Tippers and Tippees: Brokers’ Pre-Release of Price-Sensitive Information to Their VIP Clients
Nefedova, Tamara (2017), Tippers and Tippees: Brokers’ Pre-Release of Price-Sensitive Information to Their VIP Clients. https://basepub.dauphine.fr/handle/123456789/18744
Type
Document de travail / Working paperExternal document link
https://ssrn.com/abstract=2188938Date
2017Series title
SSRN Working Paper SeriesPages
47
Metadata
Show full item recordAuthor(s)
Nefedova, TamaraAbstract (EN)
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.Subjects / Keywords
broker-client relationship; analyst recommendations; institutional trading; private informationRelated items
Showing items related by title and author.
-
Brière, Marie; Lehalle, Charles-Albert; Nefedova, Tamara; Raboun, Amine (2019) Document de travail / Working paper
-
Nefedova, Tamara; Brière, Marie; Lehalle, C.-A.; Raboun, Amine (2019) Communication / Conférence
-
Brière, Marie; Lehalle, Charles-Albert; Nefedova, Tamara; Raboun, Amine (2020) Communication / Conférence
-
Eisele, Alexander; Nefedova, Tamara; Parise, Gianpaolo; Peijnenburg, Kim (2018) Article accepté pour publication ou publié
-
Nefedova, Tamara; Pratobevera, Giuseppe (2018-02) Document de travail / Working paper