FINANCE Corporate financial policy and R and D Management
Against this background, the announced availability of the NSF/Cen- sus data series provided an opportunity to replicate the pre ...
1.29 times greater than that of the NSF/Census data in 1978, which is sig- nificant at the 0.05 level (F-test), while it is sign ...
years, with the Compustat data showing the greater variance but a lower mean value. Thus, the petroleum industry reported higher ...
ing the NSF/Census data for the Compustat data. Because of the losses in sample size due to the pairwise matching of firms and t ...
190 COMPARING CENSUS/NSF R&D DATA WITH COMPUSTAT R&D DATA TABLE 7.4 Two-Stage Least Squares Results. Dependent Variable: ...
Recall that the 303-firm Compustat sample supported the following model for the 1975–1982 period, as well as for the shorter per ...
The dividend (DIV) equation (Table 7.5) is also stable for the 1978–1982 period. However, it is noteworthy that the new debt var ...
the dividend variable becomes negative and significant, while cash flow drops out. Finally, when the NSF/Census R&D data are ...
cations for the aforementioned findings. R&D expenditures are dependent only on the prior year’s R&D. The discussion in ...
nates the stock price (PCS) equation, as is found in Ben-Zion (1984), for all years, with the noted exception of 1981. Extension ...
change in its financial decisions would improve stockholder wealth and, if so, how the changes should be made.^13 As shown in Ta ...
cases it appears that the firm’s actual financial decisions resulted in de- pressed stock prices in 1982 relative to its asset b ...
is not surprising, given the exclusion of engineering and technical services, as well as research in the behavioral sciences, fr ...
This brief examination of the role of federal R&D expenditures in ex- plaining wealth creation is merely an introduction to ...
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CHAPTER 8 The Use of Financial Information in the Risk and Return of Equity I ndividual investors must be compensated for bearin ...
(JNJ), IBM, and DuPont (DD), during the 1998–2003 period. The monthly stock returns are taken from the Center for Research in Se ...
toric returns and risk. An investor should not allocate resources to only one security, as was the case with many Enron stockhol ...
The portfolio variance is given by the weighted asset variances and covariances. (8.1) whereρ 12 = correlation coefficients of a ...
The monthly standard deviation of the equally weighted JNJ and IBM portfolio is .0045 (.45 percent), as its corresponding monthl ...
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