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Cumming, Ji, Peter, and Tarsalewska (2018) examine EOD price manipulation in relation to patent activity. They contend that EOD manipulation gives rise to short-termism in managerial planning, which is inconsistent with long-term value maximization. Moreover, EOD manipulation causes long-term harm to a firm's equity values, and thereby reduces incentives for employees to innovate. Insider trading, by contrast, enables innovators to achieve exacerbated profits from innovation by insider trading on the knowledge of an impending patent not yet publicly announced. Using a sample of suspected manipulation events based on intraday data for all stocks from nine countries over eight years, Cumming et al. (2018) find evidence consistent with these real impacts of market manipulation on innovation, particularly regarding EOD manipulation. They explain that their findings are not attributable to “bad” firms innovating less and manipulating more, since the average firm subjected to manipulation in the sample is more innovative during the premanipulation period. Trading rules that curtail EOD manipulation, therefore, have an additional benefit of ensuring more innovative firms in the marketplace.