Examining the Dark Side of Financial Markets: Do Institutions Trade on Information from Investment Bank Connections?
研究机构投资者是否通过投资银行关系获取内幕信息进行短期交易，利用券商交易数据从多个角度检验，未发现明显证据支持客户利用并购顾问、IPO承销或贷款关系等渠道获利。
Institutions often have access to corporate inside information through their connections, but relatively little is known about the extent to which they exploit their informational advantage through short-term trading. We employ broker-level trading data to systematically examine possible cases of connected trading. Despite examining the issue from multiple angles, we are unable to find much evidence to support that investment bank clients take advantage of connections through takeover advising, IPO and SEO underwriting, or lending relationships. In contrast to recent academic literature and popular press, our findings suggest that institutional investors are reluctant to use inside information in traceable manners. The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.