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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/109332
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/109332


    Title: Limits-to-arbitrage, investment frictions, and innovation anomalies
    Authors: Chan, Konan;Lin, Y.-H.;Wang, Y.
    湛可南
    Contributors: 財務管理學系
    Date: 2017-06
    Issue Date: 2017-05-08 14:33:53 (UTC+8)
    Abstract: This paper examines whether the limits-to-arbitrage and investment frictions hypotheses explain the research and development (R&D) premium. We find that the R&D premium is stronger for stocks that are hard to arbitrage and for stocks with investment frictions. The limits-to-arbitrage explanation explains more of the R&D premium than does the investment frictions explanation. Our results hold under the two-way sorts on limits-to-arbitrage and investment frictions measures. We also examine the impact of limits-to-arbitrage and investment frictions on innovation efficiency and R&D ability. We find that the limits-to-arbitrage and investment frictions are equally effective in explaining the two new innovation anomalies. © 2017 Elsevier B.V.
    Relation: Pacific Basin Finance Journal, 43, 1-14
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1016/j.pacfin.2017.01.001
    DOI: 10.1016/j.pacfin.2017.01.001
    Appears in Collections:[財務管理學系] 期刊論文

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