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R&D Expenditures and Subsequent Market Performance

FoU Utgifter och Efterföljande Avkastning

Sammanfattning
Currently, research on companies' market return following investments in research and development has been performed predominantly in the U.S. The objective of this research is, therefore, to examine the relationship between Swedish firms' investments in R&D and their subsequent market return. Finally, while adjusting for other potential sources of risk we find a considerable positive relationship between investments in R&D and market return. Our results suggest either a continuous mispricing by the market or a premium for the additional risk factor accompanied by R&D, leaning towards the former. The observed effect is smaller than those found in earlier research, indicating that perhaps the IFRS's perception of R&D expenditures is preferable to that of the U.S. GAAP.
Examinationsnivå
Student essay
URL:
http://hdl.handle.net/2077/68852
Samlingar
  • Kandidatuppsatser i finansiell ekonomi
Fil(er)
Thesis frame (294.3Kb)
Datum
2021-06-28
Författare
Klevmar Preda, Lisandru
Lyckhage, Marcus
Serie/rapportnr.
202106:286
Språk
eng
Metadata
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