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Prime (information) brokerage

delete2020-08-01
delete18
PRE
AI
K
Kumar, Nitish
M
Mullally, Kevin
R
Ray, Sugata
Y
Yuehua Tang *
DOI：10.1016/j.jfineco.2020.02.010delete
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摘要

摘要

En 中文
We show that hedge funds gain an information advantage from their prime broker banks regarding the banks' corporate borrowers. The connected hedge funds make abnormally large trades in the stocks of borrowing firms prior to loan announcements, and these trades outperform other trades. The outperformance is particularly strong for trades of hedge funds that have high revenue potential for prime broker banks. These informed trades appear to be based on information not just about the loan itself but also about firms' fundamentals such as future earnings. Finally, we find evidence suggesting that equity analysts inside the banks are one potential conduit of information transfer. (C) 2020 Elsevier B.V. All rights reserved.
Keyword:
Hedge funds
Prime brokers
Investment banks
Informed trading
Loan originations
AI总结

AI总结

对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。

期刊

Journal of Financial Economics 封面图
Journal of Financial Economics
IF:
12
论文数:
3.8K
被引数:
5.5W

机构

U
University of Florida
学者数:
4.0W
论文数: 3.1W
被引数: 6.6W
State University System of Florida 封面图
State University System of Florida
学者数:
12.8W
论文数: 10.9W
被引数: 130
引用论文

引用论文

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