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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 …