頁籤選單縮合
題 名 | Abnormal Stock Returns and Share Repurchases Following Increases in R&D Expenditures |
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作 者 | Su, Yung-sheng; Chen, Roger C.Y.; Chang, Chong-chuo; | 書刊名 | Contemporary Management Research |
卷 期 | 5:3 2009.09[民98.09] |
頁 次 | 頁259-272 |
關鍵詞 | Abnormal stock return; Research and development; Intangible assets; Share repurchases; Information asymmetry; |
語 文 | 英文(English) |
英文摘要 | This study assumes that firms with significant increases in research and development (R&D) expenditures have more information asymmetry between managers and investors. These firms may have greater difficulty in reflecting intrinsic firm value than other firms, and may have incentive to repurchase outstanding shares. Consequently, this study examines the relations among R&D, abnormal stock returns, and share repurchases. The empirical results demonstrate that firms that economically significantly increase in R&D exhibit abnormal stock returns. Such firms are more likely to make share repurchases, and abnormal stock returns are associated with positive repurchase announcements. |
本系統中英文摘要資訊取自各篇刊載內容。