Managerial foresight and attempted rent appropriation: insider trading on knowledge of imminent breakthroughs
研究发现，管理者在突破性专利提交前很久就买入股票，利用远见获取个人利益，呼吁进一步研究管理远见如何影响租金创造与攫取。
Abstract In order to establish a competitive advantage, firms must acquire or create resources at a price below their value in use. Absent pure luck, this requires managers to exercise foresight about a resource's future value and/or complementarities with pre‐existing capabilities. This foresight grants managers the opportunity to exploit information asymmetries for personal gain as well as building organizational capabilities. Nevertheless, there is limited research on the extent of foresight or how managers use it. In our study of insider trading, we found that managers purchase stock well before breakthrough patents are filed. We argue for further research on the extent of managerial foresight and how it affects rent generation and appropriation. Copyright © 2005 John Wiley & Sons, Ltd.