This study investigates whether the eXtensible Business Reporting Language (XBRL) reporting format provides incremental information value beyond the same 10K/10Q filings previously provided in HTML format.
The researchers find that market response is stronger when more content is filed on the same day and that XBRL filings have larger relative information value than HTML filings.
The results indicate that the XBRL reporting format provides incremental information content. XBRL reporting could therfore be of value to shareholders and other users of financial information.
Efendi, J., Park, J. D., and Subramaniam, C. (2016) Does the XBRL Reporting Format Provide Incremental Information Value? A Study Using XBRL Disclosures During the Voluntary Filing Program. Abacus, 52: 259–285. http://onlinelibrary.wiley.com/doi/10.1111/abac.12079/full