Information flows in trading networks
利用公司债券市场交易数据，研究发现拥有更大交易商网络的投资者在信用基本面变化前做出更优交易决策，业绩更好，这源于通过交易网络获取私有信息。
We study the informational value of trading networks in over-the-counter (OTC) markets. Using detailed transaction-level data from the corporate bond market, we show that investors with larger dealer networks make superior trading decisions before changes in credit fundamentals, resulting in better risk-adjusted performance. We trace these investors’ superior trading decisions to trading connections where dealers are most likely to have access to novel credit-relevant information, supporting the interpretation that these investors obtain private information through their trading networks. Collectively, our evidence highlights the importance of trading relationships for investors’ private information acquisition.