Comportamiento del inversionista a diferentes niveles de inversión en I+D

Angel Samaniego (), Trejo Pech Carlos Omar (), Mongrut Samuel () and Fuenzalida Darcy ()
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Trejo Pech Carlos Omar: Universidad Panamericana
Mongrut Samuel: Instituto Tecnológico y de Estudios Superiores de Monterrey
Fuenzalida Darcy: Universidad Federico Santa María
Authors registered in the RePEc Author Service: Carlos Trejo-Pech

Contaduría y Administración, 2012, vol. 57, issue 3, 97-114

Abstract: This study measures short-term abnormal returns caused by changes in research and development expenditures (i.e., R&D intensity). We document abnormal returns for portfolios formed by firms that increase R&D intensity in the range of 5 to 10 R&D intensity units, and for firms with a R&D intensity increase above 25 units. However, returns remain indifferent (i.e., no abnormal returns) when firms decrease research and development expenditures. Further, abnormal returns are higher for high technology firms. These results are consistent with previous studies. The analysis was made for firms listed in AMEX, NYSE, and NASDAQ during the 2001-2006 periods.

Keywords: estudio de eventos; modelo de factores; inversiones en I+D; técnica Newey-West (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:nax:conyad:v:57:y:2012:i:3:p:97-114

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