https://scholars.lib.ntu.edu.tw/handle/123456789/639664
標題: | RegTech Adoption and the Cost of Capital | 作者: | Sandy LAI Lin, Chen Ma, Xiaorong |
關鍵字: | corporate governance | cost of capital | EDGAR | information acquisition cost | liquidity | RegTech | 公開日期: | 一月-2024 | 出版社: | INFORMS Inst.for Operations Res.and the Management Sciences | 卷: | 70 | 期: | 1 | 起(迄)頁: | 309-331 | 來源出版物: | Management Science | 摘要: | This paper studies the cost of capital effect of a major regulatory technology, or RegTech, event: the staggered implementation of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system of the Securities and Exchange Commission in the period from 1993 to 1996. This event represents a largely exogenous shock to corporate information dissemination technologies, resulting in a considerable reduction in information acquisition costs for investors. Using a difference-in-differences research design, we show that the cost of equity capital declines substantially after a firm switches from paper filing to mandatory electronic filing in EDGAR. The effect is stronger for small firms and firms with low analyst coverage and low institutional ownership. We identify three channels through which EDGAR affects a firm’s cost of capital: the liquidity, risk-taking, and corporate governance channels. EDGAR implementation also improves a firm’s investment efficiency significantly. We find evidence that the marginal value of a firm’s capital investment and cash is higher during the post-EDGAR period. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/639664 | ISSN: | 00251909 | DOI: | 10.1287/mnsc.2022.4660 |
顯示於: | 財務金融學系 |
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