A Social Network Transmission Model of Investor Relations
研究通过社会网络模型分析投资者关系策略如何影响信息传播速度，发现针对高连接投资者的定向沟通和面向随机投资者的广播式沟通在不同初始覆盖范围下效果不同，并解释了买卖价差的时间序列模式。
ABSTRACT This study models a firm’s investors as connected via a social network and examines how an appropriate investor relations (IR) strategy can maximize information flow through this network. When IR can initially reach only a few investors, information flows faster when IR targets highly connected investors through, for example, direct contact. When IR can initially reach many investors, information flows faster from untargeted broadcast-type communications that reach random investors. Turning to empirically measurable outcomes of information flow, we show that the time series of bid-ask spreads have a hump-shaped pattern, first increasing and then decreasing. Faster information flows cause a sharper, but briefer, bid-ask spread spike. Such results provide a rigorous framework for thinking about how IR activities drive stock liquidity, and unite several observed empirical regularities into an investor social network-based framework for IR activities, a research area where descriptive empirical findings have outpaced theory.