| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10408 |
| 来源ID | Working Paper 10408 |
| Does the Market Value R&D Investment by European Firms? Evidence from a Panel of Manufacturing Firms in France, Germany, and Italy | |
| Bronwyn H. Hall; Raffaele Oriani | |
| 发表日期 | 2004-04-05 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Several studies based on US and UK data have used market value as an indicator of the firm''s expected R&D performance. However, there exist no investigations for the continental countries in the European Union, partly because the analysis is complicated by data availability problems. In this paper we take a first step towards filling this gap using a newly constructed panel dataset of firms that are publicly traded in France, Germany, and Italy. Controlling for either permanent unobserved firm effects or sample selection due to the voluntary nature of R&D disclosure, we find that the relative shadow value of R&D in France and Germany is remarkably similar both to each other and to that in the US or the UK during the same period In contrast, we find that R&D in publicly traded Italian firms is not valued by financial markets on average. However, when we control for the presence of a single large shareholder, we find that both French and Italian firms have high R&D valuations when no single shareholder holds more than one third of the firm, but that R&D is essentially not valued in the other firms. |
| 主题 | Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w10408 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568037 |
| 推荐引用方式 GB/T 7714 | Bronwyn H. Hall,Raffaele Oriani. Does the Market Value R&D Investment by European Firms? Evidence from a Panel of Manufacturing Firms in France, Germany, and Italy. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10408.pdf（789KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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