期刊
JOURNAL OF FINANCIAL ECONOMICS
卷 119, 期 2, 页码 441-455出版社
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jfineco.2015.09.008
关键词
Research and development investment; Product market competition; Risk premium; Stock returns
A standard real options model predicts a strong positive interaction effect between research and development (R&D) investment and product market competition. R&D-intensive firms tend to be riskier and earn higher expected returns than R&D-weak firms, particularly in competitive industries. Also, firms in competitiye industries earn higher expected returns than firms in concentrated industries, especially among R&D-intensive firms. Intuitively, R&D projects are more likely to fail in the presence of more competition because rival firms could win the innovation race. Empirical evidence largely supports the model's predictions. (C) 2015 Elsevier B.V. All rights reserved.
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