CORPORATE RESEARCH-AND-DEVELOPMENT EXPENDITURES AND SHARE VALUE

被引：289

作者：

CHAN, SH ^{[1
]}

MARTIN, JD ^{[1
]}

KENSINGER, JW ^{[1
]}

机构：

[1] UNIV TEXAS, AUSTIN, TX 78712 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 1990年 / 26卷 / 02期

关键词：

D O I：

10.1016/0304-405X(90)90005-K

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Share-price responses to 95 announcements of increased research and development (R & D) spending are significantly positive on average, even when the announcement occurs in the face of an earnings decline. High-technology firms that announce increases in R & D spending experience positive abnormal returns on average, whereas announcements by low-technology firms are associated with negative abnormal returns. Further, in our cross-sectional analyses we find that higher R & D intensity than the industry average leads to larger stock-price increases only for firms in high-technology industries. © 1990.

引用

页码：255 / 276

页数：22

共 30 条

[1] QUARTERLY DIVIDEND AND EARNINGS ANNOUNCEMENTS AND STOCKHOLDERS RETURNS - AN EMPIRICAL-ANALYSIS [J].