https://scholars.lib.ntu.edu.tw/handle/123456789/608009
Title: | Organization capital effect in stock returns—The role of R&D | Authors: | Chan K Li M.-X Lin C.-B YAN-ZHI WANG |
Issue Date: | 2022 | Source: | Journal of Business Finance and Accounting | Abstract: | Previous studies document a strong organization capital effect in stock returns. We investigate whether and how research and development (R&D) activities affect this organization capital effect. We find that the organization capital effect is stronger in firms with R&D activities. The annual abnormal return of the hedge portfolio sorted by organization capital is 2.41% for R&D firms but only 0.41% for non-R&D firms. Further analyses show that the organization capital effect can be attributed to R&D characteristics rather than R&D risk factors. ? 2022 John Wiley & Sons Ltd |
URI: | https://www.scopus.com/inward/record.uri?eid=2-s2.0-85122889687&doi=10.1111%2fjbfa.12590&partnerID=40&md5=6fefec5c1b5b1a78fbda45beab14a625 https://scholars.lib.ntu.edu.tw/handle/123456789/608009 |
ISSN: | 0306686X | DOI: | 10.1111/jbfa.12590 |
Appears in Collections: | 財務金融學系 |
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