کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5088033 1478290 2017 60 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Absorptive capacity, technology spillovers, and the cross-section of stock returns
ترجمه فارسی عنوان
ظرفیت جذب، تکنولوژی و سطوح بازده سهام
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
In the presence of potential technology spillovers, I demonstrate that a firm's absorptive capacity (AC), as proxied by R&D investments, is crucial to benefit from spillovers. I find that higher AC firms, when exposed to large potential spillovers, exhibit stronger future real outcomes (cite-weighted patents and operating performance) and market value. Importantly, however, this value-relevant information does not appear to be immediately incorporated into stock prices, leading to high future abnormal stock returns for firms with high AC and spillover exposure. Furthermore, the undervaluation is most pronounced among low investor attention stocks, suggesting that limited attention contributes to the undervaluation.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 85, December 2017, Pages 146-164
نویسندگان
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