| dc.contributor.author | Akbas, Ferhat | |
| dc.contributor.author | Meschke, Felix | |
| dc.contributor.author | Wintoki, M. Babajide | |
| dc.date.accessioned | 2016-12-20T22:09:18Z | |
| dc.date.available | 2016-12-20T22:09:18Z | |
| dc.date.issued | 2016-04-14 | |
| dc.identifier.citation | Akbas, F., Meschke, F., & Wintoki, M. (2016). Director Networks and Informed Traders. Journal of Accounting and Economics, 62(1), 1-23. http://dx.doi.org/10.1016/j.jacceco.2016.03.003 | en_US |
| dc.identifier.uri | http://hdl.handle.net/1808/22276 | |
| dc.description.abstract | We provide evidence that sophisticated investors like short sellers, option traders, and financial institutions are more informed when trading stocks of companies with more connected board members. For firms with large director networks, the annualized return difference between the highest and lowest quintile of informed trading ranges from 4% to 7.2% compared to the same return difference in firms with less connected directors. Sophisticated investors better predict outcomes of upcoming earnings surprises and firm-specific news sentiment for companies with more connected directors. Changes in board connectedness are positively associated with changes in measures of adverse selection. | en_US |
| dc.publisher | Elsevier | en_US |
| dc.relation.hasversion | http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2378655 | en_US |
| dc.subject | Director networks | en_US |
| dc.subject | Short sellers | en_US |
| dc.subject | Short interest | en_US |
| dc.subject | Informed traders | en_US |
| dc.subject | Earnings announcements | en_US |
| dc.title | Director networks and informed traders | en_US |
| dc.type | Article | en_US |
| kusw.kuauthor | Akbas, Ferhat | |
| kusw.kuauthor | Meschke, Felix | |
| kusw.kuauthor | Wintoki, M. Babajide | |
| kusw.kudepartment | School of Business | en_US |
| kusw.oanotes | Per SHERPA/RoMEO, 12/20/2016: Author's Pre-print: green tick author can archive pre-print (ie pre-refereeing)
Author's Post-print: green tick author can archive post-print (ie final draft post-refereeing)
Publisher's Version/PDF: cross author cannot archive publisher's version/PDF
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PER https://www.elsevier.com/__data/assets/pdf_file/0005/78476/external-embargo-list.pdf, embargo of 24 months | en_US |
| dc.identifier.doi | 10.1016/j.jacceco.2016.03.003 | en_US |
| kusw.oaversion | Scholarly/refereed, author accepted manuscript | en_US |
| kusw.oapolicy | This item meets KU Open Access policy criteria. | en_US |
| dc.rights.accessrights | openAccess | |
