Executive Network Centrality and Stock Liquidity
研究发现高管在社交网络中的中心性越高，其所在公司的股票买卖价差越小，流动性越好；通过高管离职的外生冲击，证实雇佣中心性更高的高管能改善流动性，原因是信息流动更高效。
Abstract We examine the relationship between stock market liquidity and the network centrality of firm executives. We find that firms whose executive officers are more central in the network of executives have narrower bid‐ask spreads. We use an exogenous network centrality shock of executive turnover and report that liquidity improves after firms hire executives with greater centrality. We present evidence that improved liquidity is attributable to efficient information flows around executives in more advantageous network positions.