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JOURNAL OF ACCOUNTING AND FINANCE

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


Author(s): Zhao Rong

Citation: Zhao Rong, (2012) "Do Insider Trading Patterns Indicate a Firm’s R&D Productivity: Evidence from U.S. Patenting Firms," Journal of Accounting and Finance, Vol. 12, Iss. 5, pp. 118 - 132

Article Type: Research paper

Publisher: North American Business Press

Abstract:

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.