The DOI matches its Crossref record; 15 of the 15 references it cites were found in a registry or an index.
Information Asymmetry, R&D, and Insider Gains
Abstract
Although researchers have documented gains from insider trading, the sources of private information leading to information asymmetry and insider gains have not been comprehensively investigated. We focus on research and development (R&D)—an increasingly important yet poorly disclosed productive input—as a potential source of insider gains. Our findings, for the period from 1985 to 1997 indicate that insider gains in R&D‐intensive firms are substantially larger than insider gains in firms without R&D. Insiders also take advantage of information on planned changes in R&D budgets. R&D is thus a major contributor to information asymmetry and insider gains, raising issues concerning management compensation, incentives, and disclosure policies.
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Cites
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On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
Continuous Auctions and Insider Trading
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The Determinants of Capital Structure Choice
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The capitalization, amortization, and value-relevance of R&D
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Self-citationHandbook of the economics of innovation and technological change
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Signaling Theory: A Review and Assessment
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011) · Journal of Management · doi:10.1177/0149206310388419 · Cited by 6,735
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011) · The Accounting Review · doi:10.2308/accr.00000005 · Cited by 4,337
Hsu, P.-H., Li, K., & Tsou, C.-Y. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3578215 · Cited by 665
Accounting conservatism and firm investment efficiency
García Lara, J. M., García Osma, B., & Penalva, F. (2016) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2015.07.003 · Cited by 659
HSU, P., LI, K., & TSOU, C. (2023) · The Journal of Finance · doi:10.1111/jofi.13217 · Cited by 658
Metadata
- Authors
- Aboody, D., & Lev, B.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2000-12
- Volume
- 55
- Issue
- 6
- Pages
- 2747-2766
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2151699494
- Cited by
- 1,524
- References
- 15
- FWCI
- 18.22
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
