| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21196 |
| 来源ID | Working Paper 21196 |
| The Market Value of R&D in Weak Innovation Regimes: Evidence from India | |
| Sunil Kanwar; Bronwyn H. Hall | |
| 发表日期 | 2015-05-26 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We revisit the relationship between market value and innovation in the context of manufacturing firms in a developing country, using data for Indian firms from 2001 through 2010. Surprisingly, we find that financial markets value the R&D investment of Indian firms the same or higher than it values such investment in developed economies such as the US and European countries, suggesting some degree of underinvestment. The paper explores the use of a proxy for the option value of R&D and finds that this can account for a very small part of the R&D valuation (about 10 per cent). We also find that the market value‐R&D relationship does not vary significantly across industry groups, although these results are rather imprecise. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Development and Growth ; Development ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w21196 |
| 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/578870 |
| 推荐引用方式 GB/T 7714 | Sunil Kanwar,Bronwyn H. Hall. The Market Value of R&D in Weak Innovation Regimes: Evidence from India. 2015. |
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