Do Proprietary Costs Deter Insider Trading?

The authors thank the associate editor, two anonymous referees, DuckKi Cho, Patricia Dechow, Shawn Huang, Wei Huang, Artur Hugon, Erin Jordan, Adelphine Kogut, Yinghua Li, An-Ping Lin, Michal Matejka, Liwei Weng, Brian Wenzel, Yifang Xie, Ira Yeung, Wei Zhang, and workshop participants at Arizona State University, Chinese University of Hong Kong, City University of Hong Kong, Hong Kong Polytechnic University, National University of Singapore, Peking University, Singapore Management University, Temple University, University of Cambridge, University of Illinois at Chicago, the AAA Annual Meeting, the Corporate Governance and Executive Compensation Research Series, and the Hawaii Accounting Research Conference for helpful feedback and suggestions.