Please use this identifier to cite or link to this item:
https://doi.org/10.1111/j.1467-629x.2004.00116.x
DC Field | Value | |
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dc.title | R&D investment and systematic risk | |
dc.contributor.author | Ho, Y.K. | |
dc.contributor.author | Xu, Z. | |
dc.contributor.author | Yap, C.M. | |
dc.date.accessioned | 2013-10-09T08:34:23Z | |
dc.date.available | 2013-10-09T08:34:23Z | |
dc.date.issued | 2004 | |
dc.identifier.citation | Ho, Y.K.,Xu, Z.,Yap, C.M. (2004). R&D investment and systematic risk. Accounting and Finance 44 (3) : 393-418. ScholarBank@NUS Repository. <a href="https://doi.org/10.1111/j.1467-629x.2004.00116.x" target="_blank">https://doi.org/10.1111/j.1467-629x.2004.00116.x</a> | |
dc.identifier.issn | 08105391 | |
dc.identifier.uri | http://scholarbank.nus.edu.sg/handle/10635/44532 | |
dc.description.abstract | The present study investigates the relationship between a firm's R&D intensity and the risk of its common stock, by analysing a sample of firms which are more profitable, larger in market capitalization and more R&D intensive than the universe of US-listed firms. The results from the portfolio analysis, Monte Carlos simulations and correlation analysis of our sample show that: (i) R&D intensity is positively related to systematic risk in the stock market; (ii) the greater systematic risk is largely attributable to the greater intrinsic business risk and the greater operating risk of R&D-intensive firms; (iii) R&D-intensive firms carry marginally less financial leverage but they do not differ from other firms in terms of operating leverage; and (iv) our results are particularly strong in the manufacturing sector. For the non-manufacturing sector, the results are not robust for different study periods. © AFAANZ, 2004. | |
dc.description.uri | http://libproxy1.nus.edu.sg/login?url=http://dx.doi.org/10.1111/j.1467-629x.2004.00116.x | |
dc.source | Scopus | |
dc.subject | Financial leverage | |
dc.subject | Monte Carlo simulations | |
dc.subject | Operating leverage | |
dc.subject | Operating risk | |
dc.subject | R&D intensity | |
dc.type | Article | |
dc.contributor.department | FINANCE & ACCOUNTING | |
dc.contributor.department | INDUSTRIAL & SYSTEMS ENGINEERING | |
dc.description.doi | 10.1111/j.1467-629x.2004.00116.x | |
dc.description.sourcetitle | Accounting and Finance | |
dc.description.volume | 44 | |
dc.description.issue | 3 | |
dc.description.page | 393-418 | |
dc.identifier.isiut | NOT_IN_WOS | |
Appears in Collections: | Staff Publications |
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