An Examination of Long - Term Abnormal Stock Returns And Operating Performance Following R & D Increases  

Oleh:

Siddique, Akhtar R. ; Eberhart, Allan C. ; AxwaL, William F.M.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 2 (Apr. 2004), page 623-650.
Topik: Performance; performance evaluation; rates of return; many companies; research & development expenditures; studies; correlation analysis
Fulltext: p 623.pdf (147.94KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We examine a sample of 8,313 cases, between 1951 and 2001, where firms unexpectedly increase their research and development (R & D) expenditures by a significant amount. We find consistent evidence of a misreaction, as manifested in the significantly positive abnormal stock returns that our sample firms' shareholders experience following these increases. We also find consistent evidence that pur sample fims experience significanlty positive long - term abnormal operating performance following their R & D increases. Our findings suggest that R & D increases are beneficial investments, and that the market is slow to recognize the extent of this benefit (consistent with investor underreaction).

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