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Accounting Review


institutional investors; data aggregators; information dissemination; capital


  1. Julia M. D’Souza
  2. K. Ramesh
  3. Min Shen




    This study examines the interdependence between institutional ownership
    and the speed with which Standard & Poor’s disseminates corporate accounting information.
    From the demand-side perspective, we find that quasi-indexers, who rely
    on corporate accounting information as a low-cost monitoring system, are the key
    driver of the institutional demand for speedy information dissemination. In addition,
    dissemination speed increases substantially for stocks listed in major market indices
    but decreases with high arbitrage risk or transaction costs. From the consequences
    perspective, we find that both transient investors and quasi-indexers gravitate to stocks
    with faster information dissemination, consistent with the latter using accounting information
    as a low-cost performance-monitoring mechanism, and the former being
    better enabled to implement their trading strategies in a richer information environment.
    Overall, this study provides new insights into the capital market information infrastructure
    by examining how information intermediaries and sophisticated investors impact
    each others’ resource allocation decisions.


    Vol 85, Nomor 01, Tahun 2010


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