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dc.contributorSchool of Accounting and Financeen_US
dc.creatorLin, JCen_US
dc.creatorWang, YAen_US
dc.date.accessioned2017-04-11T01:15:50Z-
dc.date.available2017-04-11T01:15:50Z-
dc.identifier.issn0001-4826en_US
dc.identifier.urihttp://hdl.handle.net/10397/65000-
dc.language.isoenen_US
dc.publisherAmerican Accounting Associationen_US
dc.rightsThis is the accepted manuscript of the following article: Lin, J. C., & Wang, Y. (2016). The R&D premium and takeover risk. The Accounting Review, 91(3), 955-971, which has been published in final form at https://doi.org/10.2308/accr-51270.en_US
dc.subjectR&Den_US
dc.subjectTakeover risken_US
dc.subjectRisk premiumen_US
dc.titleThe R&D premium and takeover risken_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.spage955en_US
dc.identifier.epage971en_US
dc.identifier.volume91en_US
dc.identifier.issue3en_US
dc.identifier.doi10.2308/accr-51270en_US
dcterms.abstractTo explain why firms with high research and development (R&D) intensity offer their investors higher stock returns, we argue that (1) high R&D capacity relative to firm valuation makes R&D-intensive firms attractive takeover targets, and that (2) the higher takeover probability leads their investors to face higher takeover risk, as proposed by Cremers, Nair, and John (2009), and require higher returns. We find evidence consistent with our hypothesis. Furthermore, we find that takeover probability also relates to large R&D increases, but not to innovation efficiency. Accordingly, we expect and find that takeover risk helps to explain the premium associated with large R&D increases, but not the innovation efficiency premium previously documented.en_US
dcterms.accessRightsopen accessen_US
dcterms.bibliographicCitationAccounting review, May 2016, v. 91, no. 3, p. 955-971en_US
dcterms.isPartOfAccounting reviewen_US
dcterms.issued2016-05-
dc.identifier.isiWOS:000374118400011-
dc.identifier.eissn1558-7967en_US
dc.identifier.rosgroupid2015004567-
dc.description.ros2015-2016 > Academic research: refereed > Publication in refereed journalen_US
dc.description.oaAccepted Manuscripten_US
dc.identifier.FolderNumberAF-0194-
dc.description.fundingSourceOthersen_US
dc.description.fundingTextE.SUN Commercial Bank and National Science Council, Taiwan (NSC 102-2410-H-002-031-MY3)en_US
dc.description.pubStatusPublisheden_US
dc.identifier.OPUS6906508-
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