Investor Networks in the Stock Market
利用2005年伊斯坦布尔证券交易所所有交易账户数据，构建投资者网络，发现网络中心性高的投资者在信息事件中收益更高、交易更早，表明信息扩散影响交易行为和收益。
We study the trading behavior of investors in an entire stock market. Using an account level dataset of all trades on the Istanbul Stock Exchange in 2005, we identify investors with similar trading behavior as linked in an empirical investor network (EIN). Consistent with the theory of information networks, we find that central investors earn higher returns and trade earlier than peripheral investors with respect to information events. Overall, our results support the view that information diffusion among the investor population influences trading behavior and returns.