https://scholars.lib.ntu.edu.tw/handle/123456789/414869
標題: | Corporate financing decisions on research and development increases | 作者: | Chiu Y.-C. Liang C.-W. Wang Y. |
關鍵字: | financing decision;market timing;R&D investment | 公開日期: | 2012 | 卷: | 48 | 期: | SUPPL. 1 | 起(迄)頁: | 88-109 | 來源出版物: | Emerging Markets Finance and Trade | 摘要: | This paper investigates corporate financing decisions on corporate investment using cases of research and development (R&D) spending. We focus on U.S. firms with large R&D increases in 1986 to 2007, and we find that most firms with increases in R&D outlays use internal funds to finance the projects. R&D increasing firms with ex ante external financing are prone to low book-to-market ratios, indicating that firms choose external funds for their investment needs when the market timing is good. Finally, we find that the market reaction to R&D increases using internal funds is similar to R&D increases using external funds. ? 2012 M.E. Sharpe, Inc. All rights reserved. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414869 | ISSN: | 1540496X | DOI: | 10.2753/REE1540-496X4801S107 |
顯示於: | 財務金融學系 |
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