Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/118416
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dc.contributorSchool of Accounting and Finance-
dc.creatorLi, G-
dc.creatorWang, S-
dc.creatorWei, KCJ-
dc.date.accessioned2026-04-15T02:04:43Z-
dc.date.available2026-04-15T02:04:43Z-
dc.identifier.issn0927-5398-
dc.identifier.urihttp://hdl.handle.net/10397/118416-
dc.language.isoenen_US
dc.publisherElsevier BVen_US
dc.rights© 2026 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license ( http://creativecommons.org/licenses/by-nc-nd/4.0/ ).en_US
dc.rightsThe following publication Li, G., Wang, S., & Wei, K. C. J. (2026). What drives retail investors’ overconfidence? The role of information acquisition costs. Journal of Empirical Finance, 87, 101709 is available at https://doi.org/10.1016/j.jempfin.2026.101709.en_US
dc.subjectBehavioral biasesen_US
dc.subjectEDGAR implementationen_US
dc.subjectInformation acquisition costsen_US
dc.subjectOverconfidenceen_US
dc.titleWhat drives retail investors’ overconfidence? The role of information acquisition costsen_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.volume87-
dc.identifier.doi10.1016/j.jempfin.2026.101709-
dcterms.abstractWe examine whether information acquisition costs affect the overconfidence of retail investors. Using the implementation of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system as an exogenous event, we find that overconfidence, measured by investors’ post-trade performance, is significantly reduced after companies join the EDGAR platform, and the reduction is greater for companies with higher information uncertainty. The decrease in overconfidence after the implementation of EDGAR is associated with lower levels of investor disagreement and stock mispricing.-
dcterms.accessRightsopen accessen_US
dcterms.bibliographicCitationJournal of empirical finance, June 2026, v. 87, 101709-
dcterms.isPartOfJournal of empirical finance-
dcterms.issued2026-06-
dc.identifier.scopus2-s2.0-105033496571-
dc.identifier.artn101709-
dc.description.validate202604 bcch-
dc.description.oaVersion of Recorden_US
dc.identifier.FolderNumberOA_TAen_US
dc.description.fundingSourceRGCen_US
dc.description.fundingSourceOthersen_US
dc.description.fundingTextWe gratefully acknowledge Kewei Hou (the editor) and the anonymous referee for constructive and insightful comments and suggestions that have significantly improved the paper. We also thank Terrance Odean and Li An for generously providing us with the trading data. We also thank Itzhak Ben-David, J.C. Lin, Jeff Ng, Alberto Rossi, and conference participants at the 2023 Conference on Pacific Basin Finance, Economics, Accounting, and Management (PBFEAM) and the 2023 Asian Finance Association (Asian FA) conference for helpful comments and suggestions. John Wei acknowledges financial support from the Research Grants Council of the Hong Kong Special Administrative Region, China (GRF15500423). All remaining errors are our own.en_US
dc.description.pubStatusPublisheden_US
dc.description.TAElsevier (2026)en_US
dc.description.oaCategoryTAen_US
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