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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/129867
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/129867


    Title: Public R&D spending and cross-sectional stock returns
    Authors: 陳聖賢
    Chen, Sheng-Syan
    陳彥行
    Chen, Yan-Shing
    梁婉麗
    Liang, Woan-lih
    王衍智
    Wang, Yanzhi
    Contributors: 財管系
    Keywords: Public R&D spending;Stock returns;R&D spillovers
    Date: 2020-02
    Issue Date: 2020-05-26 13:42:29 (UTC+8)
    Abstract: Empirical findings on the economic benefits of public research and development (R&D) spending are mixed. We adopt an alternative approach by examining the effect of public R&D spending on stock returns. We find that firms located in states with a greater amount of public R&D spending earn higher abnormal stock returns. The effect persists after accounting for conventional pricing factors and state-level variables, and becomes stronger for firms with greater absorptive capabilities. The abnormal stock returns are not only related to the positive effects of public R&D on firm productivity and incoming spillovers, but are also related to the increased cash flow risk. Policymakers should consider both risk and return effects when making any changes in public R&D investment.
    Relation: Research Policy, Vol.49, No.1, pp.Article103887
    Data Type: article
    DOI 連結: https://doi.org/10.1016/j.respol.2019.103887
    DOI: 10.1016/j.respol.2019.103887
    Appears in Collections:[財務管理學系] 期刊論文

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