This study develops a model to examine how companies' investor relations can impact the dissemination of information and how the dissemination of information affects the time-series behavior of bid-ask spreads. In our model, investors become aware of the information release either directly from...

We study the role of retail investors in information discovery and dissemination. Using a unique textual dataset of mandatory online “earnings communication conferences” from China, we find that stock market reaction and future firm performance are positively associated with the tone of...