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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117567

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117567

Title:	R&D Increases and Long‐Term Performance of Rivals
Authors:	陳聖賢 Chen, Sheng-Syan Hung, Weifeng Wang, Yanzhi
Contributors:	財管系
Keywords:	R&D;spillover;intra-industry
Date:	2014
Issue Date:	2018-06-11 17:59:15 (UTC+8)
Abstract:	We examine how a firm`s research and development (R&D) increases affect its intra‐industry competitors in the long run. Consistent with the R&D spillover hypothesis, when a firm unexpectedly increases its R&D spending, its intra‐industry competitors experience improvements in operating performance and analyst forecast revisions and earn positive abnormal stock returns in the long run. The industry concentration, which is related to the firm`s strategic reaction, is crucial in determining the magnitude of the R&D spillover effect.
Relation:	Financial Review, Vol.49, No.4, pp.765-792
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1111/fire.12056
DOI:	10.1111/fire.12056
Appears in Collections:	[財務管理學系] 期刊論文

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