Director networks and informed traders

We provide evidence that sophisticated investors like short sellers, option traders, and financial institutions are more informed when trading stocks of companies with more connected board members. For firms with large director networks, the annualized return difference between the highest and lowes...

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Bibliographic Details
Published in:Journal of accounting & economics 2016-08, Vol.62 (1), p.1-23
Main Authors: Akbas, Ferhat, Meschke, Felix, Wintoki, M. Babajide
Format: Article
Language:English
Subjects:
Adverse selection
Boards of directors
Companies
Director networks
Earnings
Earnings announcements
Financial institutions
Informed traders
Investors
Merchants
Rates of return
Short interest
Short sellers
Social networks
Stocks
Studies
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