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
TypeDocument de travail / Working paper
External document linkhttps://ssrn.com/abstract=2188938
Series titleSSRN Working Paper Series
MetadataShow full item record
Abstract (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 / Keywordsbroker-client relationship; analyst recommendations; institutional trading; private information
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