Interactive data and retail investor decision-making: an experimental study

Locke, Joanne; Lowe, Alan and Lymer, Andy (2015). Interactive data and retail investor decision-making: an experimental study. Accounting & Finance, 55(1) pp. 213–240.



The results of an experimental study of retail investors' use of eXtensible Business Reporting Language tagged (interactive) data and PDF format for making investment decisions are reported. The main finding is that data format made no difference to participants' ability to locate and integrate information from statement footnotes to improve investment decisions. Interactive data were perceived by participants as quick and ‘accurate’, but it failed to facilitate the identification of the adjustment needed to make the ratios accurate for comparison. An important implication is that regulators and software designers should work to reduce user reliance on the comparability of ratios generated automatically using interactive data.

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  • Item ORO ID
  • 41125
  • Item Type
  • Journal Item
  • ISSN
  • 1467-629X
  • Project Funding Details
  • Funded Project NameProject IDFunding Body
    Digital Reporting Options for EuropeNot SetICAEW Charitable trusts
  • Keywords
  • digital reporting; XBRL; nonprofessional investors; SEC; standard business reporting; ATO; interactive data; eXtensible Business Reporting Language; financial reporting
  • Academic Unit or School
  • Faculty of Business and Law (FBL)
  • Copyright Holders
  • © 2013 AFAANZ
  • Depositing User
  • Joanne Locke