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Title: The impact of investor sentiment on corporate research and development : an empirical study.
Authors: Pua, John Guo Hao.
Lee, Shu Ren.
Wong, Ming Xu.
Keywords: DRNTU::Business::Finance::Investments
Issue Date: 2007
Abstract: This academic study seeks to explore the role of behavioral finance in influencing R&D spending decision in the U.S. We analyze 5,581 firm-years of R&D data for firms listed in the U.S. S&P 500 index for the period 1966-2004. Specifically, we wish to investigate the impact investors' sentiment has on corporate R&D expense. The significant results indicate that managers increase their R&D expenditure in response to a bullish market. Similarly, R&D activity declines when the market is bearish. The contribution of our study therefore highlights the presence of the interaction of investor sentiment and R&D spending activity.
Rights: Nanyang Technological University
Fulltext Permission: restricted
Fulltext Availability: With Fulltext
Appears in Collections:NBS Student Reports (FYP/IA/PA/PI)

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