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[组图]No.317 Corporate R&D and Stock Returns: International Evidence
发布时间:2015-11-2 来源:本站原创  


112日,来自香港大学的Yan Yu教授来我院做题为“Corporate R&D and Stock Returns: International Evidence”的学术报告。

主要内容是:Firms with higher R&D intensity subsequently experience higher stock returns in international stock markets, which is consistent with the U.S. evidence and suggests a fundamentally important role of intangible investments in asset pricing. We find that this positive effect of R&D intensity on stock returns is stronger in countries granting higher market value to growth options, but is unrelated to country characteristics representing market sentiment and limits-of-arbitrage. Moreover, we find that R&D-intensive frms are associated with higher market-to-book ratios, higher future return volatility, and higher future profitability. The evidence suggests that the cross-sectional relation between R&D intensity and stock return is more likely attributable to risk associated with innovation than to mispricing or market friction.

 

 

 

 

 

 

 

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