Social connections and information leakage: Evidence from target stock price run‐up in takeovers
研究发现目标公司社会关系越多，并购公告前股价上涨越高，表明社会网络中的信息泄露推高了股价，对监管者和投资者有参考价值。
Abstract Does information leakage in a target's social networks increase its stock price prior to a merger announcement? Evidence reveals that a target with more social connections indeed experiences a higher pre‐announcement price run‐up. This effect does not exist during or after the merger announcement, or in windows ending two months before the announcement. It is more pronounced among targets with severe asymmetric information, and weaker when the information about the upcoming merger is publicly available prior to the announcement. It is also weaker in expedited deals such as tender offers.