Investor disagreement affects security prices and trading volumes. Thus, understanding how disagreement evolves among investors is an important issue in finance. In this paper, as a direct proxy for the public observable investor disagreement, we define social dispersion as the extent of opinion...

Firm relations, which inform competitive environments of firms, are critical to firm operations and are often factored into investor decisions. Previous studies and practices have considered relatively stable and long-term business relations as an indicator of firm market value. Public news...