This paper investigates the differential impact of human versus machine SEC filing downloads on trading activity in the OTC market. Human downloads drive immediate, significant increases in trading volume, especially for filings requiring qualitative interpretation, whereas machine downloads produce delayed and muted effects, mainly impacting standardized filings. These findings underscore the essential role of human interpretation in market responses and highlight the distinct effects of access modes on trading dynamics as OTC markets adapt to technological and regulatory shifts.

中文翻译：

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人与机器：信息处理对场外交易市场交易的影响


本白皮书研究了人工与机器 SEC 文件下载对 OTC 市场交易活动的不同影响。人工下载推动了交易量的即时、显著增长，尤其是对于需要定性解释的申请，而机器下载会产生延迟和温和的效果，主要影响标准化申请。这些发现强调了人工解释在市场反应中的重要作用，并强调了随着场外交易市场适应技术和监管变化，准入模式对交易动态的不同影响。