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SUMMARY:Information Networks: Evidence from Illegal Insider Trading Tips -
  Kenneth Ahern - Assistant Professor of Finance and Business Economics
DTSTART:20150522T093000Z
DTEND:20150522T110000Z
UID:TALK59493@talks.cam.ac.uk
CONTACT:Crystal
DESCRIPTION:This paper exploits a novel hand-collected dataset to provide 
 a comprehensive analysis of the social relationships that underlie illegal
  insider trading networks.  I find that inside information flows through s
 trong social ties based on family\, friends\, geographic proximity\, and a
 ncestry. On average\, inside tips originate from corporate executives and 
 reach buy-side investors after three links in the network. Inside traders 
 earn prodigious returns of 35% over 21 days\, with traders farther from th
 e original source earning lower returns\, but higher dollar gains.  More b
 roadly\, this paper provides some of the only evidence on information netw
 orks that employs direct observations of person-to-person communication.
LOCATION:Cambidge Judge Business School\, room W4.05
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