DYNAMICS OF RESEARCH-AND-DEVELOPMENT AND INVESTMENT - UK EVIDENCE

Authors
TOIVANEN O STONEMAN P
Citation
O. Toivanen et P. Stoneman, DYNAMICS OF RESEARCH-AND-DEVELOPMENT AND INVESTMENT - UK EVIDENCE, Economics letters, 58(1), 1998, pp. 119-126
Citations number
10
Categorie Soggetti
Economics
Journal title
Economics letters → ACNP
ISSN journal
01651765
Volume
58
Issue
1
Year of publication
1998
Pages
119 - 126
Database
ISI
SICI code
0165-1765(1998)58:1<119:DORAI->2.0.ZU;2-C
Abstract
The dynamic relationship between R&D, investment and stock market valu e for 185 UK firms over 1984-1992 is analyzed. Investment Granger-caus es R&D but not vice versa. R&D has an idiosyncratic shock and past R&D and investment explain only 1% of excess returns. (C) 1998 Elsevier S cience S.A.