| dc.contributor | 財管系 | |
| dc.creator (作者) | 陳聖賢 | |
| dc.creator (作者) | Chen, Sheng-Syan | |
| dc.creator (作者) | 陳彥行 | |
| dc.creator (作者) | Chen, Yan-Shing | |
| dc.creator (作者) | 梁婉麗 | |
| dc.creator (作者) | Liang, Woan-lih | |
| dc.creator (作者) | 王衍智 | |
| dc.creator (作者) | Wang, Yanzhi | |
| dc.date (日期) | 2020-02 | |
| dc.date.accessioned | 26-May-2020 13:42:29 (UTC+8) | - |
| dc.date.available | 26-May-2020 13:42:29 (UTC+8) | - |
| dc.date.issued (上傳時間) | 26-May-2020 13:42:29 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/129867 | - |
| dc.description.abstract (摘要) | 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. | |
| dc.format.extent | 3312817 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Research Policy, Vol.49, No.1, pp.Article103887 | |
| dc.subject (關鍵詞) | Public R&D spending;Stock returns;R&D spillovers | |
| dc.title (題名) | Public R&D spending and cross-sectional stock returns | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1016/j.respol.2019.103887 | |
| dc.doi.uri (DOI) | https://doi.org/10.1016/j.respol.2019.103887 | |
