The Effect of R&D Expenditures on Stock Returns, Price. A study on biotechnological and pharmaceutical industry in the US market
| dc.contributor.author | Titi, Aleksandra | |
| dc.contributor.department | University of Gothenburg/Graduate School | eng |
| dc.contributor.department | Göteborgs universitet/Graduate School | swe |
| dc.date.accessioned | 2014-12-15T11:42:30Z | |
| dc.date.available | 2014-12-15T11:42:30Z | |
| dc.date.issued | 2014-12-15 | |
| dc.description.abstract | This paper examines how stock returns, price and volatility are affected by R&D expenditures for biotechnological and pharmaceutical firms in the US during the period 2002 – 2013. We test three hypotheses; R&D expenditures are related with significant positive stock returns; R&D expenditures have a positive effect on stock price; R&D expenditures and volatility are positively linked. Based on our results we fail to reject the first hypothesis, while we reject the second and the third hypothesis. We make a robustness check and divide the sample in two groups based on their R&D expenditures. For firms with more than $100 million in R&D expenditures we observe: a positive significant effect of R&D to market value on stock returns; a positive significant effect of R&D capital to sales and R&D intensity on stock price; and a negative significant effect of R&D capital to sales on stock price volatility. | sv |
| dc.identifier.uri | http://hdl.handle.net/2077/37770 | |
| dc.language.iso | eng | sv |
| dc.relation.ispartofseries | Master Degree Project | sv |
| dc.relation.ispartofseries | 2014:118 | sv |
| dc.setspec.uppsok | SocialBehaviourLaw | |
| dc.title | The Effect of R&D Expenditures on Stock Returns, Price. A study on biotechnological and pharmaceutical industry in the US market | sv |
| dc.type | Text | |
| dc.type.degree | Master 2-years | |
| dc.type.uppsok | H2 |