Network centrality and value relevance of insider trading: Evidence from Europe
研究了欧洲内部人交易的价值相关性，发现人脉广的内部人买卖股票后长期异常收益更高，市场认为其买入信息更可靠、卖出信息负面性更低，不支持内部人利用信息优势牟利。
Abstract We examine the value relevance of insider trades in Europe and find that both purchases and sales of well‐connected insiders are positively associated with long‐term abnormal returns. We argue that the market perceives the purchases of networked insiders as more informative, leading to higher returns. For sales of networked insiders, the market decreases their negative information content, leading to lower negative returns. Our results do not support the view that insiders use their informational advantage to extract economic rents in the form of dollar profits. We posit that they use their networks to provide signals to the market when trading.