Hull, Robert; Walker, Rosemary; Kwak, Sungkyu - In: Managerial Finance 39 (2013) 10, pp. 888-914
Purpose – The purpose of this paper is to examine the effects of R&D manipulation on stock valuation for periods around IPOs. Insider manipulation is the difference in actual R&D change minus predicted R&D change where a negative difference indicates R&D underinvestment....
