When brokers, analysts, and fund managers buy or sell stocks for their own accounts, these “access employees” of financial institutions outperform retail investors over short windows up to a month. They earn particularly high abnormal returns when they trade before earnings announcements, revisions of analyst recommendations, and large stock price changes. We also find evidence consistent with profitable front-running and information leakage around the execution of corporate insider trades and block trades by mutual funds, as well as the release of revised recommendations by analysts who work at the same brokerage firm.

中文翻译：

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其他内部人士：经纪人、分析师和基金经理的个人交易

当经纪人、分析师和基金经理为自己的账户买卖股票时，这些金融机构的“接入员工”在长达一个月的短窗口内表现优于散户投资者。当他们在盈利公告、分析师建议修正和股价大幅变动之前进行交易时，他们可以获得特别高的异常回报。我们还发现了与互惠基金执行公司内幕交易和大宗交易相关的有利可图的抢先交易和信息泄露的证据，以及在同一家经纪公司工作的分析师发布修订后的建议。