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Information flows in trading networks

Stefan E. Huber et al.

Journal of Accounting and Economics2026https://doi.org/10.1016/j.jacceco.2026.101876article
FT50UTD24AJG 4*ABDC A*
Weight
0.50

What the paper says

We study the informational value of trading networks in over-the-counter (OTC) markets. Using detailed transaction-level data from the corporate bond market, we show that investors with larger dealer networks make superior trading decisions before changes in credit fundamentals, resulting in better risk-adjusted performance. We trace these investors’ superior trading decisions to trading connections where dealers are most likely to have access to novel credit-relevant information, supporting the interpretation that these investors obtain private information through their trading networks. Collectively, our evidence highlights the importance of trading relationships for investors’ private information acquisition.

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Cite this paper

https://doi.org/https://doi.org/10.1016/j.jacceco.2026.101876

Or copy a formatted citation

@article{stefan2026,
  title        = {{Information flows in trading networks}},
  author       = {Stefan E. Huber et al.},
  journal      = {Journal of Accounting and Economics},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1016/j.jacceco.2026.101876},
}

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Information flows in trading networks

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.