• Media type: E-Book
  • Title: R&D Spillover and Predictable Returns
  • Contributor: Jiang, Yi [Author]; Qian, Yiming [Other]; Yao, Tong [Other]
  • imprint: [S.l.]: SSRN, [2015]
  • Extent: 1 Online-Ressource (44 p)
  • Language: English
  • DOI: 10.2139/ssrn.2150742
  • Identifier:
  • Origination:
  • Footnote: In: Review of Finance, Forthcoming
    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 1, 2015 erstellt
  • Description: We show that firms' R&D activities can predict the stock returns of their industry peers. When an industry experiences substantial R&D growth driven by the activities of a small group of firms, industry peers experience positive abnormal returns and abnormal operating performance despite having no aggressive R&D growth. Exogenous industry shocks to demand or productivity do not explain these results. Further, abnormal returns are concentrated in peer firms that receive low investor attention
  • Access State: Open Access