Chief executive officer's (CEO's) insider trading gains are affected by the position of the CEO within the hierarchy of all executives, as assessed by network centrality. CEOs with high centrality earn superior abnormal returns following their company's stock purchases, consistent with social capital advantage. Social capital and trading gains are positively associated primarily in firms that are riskier, have weak governance, or are managed by CEOs with no background in finance. High-centrality CEOs also gain by selling their shares prior to a bad news event experienced by their firm. Finally, trading gains are positively affected by CEOs having past connections to the chief financial officers.

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网络中心性、联系和社会资本：来自 CEO 内幕交易收益的证据

首席执行官 (CEO) 的内幕交易收益受首席执行官在所有高管层级中的位置影响，由网络中心性评估。具有高中心性的 CEO 在购买公司股票后获得超常收益，这与社会资本优势相一致。社会资本和交易收益主要在风险较高、治理薄弱或由没有金融背景的 CEO 管理的公司中呈正相关。高度中心化的 CEO 也可以通过在公司遭遇坏消息之前出售股票来获利。最后，交易收益受到 CEO 过去与首席财务官的联系的积极影响。