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Information flows in trading networks
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DOI：10.1016/j.jacceco.2026.101876.png)
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Abstract
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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.
Keywords:
G10
G12
G14
M41
Dealer networks
Corporate bonds
Over-the-counter markets
Informed trading
Insurance companies
Credit ratings
M&A
Social finance
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