Accounting conservatism and the profitability of corporate insiders
研究发现条件稳健性降低内部人卖出盈利，非条件稳健性则提高卖出盈利；对买入盈利影响有限，揭示了稳健性对好坏消息投机机会的不对称作用。
Abstract We predict that accounting conservatism influences insiders' opportunities to speculate on good and bad news, and thus, insider trading profitability. We find that greater conditional (unconditional) conservatism is associated with lower (higher) insiders' profitability from sales. We find limited evidence that conservatism influences profitability from purchases. These findings are consistent with our hypotheses on the different informational roles of conditional and unconditional conservatism, and on the asymmetric influence of conservatism over the opportunities to speculate on good versus bad news. Our research design takes into consideration the endogenous nature of insiders' trading and conservatism. The results are robust to different measures of conservatism and a number of additional analyses.