서지주요정보
연구개발비 지출기업의 초과수익률과 그 발생 원인에 대한 연구 : 한국 시장에서의 실증분석 = The excess returns to the R&D intensive firms and its reasons : an empirical analysis in Korea
서명 / 저자 연구개발비 지출기업의 초과수익률과 그 발생 원인에 대한 연구 : 한국 시장에서의 실증분석 = The excess returns to the R&D intensive firms and its reasons : an empirical analysis in Korea / 박기선.
저자명 박기선 ; Park, Kee-Sun
발행사항 [대전 : 한국과학기술원, 2004].
Online Access 원문보기 원문인쇄

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8015305

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MGSM 04007

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초록정보

Abstract This paper investigates whether current R&D investment levels and its changes in R&D investment are positively associated with the subsequent excess stock returns and the reasons there of. The tentative explanation offered for these results is that shares of R&D-intensive firms are “mispriced” because investors fail to see through earnings distortions caused by conservative accounting for R&D costs. However, an alternative explanation is that conventional controls for risk do not completely capture the riskiness of R&D intensive firms, causing excess returns for these firms to be upward. The study applies the cost basis framework, used by Chan et al.(2001) and Chambers et al.(2002) to estimate the proportion of R&D cost of the firm that represents the investment in R&D asset. Overall, empirical results suggest that the positive association between R&D investment levels and excess returns is more likely to result from the failure to control and compensate for risk rather than from mispricing. This paper also investigates how different firm-specific characteristics like R&D intensity, profitability, sales growth, size and risk are associated with the ratio of R&D asset to the firm’s excess returns, i.e. the R&D capital ratio. The results indicate that the R&D capital ratio can be explained by different firm-specific characteristics such as R&D intensity, profitability and size in Korea.

서지기타정보

서지기타정보
청구기호 {MGSM 04007
형태사항 47 p. : 삽도 ; 26 cm
언어 한국어
일반주기 저자명의 영문표기 : Kee-Sun Park
지도교수의 한글표기 : 정구열
지도교수의 영문표기 : Koo-Yul Jung
학위논문 학위논문(석사) - 한국과학기술원 : 경영공학전공,
서지주기 참고문헌 : p. 46-47
주제 연구개발비
초과수익률
R&D EXPENDITURE
EXCESS RETURN
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