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Strategic R&D Investment around Seas...

Wang, Yu.

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Strategic R&D Investment around Seasoned Equity Offerings: Evidence from High-Technology Industries.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Strategic R&D Investment around Seasoned Equity Offerings: Evidence from High-Technology Industries./
作者:	Wang, Yu.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2017,
面頁冊數:	112 p.
附註:	Source: Dissertation Abstracts International, Volume: 78-11(E), Section: A.
Contained By:	Dissertation Abstracts International78-11A(E).
標題:	Accounting. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10282507
ISBN:	9780355034448

Strategic R&D Investment around Seasoned Equity Offerings: Evidence from High-Technology Industries.
Wang, Yu.

Strategic R&D Investment around Seasoned Equity Offerings: Evidence from High-Technology Industries. - Ann Arbor : ProQuest Dissertations & Theses, 2017 - 112 p.

Source: Dissertation Abstracts International, Volume: 78-11(E), Section: A.

Thesis (Ph.D.)--University of California, Berkeley, 2017.

Focusing on high-technology issuers, this study provides new evidence that managers strategically overinvest in research and development (R&D) projects prior to seasoned equity offerings (SEOs). It corroborates the theoretical prediction that managers with short-term valuation pressure tend to overinvest in long-term projects to elevate investors' growth expectations (Bebchuk and Stole, 1993). I find that issuers with more intensive pre-SEO R&D expenditures exhibit lower productivity in terms of innovative output and operating performance following offerings, which is a primary manifestation of overinvestment. Such issuers also have higher price run-ups prior to offerings and lower long-term stock returns thereafter, suggesting that investors initially overestimate the future benefits of R&D expenditures but are subsequently disappointed by their low productivity. In additional analysis, I document that analysts make higher long-term growth forecasts prior to offerings for R&D intensive issuers, whereas such issuers are more likely to miss analysts' sales forecasts subsequently relative to non-intensive issuers. This evidence suggests that analysts fare no better than investors in correctly anticipating the future benefits of pre-SEO R&D expenditures. Further analysis of managers' disclosure of the intended use of proceeds indicates that R&D intensive issuers tend to provide more non-financial R&D information to reinforce investors' growth expectations. Finally, I provide evidence that the documented strategic R&D investment behavior among seasoned issuers is not explained by managerial overconfidence.

ISBN: 9780355034448Subjects--Topical Terms:

557516
Accounting.

Strategic R&D Investment around Seasoned Equity Offerings: Evidence from High-Technology Industries.
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