We investigate whether access to information prior to an IPO generates a trading advantage after the IPO. We find that … funds. These returns are not explained by LPs' differing stock picking abilities, and are higher when LPs' information … advantage over the public is higher. Further, LPs' access to information eliminates the familiarity bias that they display …

before long-run underperforming periods start, suggesting that hedge funds possess information advantages in IPO stocks …. Finally, we address the question of where hedge funds may have obtained their information advantages. Hedge funds earn higher …

, considerably more than non-earnings-based recommendation changes. Evidence from variation in firms' information environment and …

Whether lower stock price synchronicity reflects information or noise does not have a conclusive answer yet. From the … following is lower than that of non-star analysts, but star analysts do not own more private information about the stocks from … price synchronicity is due to noise but not private information revealed in these stocks. So the lower price synchronicity …

Private Equity ("PE") investors are exposed to asymmetric information during their fund manager selection process. This … information asymmetry. Investors with specialist PE consultants are more willing to invest in PE funds with limited available … information, and they achieve better investment performance. PFs with experienced trustees need less support from consultants and …

We examine whether brokers in order-driven markets possess an information advantage over their customers. We compare …’ access to order flow is a potential source of their information advantage. These results may help regulators improve the …

Public information is widely viewed as a way to level the playing field among investors. We provide evidence that is … inconsistent with this notion; public information can make private signals more valuable. Hedge funds acquiring public information …-relevance, suggesting that public information complements private signals. The positive relation between public information acquisition and …

We show that hedge funds gain an information advantage from their prime broker banks regarding the banks' corporate … high revenue potential for prime broker banks. These informed trades appear to be based on information not just about the … analysts inside the banks are one potential conduit of information transfer …