... that investors become dual-holders in firms with low FRQ because informed trades in such firms offer higher returns. JEL Classifications: G14; M41. I am grateful to my dissertation co-chairs Ole-Kristian Hope and Hai Lu, and my committee members Dushyant Vyas and Scott Liao for their guidance...

... “derived from the analysis of public and nonmaterial nonpublic information … even if those conclusions would have been material inside information had they been communicated directly to the analyst by a company” ( CFA Institute 2010 ). 2020 mosaic informed trading disclosure information...

... is related to the presence of private information and the illiquidity of the underlying corporate bonds, consistent with the CDS market being a preferred venue for informed trading. Next, we ask how the information revealed through CDS trading influences the output of equity and credit rating analysts. We...