Cooperative R&D and the Value of the Firm

被引：0
|
作者：
Changqi Wu
K.C. John Wei
机构：
[1] The Hong Kong University of Science and Technology,Department of Economics, School of Business and Management
[2] The Hong Kong University of Science and Technology,Department of Finance, School of Business and Management
来源：
Review of Industrial Organization | 1998年 / 13卷
关键词：
R&D cooperation; collusion; economic efficiency; stock market reaction;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
In this paper, we investigate the stock price responses of listed firms in the U.S. markets to announcements of R & D collaborations. We find that abnormal returns of stocks are significantly positive after R & D collaborations are announced. The positive stock price response towards the R & D cooperation initiations can be partially explained by the nature of the collaborations and the characteristics of the participating firms. We also find that the stock prices of rival firms respond negatively to announcements of R & D cooperation. This result seems to support the hypothesis that cooperative R & D improves economic efficiency of the cooperative firms that gain competitive advantage. We do not find evidence supporting the hypothesis that R & D cooperation creates collusive, anticompetitive effects in the product market.
引用
收藏
页码：425 / 446
页数：21
相关论文
共 50 条
  • [1] Cooperative R&D and the value of the firm
    Wu, CQ
    Wei, KCJ
    [J]. REVIEW OF INDUSTRIAL ORGANIZATION, 1998, 13 (04) : 425 - 446
  • [2] Cooperative R&D and firm performance
    Belderbos, R
    Carree, M
    Lokshin, B
    [J]. RESEARCH POLICY, 2004, 33 (10) : 1477 - 1492
  • [3] The effect of R&D investment on firm value
    Zhang, GA
    [J]. PROCEEDINGS OF THE 2001 INTERNATIONAL CONFERNECE ON MANAGEMENT SCIENCE & ENGINEERING, 2001, : 162 - 165
  • [4] Measure of R&D Success and Market Value of a Firm
    Lee, Sangjoon
    [J]. SEVENTH WUHAN INTERNATIONAL CONFERENCE ON E-BUSINESS, VOLS I-III, 2008, : 2225 - 2229
  • [5] COOPERATIVE AND NON-COOPERATIVE R&D IN PRODUCT INNOVATION AND FIRM PERFORMANCE
    Karbowski, Adam
    [J]. JOURNAL OF BUSINESS ECONOMICS AND MANAGEMENT, 2019, 20 (06) : 1121 - 1142
  • [6] The R&D Effect on Firm Value in the Information Technology Industry
    Lyroudi, Katerina
    [J]. BUSINESS DEVELOPMENT AND ECONOMIC GOVERNANCE IN SOUTHEASTERN EUROPE, 2022, : 225 - 242
  • [7] The effects of R&D and competition on firm value: International evidence
    Gupta, Kartick
    Banerjee, Rajabrata
    Onur, Ilke
    [J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2017, 51 : 391 - 404
  • [8] Hedge fund activism, R&D efficiency and firm value
    Watson, Justin
    How, Janice
    Verhoeven, Peter
    [J]. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2024, 71
  • [9] R&D Investments and Firm Value: Evidence from China
    Kim, Woo Sung
    Park, Kunsu
    Lee, Sang Hoon
    Kim, Hongyoung
    [J]. SUSTAINABILITY, 2018, 10 (11):
  • [10] How Do Firm Characteristics Influence the Relationship between R&D and Firm Value?
    Pindado, Julio
    de Queiroz, Valdoceu
    de la Torre, Chabela
    [J]. FINANCIAL MANAGEMENT, 2010, 39 (02) : 757 - 782
12345