Copycat Skills and Disclosure Costs: Evidence from Peer Companies' Digital Footprints

被引：13

作者：

Cao, Sean Shun ^{[1
]}

Du, Kai ^{[2
]}

Yang, Baozhong ^{[1
]}

Zhang, Alan L. ^{[3
]}

机构：

[1] Georgia State Univ, J Mack Robinson Coll Business, Atlanta, GA 30303 USA

[2] Penn State Univ, Smeal Coll Business, University Pk, PA 16802 USA

[3] Florida Int Univ, Coll Business, Miami, FL 33199 USA

来源：

JOURNAL OF ACCOUNTING RESEARCH | 2021年 / 59卷 / 04期

关键词：

copycat; disclosure; SEC EDGAR; hedge fund; investment company; investment research; proprietary cost; big data; CORPORATE DISCLOSURE; PROPRIETARY; INFORMATION; FUNDS; COURNOT; MARKET;

D O I：

10.1111/1475-679X.12369

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine whether firms that imitate peer companies' strategies (copycats) profit from such behavior and how their success may cause competitive harm to disclosing companies. We identify copycat companies by tracking the digital footprints of investment companies that view disclosures on the SEC EDGAR Web site. We find that copycat companies are able to identify profitable trades that outperform other trades disclosed by the copycatted companies by 5.5% annually. Such stock-screening skills are related to investment sophistication and research intensity. Furthermore, copycats inflict greater damage on the performance of disclosing companies when they possess superior copycat skills, when disclosed trading strategies take longer to complete, and when disclosed stock holdings are characterized by high information asymmetry.

引用

页码：1261 / 1302

页数：42

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