GU, FENG; LI, JOHN Q. - In: Journal of Accounting Research 45 (2007) 4, pp. 771-810
<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>We examine stock price reaction to voluntary disclosure of innovation strategy by high-tech firms and its relation with insider stock transactions before the disclosure. We find that, despite the qualitative and subjective nature of strategy-related disclosure, there is positive stock...