This paper aims to implement a portfolio optimization strategy considering two fundamental aspects: the empirical regularities observed in the time series of stock returns, and the views of portfolio managers about these regularities. From an analytical point of view, all the results are...

Almost all studies on research and development (R&D) activity are based on US and British companies, and most of them show that this activity positively influences both stock returns and corporate value. This empirical study evaluates the effects of R&D on stock returns for a sample of listed...

Almost all studies on research and development (R&D) activity are based on US and British companies, and most of them show that this activity positively influences both stock returns and corporate value. This empirical study evaluates the effects of R&D on stock returns for a sample of listed...

Almost all studies on research and development (R&D) activity are based on US and British companies, and most of them show that this activity positively influences both stock returns and corporate value. This empirical study evaluates the effects of R&D on stock returns for a sample of listed...

This study examines the relationship between the market value of the firm and part of its intangible capital. Two types of intangible capital are investigated: the flow of R&D expenditures and a measure of R&D stock. The paper analyses the empirical results in each national context which is...

The purpose of this paper is to provide additional research on the market valuation of R&D in Europe, and also to shed light on some firm and country characteristics which sensibly modulate the effect of R&D on firms' value. The analysis is performed using a panel regression approach with fixed...

Following a natural disaster, the rate of economic growth recovers faster in less competitive banking markets. A 10% reduction in competition increases the rate of economic growth by 0.3%. In less competitive markets, banks respond to a disaster by increasing the supply of real estate credit by...

We investigate the relationship between research and development expenditures and the market value of European listed companies that continuously implemented R&D over the 2001-2007 period. According to the theory of efficient financial markets, investors should correctly value tangible and...

We investigate the relationship between research and development expenditures and the market value of European listed companies that continuously implemented R&D over the 2001-2007 period. According to the theory of efficient financial markets, investors should correctly value tangible and...

We study whether R&D-intensive firms earn superior stock returns compared to matched size and book-to-market portfolios across several financial markets in Europe. Mispricing can arise if investors are not able to correctly estimate the long-term benefits of R&D investment or whether R&D firms...