In this article, we survey the literature that studies fixed-income trading rules and outcomes,
including Treasury securities, corporate and municipal bonds, and structured credit …

We quantify the pervasiveness of informed trading activity in target companies' equity
options before the announcements of 1,859 US takeovers between 1996 and 2012. About …

There is sufficient evidence in the popular, legal, and financial literatures that informed
options trading ahead of scheduled and unexpected corporate events is pervasive. In this …

Abstract In Mergers and Acquisitions (M&As) a significant proportion of targets' equity is
owned by financial institutions that simultaneously own targets' bonds (“dual holders”) …

Institutions often have access to corporate inside information through their connections, but
relatively little is known about the extent to which they exploit their informational advantage …

Purpose Audit rotation (AR) is a key policy initiative implemented in global jurisdictions to
deal with concerns about audit quality. Auditing financial reports involves communicating …

Recent studies suggest the transfer of privileged information via social ties but do not
explicitly examine the cost of these ties to shareholders. We document a significant positive …

This paper examines the information content of corporate bond trading prior to earnings
announcements using data from both NAIC and TRACE. We find that the direction of pre …

Strong conflicts of interest exist within investment banks: the investment banking division
possesses substantial private information, and the asset management division seeks such …

We show short selling in corporate bonds forecasts future bond returns. Short selling
predicts bond returns where private information is more likely, in high-yield bonds …