Please use this identifier to cite or link to this item:
http://hdl.handle.net/10397/28285
Title: | R&D, knowledge spillovers and stock volatility | Authors: | Fung, MK | Keywords: | Knowledge spillover R&D Stock volatility |
Issue Date: | 2006 | Publisher: | Wiley-Blackwell | Source: | Accounting and finance, 2006, v. 46, no. 1, p. 107-124 How to cite? | Journal: | Accounting and finance | Abstract: | Firms improve their know-how not only by innovations (producing new knowledge), but also by knowledge spillovers (learning from others). The objective of this study is to test for two major hypotheses developed from a theoretical model explaining the relationship between R&D, knowledge spillovers and stock volatility. Analytically, the model suggests that asymmetric information caused by R&D activities with uncertain future output increases stock volatility, even though dividends and consumptions remain unchanged. However, interfirm knowledge spillovers have a negative impact on stock volatility by reducing the degree of asymmetric information. Both hypotheses are supported by empirical evidence from this study. | URI: | http://hdl.handle.net/10397/28285 | ISSN: | 0810-5391 | EISSN: | 1467-629X | DOI: | 10.1111/j.1467-629X.2006.00166.x |
Appears in Collections: | Journal/Magazine Article |
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