The returns to R&D in Tobin q models and the option value of future R&D

被引：1
|
作者：
Bosworth, D [1 ]
机构：
[1] Univ Manchester, Inst Sci & Technol, Manchester Sch Management, Manchester M60 1QD, Lancs, England
来源：
ECONOMICS LETTERS | 2002年 / 77卷 / 03期
关键词：
R&D; market value;
D O I：
10.1016/S0165-1765(02)00168-4
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper argues that the Tobin q literature under-estimates the R&D stock used by investors in calculating market values, and significantly over-estimates the returns to R&D-thereby questioning the conclusion that there is private under-investment in RD. (C) 2002 Elsevier Science B.V. All rights reserved.
引用
收藏
页码：439 / 444
页数：6
相关论文
共 50 条
  • [1] The option value of advanced R&D
    Pennings, E
    Lint, O
    [J]. EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, 1997, 103 (01) : 83 - 94
  • [2] Capturing the option value of R&D
    Angelis, DI
    [J]. RESEARCH-TECHNOLOGY MANAGEMENT, 2000, 43 (04) : 31 - 34
  • [3] Firm size and the effect of R&D on Tobin's q
    Connolly, RA
    Hirschey, M
    [J]. R & D MANAGEMENT, 2005, 35 (02) : 217 - 223
  • [4] The returns to foreign R&D
    René Belderbos
    Boris Lokshin
    Bert Sadowski
    [J]. Journal of International Business Studies, 2015, 46 : 491 - 504
  • [5] The returns to foreign R&D
    Belderbos, Rene
    Lokshin, Boris
    Sadowski, Bert
    [J]. JOURNAL OF INTERNATIONAL BUSINESS STUDIES, 2015, 46 (04) : 491 - 504
  • [6] Falling R&D returns?
    不详
    [J]. NATURE REVIEWS DRUG DISCOVERY, 2012, 11 (01) : 9 - 9
  • [7] Are there diminishing returns to R&D?
    Madsen, Jakob B.
    [J]. ECONOMICS LETTERS, 2007, 95 (02) : 161 - 166
  • [8] The Value Of R&D
    Baum, Rudy M.
    [J]. CHEMICAL & ENGINEERING NEWS, 2011, 89 (22) : 5 - 5
  • [9] The future of R&D?
    不详
    [J]. MATERIALS WORLD, 2007, 15 (12) : 11 - 11
  • [10] The effect of R&D on future returns and earnings forecasts
    Dain C. Donelson
    Robert J. Resutek
    [J]. Review of Accounting Studies, 2012, 17 : 848 - 876
12345