國立虎尾科技大學 |

A compilation of essays in corporate finance : = Studies of the choice of equity markets, strategic innovation, and research and development investment.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	A compilation of essays in corporate finance :/
其他題名:	Studies of the choice of equity markets, strategic innovation, and research and development investment.
作者:	Newman, Melinda L.
面頁冊數:	1 online resource (173 pages)
附註:	Source: Dissertations Abstracts International, Volume: 62-09, Section: A.
Contained By:	Dissertations Abstracts International62-09A.
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9780599772007

A compilation of essays in corporate finance : = Studies of the choice of equity markets, strategic innovation, and research and development investment.
Newman, Melinda L.

A compilation of essays in corporate finance :Studies of the choice of equity markets, strategic innovation, and research and development investment. - 1 online resource (173 pages)

Source: Dissertations Abstracts International, Volume: 62-09, Section: A.

Thesis (Ph.D.)--Michigan State University, 2000.

Includes bibliographical references

This dissertation contains three chapters that address separate issues in the area of corporate finance. The first chapter is an empirical analysis of firms' strategic choice of equity markets. That is, prior studies document a negative stock price reaction to public equity offering announcements, but a positive stock price reaction to private equity offering announcements. These opposing reactions suggest that capital markets believe that the form of equity matters. This issue is explored by comparing the stock price reactions for firms that issue the predicted forms of equity to those who do not and results show that issuing the unanticipated form of equity has adverse implications for firm value. The evidence also indicates that firms deviate to private markets to concentrate ownership and they deviate to public markets to capitalize on investor optimism. The second chapter presents a theoretical model of an innovator's choice of product quality when imitation is anticipated. Specifically, the innovator's optimal quality choice is compared to that of a pure monopolist to see if and how the threat of imitation alters the innovator's decision. As a result, the model identifies a median range of relative imitation costs over which the innovator chooses a preemptive quality level. Observations from the semiconductor industry are offered as anecdotal support. Finally, the third chapter contains an empirical investigation of the differences in investment in research and development both across firms within the same industry and across different industries. Within the existing literature, it is generally agreed that research and development activity varies both within an industry and across different industries. Empirical studies that investigate how firms make their research and development investment decision, however, are limited in number and generally lack consensus in the results. The purpose of this chapter is to investigate what firm- and industry-specific characteristics influence investment in research and development, and how those influences vary both within and across industries. I find that firm profitability and leverage have significant and varying effects on the research and development investment decision. Statistically significant results are also obtained for the effect of firm size and industry concentration.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9780599772007Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Corporate financeIndex Terms--Genre/Form:

554714
Electronic books.

A compilation of essays in corporate finance : = Studies of the choice of equity markets, strategic innovation, and research and development investment.
LDR:03796ntm a22003737 4500 001 1148963
005 20240930105305.5
006 m o d
007 cr bn ---uuuuu
008 250605s2000 xx obm 000 0 eng d
020 $a 9780599772007
035 $a (MiAaPQ)AAI9971969
035 $a AAI9971969
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
100 1 $a Newman, Melinda L. $3 1475062
245 1 2 $a A compilation of essays in corporate finance : $b Studies of the choice of equity markets, strategic innovation, and research and development investment.
264 0 $c 2000
300 $a 1 online resource (173 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertations Abstracts International, Volume: 62-09, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: Khanna, Naveen.
502 $a Thesis (Ph.D.)--Michigan State University, 2000.
504 $a Includes bibliographical references
520 $a This dissertation contains three chapters that address separate issues in the area of corporate finance. The first chapter is an empirical analysis of firms' strategic choice of equity markets. That is, prior studies document a negative stock price reaction to public equity offering announcements, but a positive stock price reaction to private equity offering announcements. These opposing reactions suggest that capital markets believe that the form of equity matters. This issue is explored by comparing the stock price reactions for firms that issue the predicted forms of equity to those who do not and results show that issuing the unanticipated form of equity has adverse implications for firm value. The evidence also indicates that firms deviate to private markets to concentrate ownership and they deviate to public markets to capitalize on investor optimism. The second chapter presents a theoretical model of an innovator's choice of product quality when imitation is anticipated. Specifically, the innovator's optimal quality choice is compared to that of a pure monopolist to see if and how the threat of imitation alters the innovator's decision. As a result, the model identifies a median range of relative imitation costs over which the innovator chooses a preemptive quality level. Observations from the semiconductor industry are offered as anecdotal support. Finally, the third chapter contains an empirical investigation of the differences in investment in research and development both across firms within the same industry and across different industries. Within the existing literature, it is generally agreed that research and development activity varies both within an industry and across different industries. Empirical studies that investigate how firms make their research and development investment decision, however, are limited in number and generally lack consensus in the results. The purpose of this chapter is to investigate what firm- and industry-specific characteristics influence investment in research and development, and how those influences vary both within and across industries. I find that firm profitability and leverage have significant and varying effects on the research and development investment decision. Statistically significant results are also obtained for the effect of firm size and industry concentration.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
650 4 $a Innovations. $3 578404
650 4 $a Studies. $3 1437762
650 4 $a Administrative expenses. $3 1372692
650 4 $a Cold. $3 1372484
650 4 $a Investments. $3 557691
650 4 $a Research & development--R&D. $3 1372607
650 4 $a Influence. $3 934855
650 4 $a Asymmetry. $3 1437814
650 4 $a Copyright. $3 561990
650 4 $a Essays. $3 947995
650 4 $a Bids. $3 1466259
653 $a Corporate finance
653 $a Equity markets
653 $a Innovation
653 $a Research and development
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Michigan State University. $3 810490
773 0 $t Dissertations Abstracts International $g 62-09A.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9971969 $z click for full text (PQDT)