| dc.contributor | 財務管理學系 | |
| dc.creator (作者) | Chan, Konan;Lin, Y.-H.;Wang, Y. | |
| dc.creator (作者) | 湛可南 | zh_TW |
| dc.date (日期) | 2017-06 | |
| dc.date.accessioned | 8-May-2017 14:33:53 (UTC+8) | - |
| dc.date.available | 8-May-2017 14:33:53 (UTC+8) | - |
| dc.date.issued (上傳時間) | 8-May-2017 14:33:53 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/109332 | - |
| dc.description.abstract (摘要) | 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. | |
| dc.format.extent | 401001 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Pacific Basin Finance Journal, 43, 1-14 | |
| dc.title (題名) | Limits-to-arbitrage, investment frictions, and innovation anomalies | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1016/j.pacfin.2017.01.001 | |
| dc.doi.uri (DOI) | http://dx.doi.org/10.1016/j.pacfin.2017.01.001 | |
