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Cited by 915

The DOI matches its Crossref record; 39 of the 39 references it cites were found in a registry or an index.

An Examination of Long‐Term Abnormal Stock Returns and Operating Performance Following R&D Increases

Open access
Eberhart, Allan C., Maxwell, William F., Siddique, Akhtar R.·2004·The Journal of Finance
DOI 10.1111/j.1540-6261.2004.00644.x
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Abstract

We examine a sample of 8,313 cases, between 1951 and 2001, where firms unexpectedly increase their research and development (R&D) expenditures by a significant amount. We find consistent evidence of a misreaction, as manifested in the significantly positive abnormal stock returns that our sample firms' shareholders experience following these increases. We also find consistent evidence that our sample firms experience significantly positive long‐term abnormal operating performance following their R&D increases. Our findings suggest that R&D increases are beneficial investments, and that the market is slow to recognize the extent of this benefit (consistent with investor underreaction).

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Crossref · 10.1111/j.1540-6261.2004.00644.x

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Metadata

Authors
Eberhart, A. C., Maxwell, W. F., & Siddique, A. R.
Venue
The Journal of Finance
Publisher
Wiley
Published
2004-03-25
Volume
59
Issue
2
Pages
623-650
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.2004.00644.x
OpenAlex
W2068518739
Cited by
915
References
39
FWCI
29.60
Type
journal article
Language
en
Open access
bronze

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CoChat. (2026). Citation check: An Examination of Long‐Term Abnormal Stock Returns and Operating Performance Following R&D Increases. https://app.cochat.ai/papers/10.1111/j.1540-6261.2004.00644.x
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Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An Examination of Long‐Term Abnormal Stock Returns and Operating Performance Following R&D Increases. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2004.00644.x

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.