R&D Spillover and Predictable Returns

We show that firms' R&D activities can predict the stock returns of their industry peers. When an industry experiences substantial R&D growth driven by the activities of a small group of firms, industry peers experience positive abnormal returns and abnormal operating performance despite having no aggressive R&D growth. Exogenous industry shocks to demand or productivity do not explain these results. Further, abnormal returns are concentrated in peer firms that receive low investor attention

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Year of publication:	2015
Authors:	Jiang, Yi
Other Persons:	Qian, Yiming (contributor) ; Yao, Tong (contributor)
Publisher:	[2015]: [S.l.] : SSRN
Subject:	Spillover-Effekt \| Spillover effect \| Kapitalmarktrendite \| Capital market returns \| Industrieforschung \| Industrial research \| Branche \| Economic sector \| Kapitaleinkommen \| Capital income \| Prognoseverfahren \| Forecasting model

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