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Scale effects of R&D as reflected in earnings and returns
16 references·16 citing·30 second hopsampled
Scale effects of R&D as reflected in earnings and returns (2011)Scale effects of R&D as reflected in earn…Innovation in Large and Small Firms: An Empirical Analysis (2008)Innovation in Large and Small…Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Estimating Standard Errors in…Dissecting Anomalies (2007)Dissecting AnomaliesThe Stock Market Valuation of Research and Development Expenditures (2001)The Stock Market Valuation of…Intangibles: Management, Measurement, and Reporting (2001)Intangibles: Management, Meas…Intangibles: Management, Measurement, and Reporting (2001)Intangibles: Management, Meas…Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (or Not) (2000)Protecting Their Intellectual…The Boundaries of Financial Reporting and How to Extend Them (1999)The Boundaries of Financial R…Industry costs of equity (1997)Industry costs of equityThe capitalization, amortization, and value-relevance of R&D (1996)The capitalization, amortizat…The information content of losses (1995)The information content of lo…Size and Book-to-Market Factors in Earnings and Returns (1995)Size and Book-to-Market Facto…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY (1968)FINANCIAL RATIOS, DISCRIMINAN…State-owned enterprises shareholders and innovation of private enterprises: Evidence from China (2024)State-owned enterprises share…IRS scrutiny and corporate innovation (2023)IRS scrutiny and corporate in…Unintended consequences of compensation peer groups on corporate innovation (2022)Unintended consequences of co…The minimum wage and the financialization of firms: Evidence from China (2022)The minimum wage and the fina…Blessing or curse? Market-driven environmental regulation and enterprises' total factor productivity: Evidence from China's carbon market pilots (2022)Blessing or curse? Market-dri…The Stock Market Valuation of Human Capital Creation (2020)The Stock Market Valuation of…The changing implications of research and development expenditures for future profitability (2020)The changing implications of …Can Employee Stock Options Contribute to Less Risk‐Taking? (2019)Can Employee Stock Options Co…Absorptive capacity, technology spillovers, and the cross-section of stock returns (2017)Absorptive capacity, technolo…Executive Bonus Target Ratcheting: Evidence from the New Executive Compensation Disclosure Rules (2016)Executive Bonus Target Ratche…How do slack resources affect the relationship between R&D expenditures and firm performance? (2015)How do slack resources affect…Intellectual capital, strategy and financial crisis from a SMEs perspective (2014)Intellectual capital, strateg…Corporate Philanthropy, Research Networks, and Collaborative Innovation (2014)Corporate Philanthropy, Resea…Value Relevance of Accounting Information for Intangible-Intensive Industries and the Impact of Scale: The US Evidence (2013)Value Relevance of Accounting…The relation between firm size and R&D productivity in different technological regimes (2012)The relation between firm siz…Corporate Social Performance, Innovation Intensity, and Financial Performance: Evidence from Lending Decisions (2012)Corporate Social Performance,…Can Patents Deter Innovation? The Anticommons in Biomedical Research (1998)The Patent Paradox Revisited: An Empirical Study of Patenting in the U.S. Semiconductor Industry, 1979-1995 (2001)Absorptive Capacity: A Review, Reconceptualization, and Extension (2002)Links and Impacts: The Influence of Public Research on Industrial R&D (2002)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)On Persistence in Mutual Fund Performance (1997)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)An Intertemporal Capital Asset Pricing Model (1973)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Specification Tests in Econometrics (1978)Econometric Analysis of Cross Section and Panel Data (2001)Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence (2007)Robust Inference With Multiway Clustering (2011)Policy Uncertainty and Corporate Investment (2015)Underinvestment and Incompetence as Responses to Radical Innovation: Evidence from the Photolithographic Alignment Equipment Industry (1993)Technological Regimes and Schumpeterian Patterns of Innovation (2000)Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs (2010)Multifactor Explanations of Asset Pricing Anomalies (1996)Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Conditional Skewness in Asset Pricing Tests (2000)The conservatism principle and the asymmetric timeliness of earnings1 (1997)Earnings Management through Real Activities Manipulation (2003)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)Financial Ratios and the Probabilistic Prediction of Bankruptcy (1980)Managerial incentives and risk-taking☆ (2005)How does financial reporting quality relate to investment efficiency? (2009)
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References

  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1968FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCY14,869 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches10,793 cited
  • 1997Industry costs of equity5,793 cited
  • 1995Size and Book-to-Market Factors in Earnings and Returns3,456 cited
  • 2000Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (or Not)3,045 cited
  • 1995The information content of losses2,315 cited
  • 2008Innovation in Large and Small Firms: An Empirical Analysis2,023 cited
  • 1996The capitalization, amortization, and value-relevance of R&D1,947 cited
  • 1999The Boundaries of Financial Reporting and How to Extend Them1,930 cited
  • 2001Intangibles: Management, Measurement, and Reporting1,832 cited
  • 2001The Stock Market Valuation of Research and Development Expenditures1,734 cited
  • 2007Dissecting Anomalies1,573 cited

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Intangibles: Management, Measurement, and Reporting
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Cited by

  • 2022Blessing or curse? Market-driven environmental regulation and enterprises' total factor productivity: Evidence from China's carbon market pilots119 cited
  • 2020The changing implications of research and development expenditures for future profitability112 cited
  • 2012The relation between firm size and R&D productivity in different technological regimes106 cited
  • 2015How do slack resources affect the relationship between R&D expenditures and firm performance?101 cited
  • 2014Corporate Philanthropy, Research Networks, and Collaborative Innovation84 cited
  • 2014Intellectual capital, strategy and financial crisis from a SMEs perspective55 cited
  • 2012Corporate Social Performance, Innovation Intensity, and Financial Performance: Evidence from Lending Decisions50 cited
  • 2022The minimum wage and the financialization of firms: Evidence from China42 cited
  • 2016Executive Bonus Target Ratcheting: Evidence from the New Executive Compensation Disclosure Rules42 cited
  • 2013Value Relevance of Accounting Information for Intangible-Intensive Industries and the Impact of Scale: The US Evidence39 cited
  • 2022Unintended consequences of compensation peer groups on corporate innovation35 cited
  • 2019Can Employee Stock Options Contribute to Less Risk‐Taking?31 cited
  • 2020The Stock Market Valuation of Human Capital Creation30 cited
  • 2017Absorptive capacity, technology spillovers, and the cross-section of stock returns29 cited
  • 2024State-owned enterprises shareholders and innovation of private enterprises: Evidence from China23 cited
  • 2023IRS scrutiny and corporate innovation21 cited