Does the market value R&D investment by European firms ?: evidence from a panel of manufacturing firms in France, Germany, and Italy
Several studies based on US and UK data have used market value as an indicator of the firm''s expected R&D performance. However, there exist no investigations for the continental countries in the European Union, partly because the analysis is complicated by data availability problems....
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2004
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
10408 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Several studies based on US and UK data have used market value as an indicator of the firm''s expected R&D performance. However, there exist no investigations for the continental countries in the European Union, partly because the analysis is complicated by data availability problems. In this paper we take a first step towards filling this gap using a newly constructed panel dataset of firms that are publicly traded in France, Germany, and Italy. Controlling for either permanent unobserved firm effects or sample selection due to the voluntary nature of R&D disclosure, we find that the relative shadow value of R&D in France and Germany is remarkably similar both to each other and to that in the US or the UK during the same period In contrast, we find that R&D in publicly traded Italian firms is not valued by financial markets on average. However, when we control for the presence of a single large shareholder, we find that both French and Italian firms have high R&D valuations when no single shareholder holds more than one third of the firm, but that R&D is essentially not valued in the other firms. |
| Beschreibung: | 35, [7] S. graph. Darst. |
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| 520 | 3 | |a Several studies based on US and UK data have used market value as an indicator of the firm''s expected R&D performance. However, there exist no investigations for the continental countries in the European Union, partly because the analysis is complicated by data availability problems. In this paper we take a first step towards filling this gap using a newly constructed panel dataset of firms that are publicly traded in France, Germany, and Italy. Controlling for either permanent unobserved firm effects or sample selection due to the voluntary nature of R&D disclosure, we find that the relative shadow value of R&D in France and Germany is remarkably similar both to each other and to that in the US or the UK during the same period In contrast, we find that R&D in publicly traded Italian firms is not valued by financial markets on average. However, when we control for the presence of a single large shareholder, we find that both French and Italian firms have high R&D valuations when no single shareholder holds more than one third of the firm, but that R&D is essentially not valued in the other firms. | |
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| id | DE-604.BV023590827 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:27Z |
| indexdate | 2024-07-09T21:25:09Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016906157 |
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| physical | 35, [7] S. graph. Darst. |
| publishDate | 2004 |
| publishDateSearch | 2004 |
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| publisher | National Bureau of Economic Research |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Hall, Bronwyn H. 1945- Verfasser (DE-588)128635207 aut Does the market value R&D investment by European firms ? evidence from a panel of manufacturing firms in France, Germany, and Italy Bronwyn H. Hall ; Raffaele Oriani Cambridge, Mass. National Bureau of Economic Research 2004 35, [7] S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 10408 Several studies based on US and UK data have used market value as an indicator of the firm''s expected R&D performance. However, there exist no investigations for the continental countries in the European Union, partly because the analysis is complicated by data availability problems. In this paper we take a first step towards filling this gap using a newly constructed panel dataset of firms that are publicly traded in France, Germany, and Italy. Controlling for either permanent unobserved firm effects or sample selection due to the voluntary nature of R&D disclosure, we find that the relative shadow value of R&D in France and Germany is remarkably similar both to each other and to that in the US or the UK during the same period In contrast, we find that R&D in publicly traded Italian firms is not valued by financial markets on average. However, when we control for the presence of a single large shareholder, we find that both French and Italian firms have high R&D valuations when no single shareholder holds more than one third of the firm, but that R&D is essentially not valued in the other firms. Manufacturing industries - France Manufacturing industries - Germany Manufacturing industries - Italy Research, Industrial - France Research, Industrial - Germany Research, Industrial - Italy Industrielle Forschung / Forschungskosten / Börsenkurs / Eigentümerstruktur / Deutschland / Frankreich / Italien Oriani, Raffaele Verfasser (DE-588)129325503 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 10408 (DE-604)BV002801238 10408 http://papers.nber.org/papers/w10408.pdf kostenfrei Volltext |
| spellingShingle | Hall, Bronwyn H. 1945- Oriani, Raffaele Does the market value R&D investment by European firms ? evidence from a panel of manufacturing firms in France, Germany, and Italy National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Manufacturing industries - France Manufacturing industries - Germany Manufacturing industries - Italy Research, Industrial - France Research, Industrial - Germany Research, Industrial - Italy Industrielle Forschung / Forschungskosten / Börsenkurs / Eigentümerstruktur / Deutschland / Frankreich / Italien |
| title | Does the market value R&D investment by European firms ? evidence from a panel of manufacturing firms in France, Germany, and Italy |
| title_auth | Does the market value R&D investment by European firms ? evidence from a panel of manufacturing firms in France, Germany, and Italy |
| title_exact_search | Does the market value R&D investment by European firms ? evidence from a panel of manufacturing firms in France, Germany, and Italy |
| title_exact_search_txtP | Does the market value R&D investment by European firms ? evidence from a panel of manufacturing firms in France, Germany, and Italy |
| title_full | Does the market value R&D investment by European firms ? evidence from a panel of manufacturing firms in France, Germany, and Italy Bronwyn H. Hall ; Raffaele Oriani |
| title_fullStr | Does the market value R&D investment by European firms ? evidence from a panel of manufacturing firms in France, Germany, and Italy Bronwyn H. Hall ; Raffaele Oriani |
| title_full_unstemmed | Does the market value R&D investment by European firms ? evidence from a panel of manufacturing firms in France, Germany, and Italy Bronwyn H. Hall ; Raffaele Oriani |
| title_short | Does the market value R&D investment by European firms ? |
| title_sort | does the market value r d investment by european firms evidence from a panel of manufacturing firms in france germany and italy |
| title_sub | evidence from a panel of manufacturing firms in France, Germany, and Italy |
| topic | Manufacturing industries - France Manufacturing industries - Germany Manufacturing industries - Italy Research, Industrial - France Research, Industrial - Germany Research, Industrial - Italy Industrielle Forschung / Forschungskosten / Börsenkurs / Eigentümerstruktur / Deutschland / Frankreich / Italien |
| topic_facet | Manufacturing industries - France Manufacturing industries - Germany Manufacturing industries - Italy Research, Industrial - France Research, Industrial - Germany Research, Industrial - Italy Industrielle Forschung / Forschungskosten / Börsenkurs / Eigentümerstruktur / Deutschland / Frankreich / Italien |
| url | http://papers.nber.org/papers/w10408.pdf |
| volume_link | (DE-604)BV002801238 |
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