Product market competition, R&D investment, and stock returns

被引：209

作者：

Gu, Lifeng ^{[1
,2
]}

机构：

[1] Univ Hong Kong, Sch Econ & Finance, Hong Kong, Hong Kong, Peoples R China

[2] Univ Hong Kong, Sch Business, Hong Kong, Hong Kong, Peoples R China

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2016年 / 119卷 / 02期

关键词：

Research and development investment; Product market competition; Risk premium; Stock returns; FINANCIAL CONSTRAINTS; CROSS-SECTION; PERFORMANCE; VALUATION; REAL; RISK;

D O I：

10.1016/j.jfineco.2015.09.008

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：441 / 455

页数：15

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