How do investors trade R&D-intensive Stocks? Evidence from hedge funds and other institutional investors

被引：4
|
作者：
Alldredge, Dallin M. [1 ]
Caglayan, Mustafa O. [1 ]
Celiker, Umut [2 ]
机构：
[1] Florida Int Univ, Coll Business, Miami, FL 33199 USA
[2] Cleveland State Univ, Monte Ahuja Coll Business, Cleveland, OH 44115 USA
来源：
JOURNAL OF BANKING & FINANCE | 2022年 / 134卷
关键词：
Research and development (R&D); Institutional trading; Hedge funds; CORPORATE GOVERNANCE; INNOVATION; SENTIMENT; PERFORMANCE; VALUATION; RETURNS;
D O I：
10.1016/j.jbankfin.2021.106337
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine how institutional investors trade stocks with high research and development (R&D) expenses and investigate whether they can detect value-relevant R&D. We document significant differences be-tween hedge funds and other institutional investors in their trading in high R&D stocks. We find that hedge funds (other institutional investors) invest more (less) in high R&D stocks compared to all other stocks. Moreover, hedge funds exhibit strong stock-picking ability in high R&D stocks, and hedge funds with larger allocations to high R&D stocks generate higher future fund returns. Our findings suggest that hedge funds have superior skill in identifying value-relevant R&D. (c) 2021 Elsevier B.V. All rights reserved.
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页数：21
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