Since the finance industry is transforming into a data industry, measuring the quantity of data investors have about various assets is important. Informed by a structural model, we develop such a cross-sectional measure. We show how our measure differs from price informativeness and use it to document a new fact: data about large high-growth firms is becoming increasingly abundant, relative to data about other firms. Our structural model offers an explanation for this data divergence: large high-growth firms’ data became more valuable, as big firms got bigger and growth magnified the effect of these changes in size.

中文翻译：

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所有数据都去哪儿了？

由于金融业正在向数据行业转型，衡量投资者对各种资产的数据量非常重要。根据结构模型，我们开发了这样的横截面测量。我们展示了我们的衡量标准与价格信息量的不同之处，并用它来记录一个新事实：与其他公司的数据相比，关于大型高增长公司的数据变得越来越丰富。我们的结构模型为这种数据差异提供了解释：大型高增长公司的数据变得更有价值，因为大公司变得越来越大，增长放大了这些规模变化的影响。