Insider trading as a vehicle to appropriate rent from R&D

被引：44

作者：

Coff, RW ^{[1
]}

Lee, PM ^{[1
]}

机构：

[1] Emory Univ, Goizueta Business Sch, Atlanta, GA 30322 USA

来源：

STRATEGIC MANAGEMENT JOURNAL | 2003年 / 24卷 / 02期

关键词：

knowledge; insider trading; rent appropriation; competitive advantage;

D O I：

10.1002/smj.270

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

While most insider trading is routine and legal, investors still treat it as new information about the firm's prospects-they assume that trades reflect managers' attempts to profit from their private information. This article explores insider trading as a mechanism to appropriate rent from R&D advances. We analyze stock price reactions to over 134,000 insider-trading events and find that insider purchases generate larger positive stock price reactions for R&D-intensive firms. Investors seem to assume that managers use insider trading to appropriate rent from R&D breakthroughs. We discuss how shareholders may prefer this rent appropriation mechanism over other forms of compensation that directly reduce the firm's income. Copyright (C) 2002 John Wiley Sons, Ltd.

引用

页码：183 / 190

页数：8

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