Resource type
Authors/Contributors
Author: Huang, Yilin
Author: Guo, Yuxi
Abstract
The objective of this project is to analyze whether a higher level of research and development (R&D)expense generates a higher stock return for firms. Data include firms from all industries in NorthAmerica in 1980-2017. The empirical methods are the firm-year approach and calendar-timeapproach. Our results show that a high R&D expense impacts the stock performance positively. Further, equal-weighted calendar-time portfolios that are long high R&D firms and short low R&Dfirms result in a significant alpha.
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Copyright is held by the author(s).
Scholarly level
Peer reviewed?
No
Language
English
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| Download file | Size |
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| input_data\nid_18359\RELATIONSHIP%20BETWEEN%20R%2526D%20EXPENSE%20AND%20STOCK%20PERFORMANCE.pdf | 374.56 KB |