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【题目】 The
Role of Employees as Information Intermediaries: Evidence from Their
Professional Connections （ Working Paper ， 2024 ） 【作者】 DuckKi
Cho, Lyungmae Choi, Stephen A. Hillegeist 【摘要】 This
paper investigates whether employees and their professional networks act as
information intermediaries. We find that firms with more-connected employees
experience smaller market reactions to earnings surprises, and these results
are not due to reverse causality or information inflows. Further analyses show
that employees primarily disseminate private information about positive
earnings news and the firm-specific component of earnings news, and are driven
largely by the connections of mid-level managers. Consistent with social
networking theory, the associations are stronger for weaker professional
connections. Supporting employees ’ role as information
intermediaries, we find that the stock prices of more-connected firms
incorporate information about forthcoming
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