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The Interaction Between Capital Investment and R&D in Science-Based Firms / Saul Lach, Mark Schankerman.
- Format:
- Book
- Author/Creator:
- Lach, Saul.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w2377.
- NBER working paper series no. w2377
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1987.
- Summary:
- This paper analyzes the interaction among R&D, capital investment , and the stock market rate of return for 191 firms in science-based industries for the period 1973-1981. Using a framework based on dynamic factor analysis, we show how several prominent hypotheses about the determination of R&D and investment generate testable parameter restrictions. The data indicate that R&D Granger-causes investment, but that investment does not Granger-cause R&D. We use this finding to examine the validity of those hypotheses, to characterize the movements over time of R&D and investment, and to measure the stock market valuation of these movements.
- Notes:
- Print version record
- September 1987.
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