Do Brokers of Insiders Tip Other Clients?
研究多伦多证券交易所内幕交易前后其他客户的交易活动，发现部分经纪商可能向内幕交易人的客户泄露信息，且模仿交易能获利，主要发生在小型独立经纪商。
We examine trading activity around insider transactions on the Toronto Stock Exchange and find evidence that some traders mimic insider positions. Our unique data set allows us to establish a direct connection between insiders, their brokerages, and the brokerages’ other clients. The findings are consistent with the possibility that some brokerages tip their clients about insider trades. Insiders in our sample have good timing; returns are usually positive (negative) after insider purchases (sales). Insiders’ good timing translates to the mimicking transactions, which appear to be profitable net of trading costs. Evidence consistent with tipping is observed mainly for smaller independent brokerages. This paper was accepted by Brad Barber, finance.