Network centrality, connections, and social capital: Evidence from CEO insider trading gains
研究发现CEO在管理层网络中的中心性越高，其内幕交易收益越大，尤其在风险高、治理弱或CEO无金融背景的企业中，且高中心性CEO能在坏消息前卖出股票获利。
Abstract Chief executive officer's (CEO's) insider trading gains are affected by the position of the CEO within the hierarchy of all executives, as assessed by network centrality. CEOs with high centrality earn superior abnormal returns following their company's stock purchases, consistent with social capital advantage. Social capital and trading gains are positively associated primarily in firms that are riskier, have weak governance, or are managed by CEOs with no background in finance. High‐centrality CEOs also gain by selling their shares prior to a bad news event experienced by their firm. Finally, trading gains are positively affected by CEOs having past connections to the chief financial officers.