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SUMMARY:Informed Trading by Advisor Banks? A look at options holdings ahea
 d of mergers - Professor Michelle Lowry\, TD Bank Professor of Finance at 
 the LeBow School of Business\, Drexel University 
DTSTART:20151201T103000Z
DTEND:20151201T120000Z
UID:TALK62744@talks.cam.ac.uk
CONTACT:Crystal
DESCRIPTION:Within an investment bank\, there is a tension between the inv
 estment banking and asset management divisions: the former possesses subst
 antial private information while the latter seeks information. Information
  is arguably impossible to completely safeguard\, raising the possibility 
 of leaks\, either deliberate or inadvertent. To the extent that there is i
 nformation leakage\, we conjecture that it will be observed in the options
  market\, as options represent a relatively cheap means to leverage privat
 e information. Empirical evidence is consistent with trading departments o
 f the advisor banks having an information advantage\, and leveraging this 
 advantage through options rather than stock.
LOCATION:Cambidge Judge Business School\,  W2.01
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