We investigate who trades around new releases associate with large price changes in the
Colombian Stock Exchange. We take advantage of two unique datasets: a transaction database
with investor ids and a database of news reported to the regulator. We identify that both
informed and attention-driven traders are two distinct groups of individuals. The former
tend to hold larger and more diversified portfolios and trade more actively than the latter.
Individuals do most of the liquidity providing around events. We report some evidence of
momentum trading by Institutions after those large price changes. No significant participation
of foreign investors around the events was found. These results highlight the critical role
of retail investors and the need to improve the information environment and institutions’
sophistication in a small Emerging Market