Do Insider Trading Patterns Indicate a Firm's R&D Productivity : Evidence from U.S. Patenting Firms

It is hard to evaluate a firm's R&D performance in a timely manner due to the uncertainties involved in the R&D process. By examining the U.S. listed firms with heavy patenting during 1987-1998, I find that the effects of a firm's insider trading patterns are significant in explaining the contemporaneous fluctuations in its R&D productivity. This finding is consistent with the hypothesis that management has considerable information about its R&D productivity beyond what is known to outside investors

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Year of publication:	2013
Authors:	Rong, Zhao
Publisher:	[2013]: [S.l.] : SSRN
Subject:	Insiderhandel \| Insider trading \| USA \| United States \| Produktivität \| Productivity \| Patent \| Unternehmenserfolg \| Firm performance \| Produktivitätsentwicklung \| Productivity change \| Industrie \| Manufacturing industries \| Innovation \| Schätzung \| Estimation