abstract

We study how global changes in information acquisition costs through disclosure technologies affect price informativeness. To explore this issue, we examine worldwide adoptions of centralized electronic disclosure systems, which significantly reduce the cost of and broaden access to financial disclosures. Consistent with theory, we show a significant reduction in private information acquisition around earnings announcements as a result of these adoptions. These effects are most pronounced in countries with the most substantial reductions in information acquisition costs and where we find more significant decreases in informed trade. Overall, we highlight an important, unintended cost of broadening access to financial disclosures through technology adoptions.

Suggested Citation

  • Charles G. McClure & Shawn X. Shi & Edward M. Watts, 2025. "Information acquisition costs and price informativeness: global evidence," Review of Accounting Studies, Springer, vol. 30(3), pages 2468-2507, September.
    • Handle: RePEc:spr:reaccs:v:30:y:2025:i:3:d:10.1007_s11142-025-09906-3
    DOI: 10.1007/s11142-025-09906-3
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    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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