How does the stock market respond to R&D cuts used to manage earnings?
Prior research shows returns are positive when firms meet or beat analysts’ consensus forecasts but negative when firms miss. Past studies also show managers frequently cut R&D expenses in order to meet the consensus forecast. Despite these findings, there is limited evide...
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| Language: | en_US |
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University of Oregon
2016
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| Online Access: | http://hdl.handle.net/1794/20438 |