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Investor Conferences and Stock Liquidity

Paul Brockman

Lehigh University

Musa Subasi

University of Missouri at Columbia - Robert J. Trulaske, Sr. College of Business

Cihan Uzmanoglu

Binghamton University-SUNY

September 15, 2014

Nascent literature suggests that CEO time spent with outsiders is less beneficial to the firm than time spent with insiders, yet firm executives spend increasingly more time every year meeting with investors at conferences. We examine improvement in stock liquidity as an economic benefit from presenting at conferences. We find that firms participating at conferences experience a 1.4% to 2.8% increase in stock liquidity compared to non-conference firms. The improvement in liquidity is higher for firms with low pre-conference visibility and varies predictably with conference characteristics that affect the degree to which investors can update their beliefs about the firm.

Number of Pages in PDF File: 58

Keywords: Conference Presentations, Liquidity Risk, Cost of Equity Capital

JEL Classification: G10, G14

working papers series

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Date posted: January 31, 2011 ; Last revised: September 17, 2014

Suggested Citation

Brockman, Paul and Subasi, Musa and Uzmanoglu, Cihan, Investor Conferences and Stock Liquidity (September 15, 2014). Available at SSRN: http://ssrn.com/abstract=1751654 or http://dx.doi.org/10.2139/ssrn.1751654

Contact Information

Paul Brockman
Lehigh University ( email )
Bethlehem, PA 18015
United States
Musa Subasi
University of Missouri at Columbia - Robert J. Trulaske, Sr. College of Business ( email )
331 Cornell Hall
Columbia, MO 65211
United States
Cihan Uzmanoglu (Contact Author)
Binghamton University-SUNY ( email )
Binghamton, NY 13902-6001
United States
607 777 66 38 (Phone)
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References:  18
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