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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: https://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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