Investor Conferences, Firm Visibility, and Stock Liquidity
研究发现参加投资者会议的公司股票流动性提升1.4%至2.8%，对低可见性公司提升更大，但对高可见性公司反而降低流动性，加剧信息不对称。
Abstract We examine the influence of investor conferences on firms’ stock liquidity. We find that firms participating in conferences experience a 1.4% to 2.8% increase in stock liquidity compared to nonconference firms. Consistent with investor conferences improving firm visibility, the increase in liquidity is larger for firms with low pre‐conference visibility and varies predictably with conference characteristics that affect the ability of investors to revise their beliefs about the firm. However, for firms with a large investor base and high visibility, conference participation is associated with a decline in stock liquidity, consistent with investor conferences exacerbating the information asymmetry among investors.