Mutual funds hold 32% of the U.S. equity market and comprise 58% of retirement savings, yet retail investors consistently make poor choices when selecting funds. Theory suggests that poor choices are partially due to mutual fund managers creating unnecessarily complex disclosures and fee...

Individual investors often neglect value-relevant accounting information and instead underperform by trading on technical trends. We investigate the frictions that impede individual investors' use of accounting information, and in particular their costs of monitoring and acquiring accounting...

In 2014, the Associated Press (AP) began using algorithms to write articles about firms' earnings announcements. These “robo-journalism” articles synthesize information from firms' press releases, analyst reports, and stock performance and are widely disseminated by major news outlets a few...

This Internet Appendix includes supplementary discussion and analyses. The original paper "Capital Market Effects of Media Synthesis and Dissemination: Evidence from Robo-Journalism" is available at the following URL: 'http://ssrn.com/abstract=2872784' http://ssrn.com/abstract=2872784

We investigate the frictions that impede individual investors' use of accounting information and, in particular, their costs of monitoring and acquiring accounting disclosures. We do so using an archival setting in which individuals are presented with automated media articles that report both...