Tippers and Tippees: Brokers’ Pre-Release of Price-Sensitive Information to Their VIP Clients
作者： Tamara Nefedova
DOI: 10.2139/SSRN.2188938
关键词:
摘要: Using proprietary high-frequency trading data, I analyze information leakage of financial analyst recommendations to their elite clients and characteristics the institutional investors receiving such advance knowledge. find that investment managers who have an established relationship with brokers, on average buy more than other in 5-day period before a positive recommendation initiation. My results suggest enjoy privileged broker receive use pre-released trades.
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