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Comportamiento del inversionista a diferentes niveles de inversión en I+D

Author

Listed:
  • Samaniego Alcántar Ángel

    (Instituto Tecnológico y de Estudios Superiores de Occidente)

  • Trejo Pech Carlos Omar

    (Universidad Panamericana)

  • Mongrut Samuel

    (Instituto Tecnológico y de Estudios Superiores de Monterrey)

  • Fuenzalida Darcy

    (Universidad Federico Santa María)

Abstract

This study measures short-term abnormal returns caused by changes in research and development expenditures (i.e., R&D intensity). We document abnormal returns for portfolios formed by firms that increase R&D intensity in the range of 5 to 10 R&D intensity units, and for firms with a R&D intensity increase above 25 units. However, returns remain indifferent (i.e., no abnormal returns) when firms decrease research and development expenditures. Further, abnormal returns are higher for high technology firms. These results are consistent with previous studies. The analysis was made for firms listed in AMEX, NYSE, and NASDAQ during the 2001-2006 periods.

Suggested Citation

  • Samaniego Alcántar Ángel & Trejo Pech Carlos Omar & Mongrut Samuel & Fuenzalida Darcy, 2012. "Comportamiento del inversionista a diferentes niveles de inversión en I+D," Contaduría y Administración, Accounting and Management, vol. 57(3), pages 97-114, julio-sep.
    • Handle: RePEc:nax:conyad:v:57:y:2012:i:3:p:97-114
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    References listed on IDEAS

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