| Summary: | 碩士 === 國立中山大學 === 財務管理學系研究所 === 101 === Lots of companies invest huge amount of money in research and development (hereafter, R&;D), and hope to create higher stock return and shareholder value. Nevertheless, R&;D is a private information and hard to interpret, at this time, analysts who is able to interpret this information and as the bridge between companies and investors can help us. This study investigates the relationship between R&;D and stock return and introduces the character of analyst. Data are based on America stock market in a period from 1990 to 2010, including NYSE, NASDAQ, and AMEX.
First, this paper finds that R&;D is positive with return in general. Second, R&;D is significantly positive associated with higher stock return while negative associated with lower stock return. Finally, after we separate firms into high R&;D group and others group and introduce analysts, who might influence the sensitivity of high R&;D firms, we find that in high R&;D group, R&;D will be positive with return. And the effect of analyst forecast dispersion is lower analyst forecast dispersion will reinforce the original relationship of the sensitivity of R&;D to stock return.
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