Information Asymmetry, R&D, and Insider Gains

By David Aboody, Baruch Lev. 2000

1,597 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/5daa871890178bbae4859ed5b84b32717be9ed1a

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Citations in the corpus

How Do CEOs Matter? The Effect of Industry Expertise on Acquisition Returns (2013, neutral): “that the synergy levels SE, SN iid ∼ U [0, 1].”
Sorting things out: valuation of new firms in uncertain markets (2004, background): “quality than do investors, particularly in human capital, knowledge-based industries (Aboody and Lev, 2000).”
Narrative Disclosure and Earnings Performance: Evidence from R&D Disclosures (2014, neutral): “, firm specific) and associated with higher information asymmetry and uncertainty (Aboody and Lev 2000; Boone and Raman 2001; Chan, Lakonishok, and Sougiannis 2001; Kothari, Laguerre, and Leone 2002).”
Innovation, Appropriability, And The Underpricing Of Initial Public Offerings (2007, background): “In support of this point, Aboody and Lev (2000) found”
Changes in Institutional Ownership and Subsequent Earnings Announcement Abnormal Returns (2004, background): “Seyhun (1986) and Aboody and Lev (2000) find that abnormal returns occur at the time the trading by informed insiders is disclosed publicly through SEC filings, on average 20 to 25 days after the trades.”
Women in the boardroom and their impact on climate change related disclosure (2017, background): “It also reflects the extent of information asymmetry associated with R&D (Aboody and Lev, 2000).”
Determinants of intellectual capital disclosure in prospectuses of initial public offerings (2008, background): “Aboody and Lev (2000), for example, report that intangibles (an intellectual capital component) contribute positively to information asymmetry particularly amongst research and development (R&D) intensive firms. Consequently, informed investors achieve abnormal returns (Aboody and Lev, 2000). Amihud”
Mandatory IFRS Adoption and Financial Statement Comparability (2013, background): “positive coefficient because Aboody and Lev (2000) document that insider purchases precede”
The Pollution Premium (2023, background): “…or fail to take into account the benefits of innovation due to limited attention, which results in underpricing of innovation (see, e.g., Hall (1993); Lev and Sougiannis (1996); Aboody and Lev (1998, 2000); Chan, Lakonishok, and Sougiannis (2001); and Hirshleifer, Hsu, and Li (2013, 2017)).”
Information Asymmetry and the Value of Cash (2007, neutral): “expenditure ( Aboody and Lev, 2000 ), increase with growth opportunity (Smith and Watts, 1992) and”
Commitment to Social Good and Insider Trading (2014, positive): “Consistent with the prior literature (e.g., Aboody and Lev, 2000; Huddart and Ke, 2007; Jagolinzer et al., 2011), we find that on average executives profit from purchases but not from sales, and therefore we focus on insider purchases only.”
Opportunity makes a thief (2018, background): “Besides that, Aboody & Lev (2000) and Maug (2002) mention another effect to be in place.”
Corporate governance and the profitability of insider trading (2016, neutral): “R&D and Dispersion are included since insider sales and purchases are likely to be more informative in firms with higher R&D intensity or those with greater analysts forecast dispersion, in which information asymmetry problems are perceived to be greater (Aboody and Lev, 2000; Huddart and Ke, 2007).”
Corporate social responsibility and corporate financial performance: Evidence from Korea (2010, methodology): “Thus our control variables are SIZE = Log (total asset), RISK = Long-term debt / total asset, DSales t = log (Sales for year t / Sales for year t–1), DSales t–1 = log (Sales for year t–1 / Sales for year t–2), and R&D = R&D expenditure / total asset.”