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Tippers and Tippees

其他書名	Brokers' Pre-Release of Price-Sensitive Information to Their VIP Clients
出版	SSRN, 2019
URL	http://books.google.com.hk/books?id=Q-AAzwEACAAJ&hl=&source=gbs_api

註釋Using transaction-level data, I analyze information leakage of financial analyst recommendations to their elite clients, as well as characteristics of the institutional investors receiving such advance knowledge. I find that investment managers who have an established relationship with their brokers trade in the direction of the research in the 5-day period before the analyst coverage initiations. My results suggest that clients enjoying a privileged relationship with their broker receive and use the pre-released information in their trades.