英文摘要 |
"This paper investigates whether the adoption of inline eXtensible Business Reporting Language(inline XBRL, or iXBRL) reduces the difference in the information processing costs among investors,thus reducing information asymmetry during the filing period, which is reflected in the short-term bidaskspreads. Using Taiwan data before and after iXBRL adoption in the first quarter of 2019, we firstfind that the bid-ask spreads in the filing period are smaller after iXBRL adoption. We also find thatsuch anegative association is more pronounced for firms whose Portable Document Format (PDF)-formatted financial reports are scanned and have unsearchable content. Finally, our findings showthat such anegative association is less pronounced for firms with more analysts following them. Weexpect this study to have policy implications on the effectiveness of iXBRL." |