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- W2115802619 abstract "We examine the effect of announcements of plans to increase R&D expenditures on the stock price of rival firms. We test two alternative hypotheses: the first-to-innovate hypothesis versus the free-rider of spillovers hypothesis. Analysis of 114 announcements of increases in R&D expenditures indicates that rival firms suffer a statistically significant negative abnormal return at announcement, which supports the first-to-innovate hypothesis. This result provides a rationale for the potentially costly voluntary disclosure of R&D expenditures. A cross-sectional analysis of the abnormal returns to rival firms reveals that a highly credible announcement has some spillover effects, and that the rival firm earns a much smaller but positive abnormal return. An important implication is that it is always strategically beneficial for the firm to disclose its future R&D plan." @default.
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- W2115802619 date "1994-06-01" @default.
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- W2115802619 title "THE WEALTH EFFECTS OF ANNOUNCEMENTS OF R&D EXPENDITURE INCREASES" @default.
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- W2115802619 doi "https://doi.org/10.1111/j.1475-6803.1994.tb00186.x" @default.
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