Insider Trading and Innovation

被引：38
|
作者：
Levine, Ross [1 ]
Lin, Chen [2 ]
Wei, Lai [3 ]
机构：
[1] Univ Calif Berkeley, Berkeley, CA 94720 USA
[2] Univ Hong Kong, Hong Kong, Hong Kong, Peoples R China
[3] Lingnan Univ, Hong Kong, Hong Kong, Peoples R China
来源：
JOURNAL OF LAW & ECONOMICS | 2017年 / 60卷 / 04期
关键词：
RESEARCH-AND-DEVELOPMENT; STOCK MARKETS; FINANCIAL DEVELOPMENT; CORPORATE INNOVATION; POLITICAL-ECONOMY; FIRM INNOVATION; GROWTH; LAW; INSTITUTIONS; ENFORCEMENT;
D O I：
10.1086/696384
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We assess whether restrictions on insider trading accelerate or slow technological innovation. Using over 80,000 industry-country-year observations across 74 economies from 1976 to 2006, we find that enforcing insider-trading laws spurs innovationas measured by patent intensity, scope, impact, generality, and originality. Furthermore, the evidence is consistent with the view that restricting insider trading accelerates innovation by improving the valuation of, and increasing the flow of equity financing to, innovative activities.
引用
收藏
页码：749 / 800
页数：52
相关论文
共 50 条
  • [31] INSIDER TRADING IN STOCKS
    FARMER, J
    CARY, WL
    FLEISCHER, A
    HALLERAN, TA
    [J]. BUSINESS LAWYER, 1966, 21 (04): : 1009 - 1027
  • [32] INVESTMENT AND INSIDER TRADING
    BERNHARDT, D
    HOLLIFIELD, B
    HUGHSON, E
    [J]. REVIEW OF FINANCIAL STUDIES, 1995, 8 (02): : 501 - 543
  • [33] Securitization and Insider Trading
    Ryan, Stephen G.
    Tucker, Jennifer Wu
    Zhou, Ying
    [J]. ACCOUNTING REVIEW, 2016, 91 (02): : 649 - 675
  • [34] Insider Trading For Talent
    Anders, George
    [J]. FORBES, 2013, 192 (07): : 76 - 76
  • [35] THE ETHICS OF INSIDER TRADING
    LAWSON, G
    [J]. HARVARD JOURNAL OF LAW AND PUBLIC POLICY, 1988, 11 (03): : 727 - 783
  • [36] Corruption and insider trading
    Kyriacou, Kyriacos
    Liu, Siming
    Mase, Bryan
    [J]. JOURNAL OF CORPORATE FINANCE, 2024, 89
  • [37] Substitutes for insider trading
    Ayres, I
    Bankman, J
    [J]. STANFORD LAW REVIEW, 2001, 54 (02) : 235 - 294
  • [38] IS INSIDER TRADING WRONG
    MILLNER, F
    [J]. FORTUNE, 1987, 115 (06) : 24 - 24
  • [39] Insider trading with penalties
    Carre, Sylvain
    Collin-Dufresne, Pierre
    Gabriel, Franck
    [J]. JOURNAL OF ECONOMIC THEORY, 2022, 203
  • [40] INSIDER TRADING AND SEBI
    BHAVE, CB
    [J]. ECONOMIC AND POLITICAL WEEKLY, 1993, 28 (05) : 138 - 138
12345