Speed Matters: Limited Attention and Supply Chain Information Diffusion

The authors thank Philip Bond, Kee-Hong Bae, Sudipto Dasgupta, Itay Goldstein (discussant), David Hirshleifer, Kewei Hou, Mark Huson, Ron Kaniel, Patrick Kelly, Camelia Kuhnen (editor), Vikram Nanda (discussant), Lilian Ng, Oguzhan Ozbas, Matt Ringgenberg, Andrea Rossi (discussant), Shawn Thomas, Wenyu Wang (discussant), Ryan Williams, Steven Xiao (discussant), Zhen Zhou (discussant), Liyan Yang, and two anonymous reviewers as well as seminar participants at Central University of Finance and Economics, Chinese University of Hong Kong, Nanjing University, National University of Singapore, Queen’s University, Singapore Management University, University of Toronto, University of Utah, and York University as well as conference participants at the 2017 China International Conference of Finance, the 2017 European Finance Association Conference, the 2017 Northern Finance Association Conference, the 2017 SFS Cavalcade Asia-Pacific, and the 2018 Kentucky Finance Conference for their comments and suggestions. The authors thank Stephen Brown for providing probability of informed trading (PIN) data. All errors are the authors’ own.