Copycat Skills and Disclosure Costs: Evidence from Peer Companies’ Digital Footprints
نویسندگان
چکیده
ABSTRACT 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. identify copycat companies by tracking the digital footprints of investment view disclosures on SEC EDGAR Web site. find are able profitable trades outperform other disclosed copycatted 5.5% annually. Such stock‐screening skills related sophistication research intensity. Furthermore, copycats inflict greater damage performance when they possess superior skills, trading take longer complete, stock holdings characterized high information asymmetry.
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ژورنال
عنوان ژورنال: Journal of Accounting Research
سال: 2021
ISSN: ['0021-8456', '1475-679X']
DOI: https://doi.org/10.1111/1475-679x.12369