Abstract
This research uses Detail I/B/E/S data to study the impact of XBRL on the timeliness and accuracy of security analysts' forecasts of firms' next-year EPS. We find that access to XBRL financial statements significantly improves the timeliness of analyst filings post 10-K and 10-Q. Additionally, we find evidence that access to XBRL financial statements helped analysts to reduce the mean absolute error of their next-year EPS forecasts. These findings persist amongst a variety of data specifications. The improvements we find in timeliness and accuracy may hold marked benefits for future financial statement users as data volume and frequency continue to expand.
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