The returns to R&D in Tobin q models and the option value of future R&D

被引：1

作者：

Bosworth, D ^{[1
]}

机构：

[1] Univ Manchester, Inst Sci & Technol, Manchester Sch Management, Manchester M60 1QD, Lancs, England

来源：

ECONOMICS LETTERS | 2002年 / 77卷 / 03期

关键词：

R&D; market value;

D O I：

10.1016/S0165-1765(02)00168-4

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper argues that the Tobin q literature under-estimates the R&D stock used by investors in calculating market values, and significantly over-estimates the returns to R&D-thereby questioning the conclusion that there is private under-investment in RD. (C) 2002 Elsevier Science B.V. All rights reserved.

引用

页码：439 / 444

页数：6

共 8 条

[1]

BOSWORTH DL, 1996, BUSINESS CYCLE SURVE, P231

[2]

Brockhoff K., 1999, INT J MANAGE REV, V1, P485, DOI [10.1111/1468-2370.00024, DOI 10.1111/1468-2370.00024]

[3] MARKET VALUE, R-AND-D, AND PATENTS [J].