Using the implementation of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system from 1993 to 1996 as a shock to information dissemination technologies, we examine how a significant reduction in disclosure processing costs affects the real economy. We find that the EDGAR implementation leads to an increase in corporate investment and that this effect is concentrated in value firms. We provide evidence that improved equity financing and enhanced managerial incentives are likely the underlying mechanisms. Specifically, the EDGAR implementation leads to an increase in a firm's stock liquidity, a decrease in the cost of equity capital, and an increase in the level of equity financing. Consistent with the monitoring effect of broad information dissemination, the EDGAR implementation leads to an increase in a firm's operating performance. Our findings suggest that it is important to consider information dissemination beyond information production when examining the real effects of corporate disclosures.

中文翻译：

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现代信息技术的实际影响：EDGAR 实施的证据

利用 1993 年至 1996 年电子数据收集、分析和检索 (EDGAR) 系统的实施对信息传播技术的冲击，我们研究了披露处理成本的显着降低如何影响实体经济。我们发现 EDGAR 的实施导致企业投资增加，并且这种效应集中在价值型企业中。我们提供的证据表明，改善股权融资和增强管理激励可能是潜在机制。具体来说，EDGAR 的实施会导致公司股票流动性增加、股权资本成本下降、股权融资水平提高。与广泛信息传播的监控效果一致，EDGAR 的实施导致公司经营绩效的提高。我们的研究结果表明，在审查公司披露的实际影响时，重要的是要考虑信息生产之外的信息传播。