We document that long-run excess returns following announcements of share buyback authorizations and insider purchases are a U-shaped function of firm centrality in the input–output trade-flow network. These results conform to a model of investors endowed with a large but finite capacity for analyzing firms. Additional links weaken insiders’ informational advantage in peripheral firms (simple firms whose cash flows depend on few economic links), provided investors’ capacity is large enough, but eventually amplify that advantage in central firms (firms with many links) as a result of investors’ limited capacity. These findings shed light on the sources of managerial market-timing ability.

中文翻译：

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网络中心性和管理市场时机能力

我们记录了股票回购授权和内部购买公告后的长期超额收益是投入产出贸易流网络中企业中心性的 U 形函数。这些结果符合一个投资者模型，该模型具有大量但有限的分析公司的能力。如果投资者的能力足够大，额外的链接会削弱内部人在外围公司（现金流依赖于很少的经济联系的简单公司）中的信息优势，但最终会放大中心公司（具有许多联系的公司）的这种优势，因为投资者'能力有限。这些发现揭示了管理市场择时能力的来源。