政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/129867

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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

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题名:	Public R&D spending and cross-sectional stock returns
作者:	陳聖賢 Chen, Sheng-Syan 陳彥行 Chen, Yan-Shing 梁婉麗 Liang, Woan-lih 王衍智 Wang, Yanzhi
贡献者:	財管系
关键词:	Public R&D spending;Stock returns;R&D spillovers
日期:	2020-02
上传时间:	2020-05-26 13:42:29 (UTC+8)
摘要:	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.
關聯:	Research Policy, Vol.49, No.1, pp.Article103887
数据类型:	article
DOI 連結:	https://doi.org/10.1016/j.respol.2019.103887
DOI:	10.1016/j.respol.2019.103887
显示于类别:	[財務管理學系] 期刊論文

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