Looked at from a regulatory standpoint, the paper "lends some support" to the inclusion, in Sarbox, of the CFO as well as the CEO as the individuals held accountable for the quality of financial information. It further "suggests that CFOs should bear more scrutiny from regulators with respect to their trading profits."

Investors might also do well to scrutinize CFO insider trades, according to the research.

"Given that risk-adjusted returns are still obtained after CFO trades become public knowledge via SEC filings, mimicking CFO trades may be a profitable trading strategy," the authors conclude.