How Do Investors Price R&D Expenditures for Firms Just Missing and Beating Earnings Targets
| Autor: | Chia-Hua Lu, 呂佳樺 |
|---|---|
| Rok vydání: | 2015 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 103 Prior research has documented a discontinuity in earning distribution: too few firms report earnings just below zero and too many firms report earning just above. This paper examines the relations between stock price and research and development expenditure (R&D) using two specific samples, firms just missing and beating earnings targets. In my analysis, I alternatively define earnings targets as zero-earnings and last year’s earnings The results indicate that investors price R&D more for firms just missing earning targets, as compared to firms just beating earning targets. For R&D-intensive firms, the result also provides the same finding. Using year-end stock price or the stock price of three months after financial statement releasing, the result supports the hypothesis all the same. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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