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Tippers and Tippees: Brokers’ Pre-Release of Price-Sensitive Information to Their VIP Clients

Author

Listed:
  • Tamara Nefedova

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

Abstract

Using transaction-level data, I analyze information leakage of financial analyst recommendations to their elite clients, as well as characteristics of the institutional investors receiving such advance knowledge. I find that investment managers who have an established relationship with their brokers trade in the direction of the research in the 5-day period before the analyst coverage initiations. My results suggest that clients enjoying a privileged relationship with their broker receive and use the pre-released information in their trades.

Suggested Citation

  • Tamara Nefedova, 2017. "Tippers and Tippees: Brokers’ Pre-Release of Price-Sensitive Information to Their VIP Clients," Post-Print hal-02108869, HAL.
    • Handle: RePEc:hal:journl:hal-02108869
    DOI: 10.2139/ssrn.2188938
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    Cited by:

    1. Karmaziene, Egle, 2023. "The greater the volume, the greater the analyst," Finance Research Letters, Elsevier, vol. 51(C).
    2. Ge-zhi Wu & Da-ming You, 2021. "Margin trading, short selling and corporate green innovation," Papers 2107.11255, arXiv.org, revised Aug 2021.

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