{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,2]],"date-time":"2026-01-02T19:49:48Z","timestamp":1767383388495,"version":"build-2065373602"},"reference-count":81,"publisher":"American Accounting Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2018,9,1]]},"abstract":"<jats:title>ABSTRACT<\/jats:title>\n               <jats:p>We investigate the market reaction to legislative events pertaining to the eXtensible Business Reporting Language (XBRL) mandate. The SEC contends that requiring issuers to adopt XBRL for filing their financial statements would reduce information processing costs and improve market efficiency. In contrast, skeptics argue that the mandatory adoption of XBRL would impose substantial costs while providing few, if any, benefits to investors. Using stock returns from countries that did not mandate the adoption of XBRL to model normal U.S. returns, we provide evidence of a positive market reaction to legislative events related to the XBRL mandate. Moreover, we find that the abnormal returns to these events are increasing for firms with less accessible information, higher information asymmetry, greater information processing costs, and lower financial reporting transparency. Overall, our results suggest an expected net benefit to shareholders from the XBRL mandate.<\/jats:p>\n               <jats:p>JEL Classifications: M41; K22.<\/jats:p>","DOI":"10.2308\/isys-51814","type":"journal-article","created":{"date-parts":[[2017,6,10]],"date-time":"2017-06-10T01:05:51Z","timestamp":1497056751000},"page":"1-21","source":"Crossref","is-referenced-by-count":10,"title":["What Do the Markets Say? Shareholder Wealth Effects of the XBRL Mandate"],"prefix":"10.2308","volume":"32","author":[{"given":"Gary","family":"Chen","sequence":"first","affiliation":[{"name":"University of Illinois at Chicago"}]},{"given":"Xiaohong (Sara)","family":"Wang","sequence":"additional","affiliation":[{"name":"Northeastern Illinois University"}]},{"given":"Jie","family":"Zhou","sequence":"additional","affiliation":[{"name":"California State University, Fullerton"}]}],"member":"1112","published-online":{"date-parts":[[2017,6,1]]},"reference":[{"issue":"1","key":"2024082915344184800_i1558-7959-32-3-1-Amihud1","doi-asserted-by":"crossref","first-page":"31","DOI":"10.1016\/S1386-4181(01)00024-6","article-title":"Illiquidity and stock returns: Cross-section and time-series effects","volume":"5","author":"Amihud","year":"2002","journal-title":"Journal of Financial Markets"},{"issue":"2-3","key":"2024082915344184800_i1558-7959-32-3-1-Armstrong1","doi-asserted-by":"crossref","first-page":"179","DOI":"10.1016\/j.jacceco.2010.10.001","article-title":"The role of information and financial reporting in corporate governance and debt contracting","volume":"50","author":"Armstrong","year":"2010","journal-title":"Journal of Accounting and Economics"},{"issue":"1","key":"2024082915344184800_i1558-7959-32-3-1-Armstrong2","doi-asserted-by":"crossref","first-page":"31","DOI":"10.2308\/accr.2010.85.1.31","article-title":"Market reaction to the adoption of IFRS in Europe","volume":"85","author":"Armstrong","year":"2010","journal-title":"The Accounting Review"},{"issue":"4\u20135","key":"2024082915344184800_i1558-7959-32-3-1-Asthana1","doi-asserted-by":"crossref","first-page":"349","DOI":"10.1016\/S0278-4254(01)00035-7","article-title":"The effect of EDGAR on the market reaction to 10-K filings","volume":"20","author":"Asthana","year":"2001","journal-title":"Journal of Accounting and Public Policy"},{"key":"2024082915344184800_i1558-7959-32-3-1-AustralianSecuritiesaInvestmentCommissionASIC1","unstructured":"Australian Securities & Investment Commission (ASIC). 2015. ASIC Introduces Format for Improved Communication of Financial Information. 15-104MR. Available at: http:\/\/asic.gov.au\/about-asic\/media-centre\/find-a-media-release\/2015-releases\/15-104mr-asic-introduces-format-for-improved-communication-of-financial-information"},{"key":"2024082915344184800_i1558-7959-32-3-1-Balakrishnan1","doi-asserted-by":"crossref","unstructured":"Balakrishnan, K., \n            \n              J. Blouin, and W. Guay. \n          2012. 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The Impact of Investor Information Processing Costs on Firm Disclosure Choice: Evidence from the XBRL Mandate. 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Opening Remarks to the Practising Law Institute's SEC Speaks Series. Speech by SEC Chairman. 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Australia Considers Mandatory XBRL Filing. 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S., and S. Morsfield. \n          2012. An Evaluation of the Current State and Future of XBRL and Interactive Data for Investors and Analysts. Working paper, Columbia University."},{"issue":"4","key":"2024082915344184800_i1558-7959-32-3-1-Healy1","doi-asserted-by":"crossref","first-page":"365","DOI":"10.2308\/acch.1999.13.4.365","article-title":"A review of the earnings management literature and its implications for standard setting","volume":"13","author":"Healy","year":"1999","journal-title":"Accounting Horizons"},{"issue":"4","key":"2024082915344184800_i1558-7959-32-3-1-Hirshleifer1","doi-asserted-by":"crossref","first-page":"1533","DOI":"10.1111\/0022-1082.00379","article-title":"Investor psychology and asset pricing","volume":"56","author":"Hirshleifer","year":"2001","journal-title":"The Journal of Finance"},{"issue":"3","key":"2024082915344184800_i1558-7959-32-3-1-Hodge1","doi-asserted-by":"crossref","first-page":"687","DOI":"10.2308\/accr.2004.79.3.687","article-title":"Does search-facilitating technology improve the transparency of financial reporting?","volume":"79","author":"Hodge","year":"2004","journal-title":"The Accounting Review"},{"issue":"1","key":"2024082915344184800_i1558-7959-32-3-1-Huang1","doi-asserted-by":"crossref","first-page":"199","DOI":"10.2308\/accr-10160","article-title":"Does enhanced disclosure really reduce agency costs? 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B., \n            \n              J. Kim, and J. H. Lim. \n          2014. Does XBRL Adoption Constrain Managerial Opportunism in Financial Reporting? Evidence from Mandated U.S. Filers. 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