The Long-Run Intra-Industry Spillover Effect of R&D Increases

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题名:	The Long-Run Intra-Industry Spillover Effect of R&D Increases
作者:	Sheng-Syan Chen, Weifeng Hung,Yanzhi Wang
贡献者:	National Taiwan University, Feng Chia Universty, Yuan Ze University
日期:	2010
上传时间:	2013-08-07 01:26:46 (UTC+0)
出版者:	National Taiwan University, Feng Chia Universty, Yuan Ze University
摘要:	Consistent with the research and development (R&D) spillover effect, we show that when a firm unexpectedly increases R&D spending, its industry competitors experience improvements in operating performance and earn positive abnormal stock returns in the long run. That is, R&D increases are beneficial to their rivals, and the market is slow to react to this benefits. However, the industry concentration, which proxies for firm’s strategic reaction, is crucial in determining the magnitude of long-run R&D spillover effect. The abnormal portfolio returns of intra-industry rivals are lower in more concentrated industries, and vice versa.
關聯:	2010中部學術財金研討會論文發表
显示于类别:	[財務金融學系] 會議論文

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