Not a Level Playing Field: How Big Investors Benefit from Selective Access to Top Management

The title of a research paper by Wharton accounting professor Brian J. Bushee and two colleagues is in the form of a question: "Do Investors Benefit from Selective Access to Management?"

The answer, the paper strongly suggests, is yes. Bushee and co-authors Michael J. Jung and Gregory S. Miller define selective access as the opportunity for investors to …