DOCSLIB.ORG

Fifty Leading Women in Hedge Funds 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Fifty Leading Women in Hedge Funds 2020 Fifty Leading Women in Hedge Funds 2020 IN ASSOCIATION WITH 50 LEADING WOMEN IN HEDGE FUNDS 2020 50 LEADING WOMEN IN HEDGE FUNDS 2020 Introduction HAMLIN LOVELL, CONTRIBUTING EDITOR, THE HEDGE FUND JOURNAL his is the eighth edition of our managers of all time – according to LCF Edmond 50 Leading Women in Hedge de Rothschild analysis – namely Bridgewater Funds report and is published Associates and Lone Pine. The two Lone Pine in association with EY for the women in this year’s report are two of the three seventh time. Whilst Covid-19 portfolio managers who succeeded Lone Pine’s has denied us the opportunity founder Steve Mandel. Three of the report’s to host accompanying events discretionary equity portfolio managers specialize in London and New York, at in the healthcare and biotechnology sector, which least this year, the professional achievements has attracted more attention this year for obvious Tof the women featured in this year’s report reasons. Four of the investment professionals shine through, nonetheless. We are so pleased work for systematic and quantitative hedge fund An analysis of the S&P to be publishing this report just a few days after managers, which is notable given the general Kamala Harris made history by becoming the dearth of women in STEM. Another noteworthy first female, first black and first Asian-American cluster is three women managing multi-billion Composite 1500 found US Vice-President-elect. s the leading global evidence is clear. Having more amounts in liquid credit strategies. that firms with women provider of services women in senior roles helps Previous reports have sometimes repeated Women in the report sit on a wide variety of to alternative funds, businesses to innovate and two or three names from earlier reports, most A committees including: management, operating, at the top were worth on EY is proud to sponsor this perform better. notably where the women in question have executive, risk management, compliance, edition of the 50 Leading enjoyed a significant promotion – either within brokerage, conflicts, technical standards, capital average $40 million more EY is a leader in innovation their current firm or as part of a move to a new Women in Hedge Funds allocation, steering, valuation and ESG. Some firm – or have founded their own firm. With one report. We congratulate this and for its exceptionally women sit on as many as five committees. than those without. exception, all the women featured in this year’s extraordinary and inspiring diverse and inclusive culture. Many of the honorees also sit on diversity and report are new names. group of honorees who have Continuing to put purpose inclusion councils or committees. These often been selected by The Hedge into practice, EY is one overlap with a proliferation of affinity groups and However, a good number of the firms featured Fund Journal. In this incredibly of the first professional networks, which can cover: women, parenting, in this year’s report have provided honorees challenging year, one that saw services organizations to LGTBQ, disabilities, and multiple ethnic and/or A diverse workforce is one dimension of internal before. Firms such as BNP Paribas, Bridgewater the Covid-19 global pandemic, launch talent programs for racial groups, which can include Black/African/ ESG/CSR policies, and several women on both Associates, Citadel, D. E. Shaw, GAM Systematic unforeseen natural disasters neurodiverse individuals, such Caribbean, Hispanic or Latin, and others such as the investment and non-investment sides were Cambridge, Millennium Management, Northern and social unrest across the as people with autism. Our multicultural. These groups may sometimes exist keen to talk to us about their respective firm’s Trust, Pictet Asset Management, Point72, world, we especially want to Neurodiversity Centers of exclusively for employees, but increasingly they evolving ESG policies. These can range from Simmons & Simmons and Tudor Investment commend these women on Excellence, in locations across are also reaching out into the wider community customized mandates excluding certain sectors to Corporation have featured before, largely because their achievements during the US, further galvanizes the for different reasons: sometimes they dovetail engagement with companies. Some firms are even these firms seem to be particularly good at hiring this period of disruption and EY commitment to diversity, with corporate or personal philanthropy or publishing their own ESG related research. This and promoting lots of women into senior roles. uncertainty. inclusion and belonging — and voluntary work, and in other cases the objective is clearly a growth area, not least as opinion polls In this year’s report we also feature women from demonstrates they are critical is to promote more diverse recruitment. Hiring suggest that female investors are more concerned firms who last featured some years back, namely According to EY research, factors to business innovation drives may centre around universities but they about ESG. Angelo Gordon (in 2010) and Brevan Howard (in gender-diverse leadership and a better working world. can also start earlier to pique young people’s 2013). is closely linked to an interest in studying STEM or finance related The standard disclaimer applies. This organization’s ability to Please join us in subjects. alphabetically ordered report is not a ranking Firms appearing in this report for the first per se, but rather a selection of senior women innovate and to generate congratulating the truly time include Beach Point Capital Management, Advanced university study is a rarity in the who should serve to inspire others. As a trade profits. An analysis of the exceptional women featured Capstone Investment Advisors, Dalton list. The plurality of the fifty did not pursue publication, occasionally we have to overlook S&P Composite 1500 found in the 50 Leading Women in Investments, Houlihan Lokey, Indus Capital, university study beyond bachelor’s level, and the women whose employers eschew any media that firms with women Hedge Funds 2020 report. As Janus Henderson, LibreMax Capital, Lone Pine, MBA remains the most frequent postgraduate coverage. Many of those omitted from this report at the top were worth on they thrive in their roles, these M&G, Mudrick Capital, Odey Asset Management, qualification. There are at least four CFA are worthy candidates and may well feature in One William Street, Quantica and Quantitative average $40 million more than leading women are not only charterholders and two CAIA charterholders on future reports. We have also received a large Brokers. those without. Meanwhile, making a mark in this industry; the list, which only contains three women with a number of nominations for women who do not the Peterson Institute for their success and visibility PhD: one economist, one quantitative portfolio yet seem quite senior enough, but they could well Some 23 of the women featured this year are International Economics found are paving the way for more manager and a valuation expert. “graduate” to leading women status quite soon investment professionals, whilst 27 are in non- that boards with 30% or women and underrepresented as they ascend the career ladder. Many female investment roles including compliance, legal, more women could add up to professionals to follow their New York and London are unsurprisingly the portfolio managers running very small amounts audit, operations, finance, administration, sales, 6% to their net margins. The path. most popular locations but we have cast the net of money (sometimes outside a fund or corporate marketing and investor relations. into Baltimore, Boston, Chicago, Connecticut, structure) could also be considered if they grow Minneapolis and Los Angeles in the US; Dublin assets, form or join a firm. We are keen to monitor Three of the women in this year’s report work and Zurich in Europe, and Beijing, Hong Kong and such women – and we may be able to feature them for two of the most profitable hedge fund Singapore in Asia to identify these names. in future reports. 2 3 50 LEADING WOMEN IN HEDGE FUNDS 2020 50 LEADING WOMEN IN HEDGE FUNDS 2020 Kathryn Alexander Alexandra Krystal Head of Data Initiatives and Relationships, Global Quantitative Managing Director and Head of US Prime Services Sales and Capital Strategies, Citadel, New York Introduction, CIBC, New York Sarah Alfandari Samantha Levenstein Chief Executive Officer, Dalton Investments, Los Angeles Director of Investor Relations, Beach Point Capital Management, New York Janet Joyce Arzt Cindy Ma President, Mudrick Capital Management, New York Managing Director and Global Head of Portfolio Valuation and Fund Advisory Services, Houlihan Lokey, New York Mary Ann Betsch Managing Director, Financial Control, Citadel, New York Joy G. Mashaal Managing Director, Senvest Management, Los Angeles Samantha Bower Head of Business Development and Investor Relations, Macro Nicole McLean Investment Business, M&G Investments, London Executive Director, Trading, Campbell & Company, Baltimore Arancha Cano Surbhi Mehta Managing Director and Portfolio Manager, Wellington Managing Director, Investor Relations and Product Development, Portfolio Management, London Manager Recruiting, Tudor Investment Corporation, Stamford, Connecticut Natalia Chefer Fiona Mulligan Managing Director and Co-Head, Discretionary Macro, The D. E. Global Product and Client Solutions Manager, Hedge Fund Services, BNP Shaw Group, New York Paribas Securities Services, Ireland Kathy
Load more

Recommended publications
  • Alma Platinum IV UBS Multi Strategy Alternatives
    Not for retail distribution. For EEA investors: This marketing material is intended for professional clients only (cf. MiFID Directive 2014/65/EU Annex II) and must be read in conjunction with the Key Investor Information Document. For Hong Kong investors, this document is solely intended for professional investors. For Swiss investors: this document is solely intended for qualified investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). 30 October 2020 Alma Platinum IV UBS Multi Strategy Alternatives Fund Assets under Management: € 331,512,874 Investment Strategy Alma Platinum IV UBS Multi Strategy Alternatives ("the Fund") is a “multi-manager” fund, meaning that Alma Capital Investment Management (the "Management Company") appoints a number of sub-investment managers to each manage a segment of the assets of the Fund (Segment). UBS Hedge Fund Solutions LLC (the "Investment Adviser") advises the Management Company on selection of sub-investment managers and allocation of Fund to each Segment from time to time. The sub-investment managers will invest in a wide range of investments, using a variety of investment strategies and techniques. Among these may be i) “equity hedge” strategies, where the Fund will invest in shares of companies but use financial contracts (derivatives) to try to limit the effect of negative market movements; ii) “relative value” strategies, where the Fund will invest in across a variety of assets but will try to take advantage of mis- pricing and other opportunities to gain a return; iii) “trading strategies” where the Fund will invest in a broad range of assets (share in companies, foreign exchange, tradable debt issues by companies and governments, currencies) where a sub-investment manager believes that it can achieve a return; and iv) “credit/income” strategies where the Fund will invest in debt investments.
    [Show full text]
  • Notice to Holders of Notes Issued by York CLO-3 Ltd. And, As Applicable, York CLO-3 LLC and Notice to the Parties Listed on Sc
    Global Corporate Trust 214 N. Tryon Street, 26th Floor Charlotte, North Carolina 28202 Notice to Holders of Notes issued by York CLO-3 Ltd. and, as applicable, York CLO-3 LLC Rule 144A Accredited Investor Class Regulation S of Notes1 CUSIP ISIN CUSIP ISIN CUSIP ISIN Class A-R Notes 98625UAU6 US98625UAU60 G98474AK8 USG98474AK82 98625UAV4 Class B-R Notes 98625UAW2 US98625UAW27 G98474AL6 USG98474AL65 98625UAX0 Class C-R Notes 98625UAY8 US98625UAY82 G98474AM4 USG98474AM49 98625UAZ5 Class D-R Notes 98625UBA9 US98625UBA97 G98474AN2 USG98474AN22 98625UBB7 Class E-R Notes 98625VAG5 US98625VAG59 G98472AD8 USG98472AD83 98625UAH3 Class F Notes 98625VAJ9 US98625VAJ98 G98472AE6 USG98472AE66 98625UAK7 Subordinated Notes 98625VAC4 US98625VAC46 G98472AB2 USG98472AB28 98625V AD2 US98625VAD29 and notice to the parties listed on Schedule A attached hereto. Notice of Assignment of Collateral Management Agreement and Request for Consent PLEASE FORWARD THIS NOTICE TO BENEFICIAL HOLDERS Reference is made to that certain (i) Indenture, dated as of June 15, 2016 (as amended by Supplemental Indenture No. 1, dated as of July 6, 2017, Supplemental Indenture No. 2, dated as of August 23, 2017, and Supplemental Indenture No. 3, dated as of April 15, 2021, and as may be further amended, modified or supplemented from time to time, the “Indenture”), among York CLO-3 Ltd., as issuer (the “Issuer”), York CLO-3 LLC, as co-issuer (together with the Issuer, the “Co-Issuers”), and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”), and (ii) Collateral Management Agreement, dated as of June 15, 2016 (as amended by the Amendment to Collateral Management Agreement, dated as of August 23, 2017, the “Collateral Management Agreement”) by and between the Issuer and York CLO Managed Holdings, LLC, as collateral manager (the “Collateral Manager”).
    [Show full text]
  • Starting a Hedge Fund in the Sophomore Year
    FEATURING:FEATURING:THETHE FALL 2001 COUNTRY CREDIT RATINGSANDTHE WORLD’S BEST HOTELS SEPTEMBER 2001 BANKING ON DICK KOVACEVICH THE HARD FALL OF HOTCHKIS & WILEY MAKING SENSE OF THE ECB PLUS: IMF/WorldBank Special Report THE EDUCATION OF HORST KÖHLER CAVALLO’S BRINKMANSHIP CAN TOLEDO REVIVE PERU? THE RESURGENCE OF BRAZIL’S LEFT INCLUDING: MeetMeet The e-finance quarterly with: CAN CONSIDINE TAKE DTCC GLOBAL? WILLTHE RACE KenGriffinKenGriffin GOTO SWIFT? Just 32, he wants to run the world’s biggest and best hedge fund. He’s nearly there. COVER STORY en Griffin was desperate for a satellite dish, but unlike most 18-year-olds, he wasn’t looking to get an unlimited selection of TV channels. It was the fall of 1987, and the Harvard College sophomore urgently needed up-to-the-minute stock quotes. Why? Along with studying economics, he hap- pened to be running an investment fund out of his third-floor dorm room in the ivy-covered turn- of-the-century Cabot House. KTherein lay a problem. Harvard forbids students from operating their own businesses on campus. “There were issues,” recalls Julian Chang, former senior tutor of Cabot. But Griffin lobbied, and Cabot House decided that the month he turns 33. fund, a Florida partnership, was an off-campus activity. So Griffin’s interest in the market dates to 1986, when a negative Griffin put up his dish. “It was on the third floor, hanging out- Forbes magazine story on Home Shopping Network, the mass side his window,” says Chang. seller of inexpensive baubles, piqued his interest and inspired him Griffin got the feed just in time.
    [Show full text]
  • Alternative Data – Use Cases (Edition 6)
    This report is sponsored by Standard Media Index (SMI). SMI captures monthly advertising revenue results for internet names such as FB, Instagram, GOOG, YouTube, Twitter, SNAP, ROKU, Amazon, Pandora, Spotify and traditional media companies such as Fox, Disney, Sinclair, Trip Advisor and 300+ other public equities across the US, UK and AU markets. Clients couple SMI’s data with its machine learning model for FB which has an establish track-record that correlates within 1% of a print typically. SMI releases its data monthly and distributes its FB forecast 6-weeks ahead of a print to its active roster of funds. Table of Contents SECTION 1: EXECUTIVE SUMMARY ....................................................................................................... 4 SECTION 2: ALTERNATIVE DATA .......................................................................................................... 6 SECTION 2.1: DEFINITION AND BENEFITS ....................................................................................................... 6 SECTION 2.2: DRIVERS OF ADOPTION ............................................................................................................ 8 SECTION 3: DATASETS IN DEMAND (PROPRIETARY ANALYTICS) ................................................... 14 SECTION 3.1: EAGLE ALPHA DATABASE CLICK-THROUGH ANALYTICS ............................................................. 14 SECTION 3.2: 1-ON-1 MEETING ANALYTICS .................................................................................................
    [Show full text]
  • International Algorithmic and High Frequency Trading Summit
    TH NovemberTH & 15 14 Mexico City WWW.RISKMATHICS.COM …” Two DAY SUMMIT WITH THE MOST ACKNOWLEDGED AUTHORITIES AND THE BIG PLAYERS IN THE TRADING INDUSTRY WORLD-WIDE” DAVID LEINWEBER GEORGE KLEDARAS MARCOS M. LÓPEZ DE MARCO AVELLANEDA DAN ROSEN YOUNG KANG JORGE NEVID Center for Innovative Founder & Chairman PRADO Courant Institute CEO Global Head of Sales & Electronic Trading Financial Technology FixFlyer Head of Global of Mathematical R2 Financial Algorithmic Products Acciones y Valores Lawrence Berkeley Lab Quantitative Research Sciences, NYU and Technologies Citigroup Banamex Tudor Investment Corp. Senior Partner, Finance Concepts LLC SEBASTIÁN REY CARLOS RAMÍREZ JOHN HULL KARLA SILLER VASSILIS VERGOTIS SANDY FRUCHER JULIO BEATON Electronic Trading Banorte - IXE Toronto University National Banking and Executive Vice President Vice Chairman TradeStation GBM Casa de Bolsa Securities Commission European Exchange NASDAQ OMX Casa de Bolsa CNBV (Eurex) RiskMathics, aware that the most important factor to develop and consolidate the financial markets is training and promoting a high level financial culture, will host: “Algorithmic and High Frequency Trading Summit”, which will have the participation of leading market practitioners who have key roles in the financial industry locally and internationally. Currently the use of Automated/Black-Box trading in combination with the extreme speed in which orders are sent and executed (High Frequency Trading) are without a doubt the most important trends in the financial industry world-wide. The possibility to have direct access to the markets and to send burst orders in milliseconds, has been a fundamental factor in the exponential growth in the number of transactions that we have seen in recent years.
    [Show full text]
  • 6005302247.Pdf
    The UnRules The UnRules Man, Machines and the Quest to Master Markets IGOR TULCHINSKY This edition first published 2018 © 2018 Igor Tulchinsky Registered office John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, United Kingdom For details of our global editorial offices, for customer services and for information about how to apply for permission to reuse the copyright material in this book please see our website at www.wiley.com. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by the UK Copyright, Designs and Patents Act 1988, without the prior permission of the publisher. Wiley publishes in a variety of print and electronic formats and by print-on- demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com. Designations used by companies to distinguish their products are often claimed as trademarks. All brand names and product names used in this book are trade names, service marks, trademarks or registered trademarks of their respective owners. The publisher is not associated with any product or vendor mentioned in this book. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose.
    [Show full text]
  • A Guide to Understanding the Complex Universe of Private Debt Assets
    Alternative credit and its asset classes A guide to understanding the complex universe of private debt assets First edition, May 2017 For professionals Important disclosure: The opinions expressed and conclusions reached by the authors in this publication are their own and do not represent an official position. The publication has been prepared solely for the purpose of information and knowledge-sharing. Neither NN Investment Partners B.V., NN Investment Partners Holdings N.V. nor any other company or unit belonging to NN Group make no guarantee, warranty or representation, express or implied, to the accuracy, correctness or completeness thereof. Readers should obtain professional advice before making any decision or taking any action that may affect their finances or business or tax position. This publication and its elements may contain information obtained from third parties, including ratings from credit rating agencies. Reproduction and distribution of (parts of) this publication, logos, and third party content in any form is prohibited, except with the prior written permission of NN Investment Partners B.V. or NN Investment Partners Holdings N.V. or the third party concerned. © 2017 NN Investment Partners is part of NN Group N.V. NN Group N.V. is a publicly traded corporation, and it and its subsidiaries are currently using trademarks including the “NN” name and associated trademarks of NN Group under license. All rights reserved. Alternative credit and its asset classes A guide to understanding the complex universe of private debt assets Table of contents Preface ...............................................................................................................................................................6 1. Introduction .................................................................................................................... 8 2. The history and rise of alternative credit .....................................................................11 2.1.
    [Show full text]
  • Patient Capital Outperformance
    Patient Capital Outperformance: The Investment Skill of High Active Share Managers Who Trade Infrequently Martijn Cremers Ankur Pareek University of Notre Dame Rutgers Business School First draft: December 2013 This draft: September 2014 This paper documents that among high Active Share portfolios – whose holdings differ substantially from the holdings of their benchmark – only those with patient investment strategies (i.e., with long stock holding durations of at least 2 years) outperform their benchmarks on average. Funds trading frequently generally underperform, regardless of Active Share. Among funds that infrequently trade, it is crucial to separate closet index funds – whose holdings largely overlap with the benchmark – from truly active funds. The average outperformance of the most patient and distinct portfolios equals 2.30% per year – net of costs – for retail mutual funds. Stocks held by patient and active institutions in general outperform by 2.22% per year and by hedge funds in particular by 3.64% per year, both gross of costs. JEL Classifications: G12, G24 Contact info: Martijn Cremers: 264 Mendoza College of Business, University of Notre Dame, Notre Dame, IN 46556, Phone: 574‐631‐4476, Email: [email protected]. Ankur Pareek: Rutgers Business School, 1 Washington Park, Newark, NJ 07102, Phone: 973‐353‐1646, Email: [email protected]. We thank the Q‐Group for financial support. Electronic copy available at: http://ssrn.com/abstract=2498743 Introduction Which, if any, actively managed portfolios can outperform passive benchmarks? The previous literature has documented that, on average, the long‐term net performance of actively managed mutual funds is similar to the performance of their benchmark (with actively managed funds generally underperforming their benchmarks but without strong statistical significance on average).
    [Show full text]
  • The JOBS Act at Year One: a Changing Hedge Fund Communications Landscape
    The JOBS Act at Year One: A Changing Hedge Fund Communications Landscape The private world of hedge funds is looking more like Madison Avenue. Hedge funds today are everywhere – in daily headlines, social media, public web sites, live TV coverage, and even highly visible Las Vegas bashes. They are also increasingly in the portfolios of institutional and retail investors. Once a shadowy, inaccessible and little understood part of the asset management world, hedge funds are growing, diversifying, extending product lines, acquiring competitors, targeting new markets, stepping up client relations – in short, acting more and more like the large, sophisticated businesses they’ve become. Driving and supporting this business transition is a changing attitude toward and approach to marketing communications. As hedge funds have grown to $2-trillion-plus in assets, they are tackling issues and opportunities like brand, visibility and reputation, all in the face of stiff competition. September 23, 2014, marks the first anniversary of the enactment of the Jumpstart Our Businesses (JOBS) Act, and provides an opportunity to look at how hedge fund communications have evolved. The JOBS Act was designed to spark U.S. economic growth in part by allowing hedge funds to solicit accredited investors. As a result, hedge funds are now allowed to employ tactics such as engaging the media, building accessible web sites, advertising and even social media. And while neither we nor others point to the JOBS Act as the sole driving force behind the implementation of new communications strategies by hedge funds in recent years, no one denies that these changes are taking place.
    [Show full text]
  • A Global Early Warning System for Pandemics Mobilizing Surveillance for Emerging Pathogens
    A Global Early Warning System for Pandemics Mobilizing Surveillance for Emerging Pathogens ESTHER KROFAH, CARLY GASCA, AND ANNA DEGARMO About the Milken Institute The Milken Institute is a nonprofit, nonpartisan think tank. For the past three decades, the Milken Institute has served as a catalyst for practical, scalable solutions to global challenges by connecting human, financial, and educational resources to those who need them. Guided by a conviction that the best ideas, under-resourced, cannot succeed, we conduct research and analysis and convene top experts, innovators, and influencers from different backgrounds and competing viewpoints. We leverage this expertise and insight to construct programs and policy initiatives. These activities are designed to help people build meaningful lives in which they can experience health and well-being, pursue effective education and gainful employment, and access the resources required to create ever-expanding opportunities for themselves and their broader communities. About FasterCures FasterCures, a center of the Milken Institute, is working to build a system that is effective, efficient, and driven by a clear vision: patient needs above all else. We believe that transformative and lifesaving science should be fully realized and deliver better treatments to the people who need them. ©2021 Milken Institute This work is made available under the terms of the Creative Commons Attribution-NonCommercial- NoDerivs 3.0 Unported License, available at creativecommons.org/licenses/by-nc-nd/3.0/. CONTENTS
    [Show full text]
  • Evidence from Illegal Insider Trading Tips
    Journal of Financial Economics 125 (2017) 26–47 Contents lists available at ScienceDirect Journal of Financial Economics journal homepage: www.elsevier.com/locate/jfec Information networks: Evidence from illegal insider trading R tips Kenneth R. Ahern Marshall School of Business, University of Southern California, 701 Exposition Boulevard, Ste. 231, Los Angeles, CA 90089-1422, USA a r t i c l e i n f o a b s t r a c t Article history: This paper exploits a novel hand-collected data set to provide a comprehensive analysis Received 20 April 2015 of the social relationships that underlie illegal insider trading networks. I find that in- Revised 15 February 2016 side information flows through strong social ties based on family, friends, and geographic Accepted 15 March 2016 proximity. On average, inside tips originate from corporate executives and reach buy-side Available online 11 May 2017 investors after three links in the network. Inside traders earn prodigious returns of 35% JEL Classification: over 21 days, with more central traders earning greater returns, as information conveyed D83 through social networks improves price efficiency. More broadly, this paper provides some D85 of the only direct evidence of person-to-person communication among investors. G14 ©2017 Elsevier B.V. All rights reserved. K42 Z13 Keywords: Illegal insider trading Information networks Social networks 1. Introduction cation between investors ( Stein, 2008; Han and Yang, 2013; Andrei and Cujean, 2015 ). The predictions of these mod- Though it is well established that new information els suggest that the diffusion of information over social moves stock prices, it is less certain how information networks is crucial for many financial outcomes, such as spreads among investors.
    [Show full text]
  • 61610249.Pdf
    Requested Request ID Requester Name Organization Request Description Date 08-00033-FIFO Cohan, William - Westar Energy Inc 8/18/2008 10-00001-CONG McHenry, Patrick House of Representatives FOIA Log For 2009 and Explanation of Data 3/25/2010 10-00002-CONG Austria, Steve Congress of the United States Parsons Securities Inc aka Columbus Equities 7/19/2010 International Inc 10-00003-GOVT Reed, Ellen Cotton & Company Defense Contract Audit Agency Agreement 2/26/2010 10-00004-GOVT Thomas, Kenneth - Correspondence between Chairman Bernanke 8/4/2009 and Chairman of SEC from January 1 2009 to July 31 2009 10-00005-GOVT Galeassi, Christina US Department of Labor Deway and Boyle Capital Management X-17A- 3/22/2010 5's Annual Audit Repots 10-00006-GOVT Davies, Christopher The Financial Services Authority Calamos Advisors LLC 4/6/2010 10-00007-FIFO Christensen, Eric Snohomish PUD Morgan Stanley & CO Inc and Morgan Stanley 2/19/2010 Subsidiaries 10-00007-GOVT Learoyd, Jenna Moore & Van Allen PLLC Just For Feet Inc referral from FBI 3/13/2008 10-00008-GOVT Froot, Steven Boies, Schiller & Flexner LLP American International Group (AIG) 9/24/2009 Independent Consultant Reports Referred by DOJ 10-00009-FIFO Dukes # 37823037, - Financial Warfare Club Inc and Marcus Dubois 5/14/2010 Marcus Dukes 10-00009-GOVT Osaki, Larry Federal Correctional Institute JT Wallenbrock and Associates Citadel Capital 7/26/2010 Management Group and Larry T Osaki 10-00010-FIFO Willingham, Brain Diligentia Yolanda Holtzee Communicaitons with the SEC 7/20/2010 10-00010-GOVT Barry,
    [Show full text]