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Full-Text Articles in Business
The Corporate Effects Of R&D And Patent-Grants: Evidence From Intra-Industry Analysis, Steven Alan Lifland
The Corporate Effects Of R&D And Patent-Grants: Evidence From Intra-Industry Analysis, Steven Alan Lifland
Theses and Dissertations in Business Administration
This study examines the intra-industry effect of announcements of technological advancement on the market valuation of both the announcing firm and the announcing firm's relative industry competitors. This paper consists of two parts. Essay I discusses firm specific and intra-industry valuation effects of a firm's Research and Development (R&D) expenditures, while Essay II concentrates on the firm-specific and intra-industry valuation effects of a firm's patent-grant announcement. Specifically, this study examines the validity of the competitive and free-rider hypotheses to explain the market response to announcements of R&D spending and the granting of patents.
While the evidence shows that the market …
The Valuation Effects Of Corporate Investment Decisions: Evidence From Domestic And Foreign Plant Announcements, Bum Suk Kim
The Valuation Effects Of Corporate Investment Decisions: Evidence From Domestic And Foreign Plant Announcements, Bum Suk Kim
Theses and Dissertations in Business Administration
This study examines the effects of corporate investment decisions--announcements of plants--on the value of the firm, using event-study methodology. This paper consists of two parts. Essay I discusses the valuation effects of domestic investments, while Essay II analyses the valuation effects of foreign investments undertaken by U.S. firms and compares the valuation effects between the two investments. Specifically, this study examines the validity of the overinvestment hypothesis and whether focus-increasing investments enhance the value of the firm.
First, the evidence shows that the valuation effects of the investment decision depend on the firm's investment opportunities, proxied by Tobin's q. That …
Volatility Risk Premiums In Futures Markets: Investment Prices And Commercial Bank Performance, Richard P. Gregory
Volatility Risk Premiums In Futures Markets: Investment Prices And Commercial Bank Performance, Richard P. Gregory
Theses and Dissertations in Business Administration
This dissertation is an in depth study of the measurement of pricing biases in futures options, and whether this bias is due to volatility risk premia, market overreaction to public information or information asymmetry. Futures options for thirteen different contracts are used. Additionally, the contracts are from three different marketplaces.
Six hypotheses are tested. The first is whether implied option volatilities from the Black (1976) futures option model is the only significant determinant of the volatility processes of the underlying futures contracts. For this estimation, we use both a GARCH (1,1) model and the Partially Non-parametric model of Engle and …