Comportamiento del inversionista a diferentes niveles de inversión en I+D

Translated title of the contribution: Investors’ reaction to different levels of research and development (R&D) expenditures

Ángel Samaniego Alcántar, Carlos Omar Trejo Pech, Samuel Arturo Mongrut Montalván, Darcy Fuenzalida O'Shee

Research output: Contribution to journalArticle in a journalpeer-review

Abstract

This study measures short-term abnormal returns caused by changes in research and development expenditures (i.e., R&D intensity). We document abnormal returns for portfolios formed by firms that increase R&D intensity in the range of 5 to 10 R&D intensity units, and for firms with a R&D intensity increase above 25 units. However, returns remain indifferent (i.e., no abnormal returns) when firms decrease research and development expenditures. Further, abnormal returns are higher for high technology firms. These results are consistent with previous studies. The analysis was made for firms listed in AMEX, NYSE, and NASDAQ during the 2001-2006 periods
Translated title of the contributionInvestors’ reaction to different levels of research and development (R&D) expenditures
Original languageSpanish
Pages (from-to)97-114
JournalContaduria y Administracion
Volume57
Issue number3
StatePublished - Jun 2012
Externally publishedYes

Bibliographical note

Bibliografía: páginas 112-114.
ISSN: 2448-8410 (Online)

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