Does the Market Value R&D Investment by European Firms? Evidence from a Panel of Manufacturing Firms in France
AbstractA small system of German economic variables consisting of the money stock M3, Gross National Product (GNP) and a bond rate is used to illustrate the power of cointegration analysis and the usefulness of some recently developed tools for this kind of analysis. Testing for the cointegrating rank and specifying a VECM, estimating the cointegrating relations and other parameters as well as model checking are discussed. The estimated model is analyzed with an impulse response analysis and a forecast error variance decomposition is performed. A quite reasonable long-run money demand relation is found.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by European University Institute in its series Economics Working Papers with number ECO2004/13.
Date of creation: 2004
Date of revision:
Contact details of provider:
Postal: Badia Fiesolana, Via dei Roccettini, 9, 50016 San Domenico di Fiesole (FI) Italy
Web page: http://www.eui.eu/ECO/
More information through EDIRC
Find related papers by JEL classification:
- G3 - Financial Economics - - Corporate Finance and Governance
- O3 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights
- L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-06-02 (All new papers)
- NEP-CFN-2004-06-02 (Corporate Finance)
- NEP-EEC-2004-06-02 (European Economics)
- NEP-INO-2004-06-02 (Innovation)
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Alex Coad & Rekha Rao, 2006.
"Innovation and firm growth in "complex technology" sectors : a quantile regression approach,"
UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers)
- Alex Coad & Rekha Rao, 2006. "Innovation and firm growth in "complex technology" sectors : a quantile regression approach," Cahiers de la Maison des Sciences Economiques r06050, Université Panthéon-Sorbonne (Paris 1).
- Joern, Block & Peter, Jaskiewicz & Danny, Miller, 2010. "Ownership versus Management Effects on Performance in Family and Founder Companies: A Bayesian Analysis," MPRA Paper 23526, University Library of Munich, Germany.
- Antonelli, Cristiano & Colombelli, Alessandra, 2009.
"The Generation and Exploitation of Technological Change: Market Value and Total Factor Productivity,"
Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio
200912, University of Turin.
- Cristiano Antonelli & Alessandra Colombelli, 2011. "The generation and exploitation of technological change: market value and total factor productivity," The Journal of Technology Transfer, Springer, vol. 36(4), pages 353-382, August.
- Bronwyn Hall & Francesca Lotti & Jacques Mairesse, 2009.
"Innovation and productivity in SMEs: empirical evidence for Italy,"
Small Business Economics,
Springer, vol. 33(1), pages 13-33, June.
- Bronwyn H. Hall & Francesca Lotti & Jacques Mairesse, 2009. "Innovation and productivity in SMEs. Empirical evidence for Italy," Temi di discussione (Economic working papers) 718, Bank of Italy, Economic Research and International Relations Area.
- Bronwyn H. Hall & Francesca Lotti & Jacques Mairesse, 2008. "Innovation and Productivity in SMEs: Empirical Evidence for Italy," NBER Working Papers 14594, National Bureau of Economic Research, Inc.
- Efstathios G. Parcharidis & Nikos C. Varsakelis, 2010. "R&D and Tobin's q in an emerging financial market: the case of the Athens Stock Exchange," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 31(5), pages 353-361.
- Alex Coad & Rekha Rao, 2006. "Innovation and market value: a quantile regression analysis," Economics Bulletin, AccessEcon, vol. 15(13), pages 1-10.
- Jan Zápal, 2006. "Relation between Cyclically Adjusted Budget Balance and Growth Accounting Method of Deriving ‘Net Fiscal Effort’," Working Papers IES 2006/05, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2006.
- Alex Coad & Rekha Rao, 2007.
"Innovation and Firm Growth in High-Tech Sectors: A Quantile Regression Approach,"
Open Discussion Papers in Economics
57, The Open University, Faculty of Social Sciences, Department of Economics.
- Coad, Alex & Rao, Rekha, 2008. "Innovation and firm growth in high-tech sectors: A quantile regression approach," Research Policy, Elsevier, vol. 37(4), pages 633-648, May.
- Alex Coad & Rekha Rao, 2006. "Innovation and Firm Growth in High-Tech Sectors: A Quantile Regression Approach," LEM Papers Series 2006/18, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- Mamatzakis, E, 2009.
"The Contribution of the Publicly Funded R&D Capital to Productivity Growth and an application to the Greek food and beverages industry,"
19388, University Library of Munich, Germany.
- E. C. Mamatzakis, 2010. "The contribution of the publicly-funded R&D capital to productivity growth and an application to the Greek food and beverages industry," International Review of Applied Economics, Taylor and Francis Journals, vol. 24(4), pages 483-494.
- Basma Sellami Mezghanni, 2009. "Investissement En R&D Et Performance De L'Entreprise : L'Effet Moderateur De La Gouvernance D'Entreprise," Post-Print halshs-00459415, HAL.
- Patrick Llerena & Valentine Millot, 2013. "Are Trade Marks and Patents Complementary or Substitute Protections for Innovation," Working Papers of BETA 2013-01, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
- Pacher, Sebastian, 2012. "The modern enterprise and the stock market: exploring the effects of uncertainty on the valuation and financing of innovation and intangibles," Open Access publications from Maastricht University urn:nbn:nl:ui:27-31195, Maastricht University.
- Rim Zouari-Hadiji & Ghazi Zouari, 2010. "Gouvernance interne et investissement en R&D : une comparaison internationale," Working Papers FARGO 1100102, Université de Bourgogne - Leg (laboratoire d'économie et de gestion)/Fargo (Research center in Finance,organizational ARchitecture and GOvernance).
- Aitor Lacuesta & Omar Licandro & Teresa Molina & Luis A. Puch, 2009. "Innovation, Tangible and Intangible Investments and the Value of Spanish Firms," Working Papers 2009-19, FEDEA.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marcia Gastaldo).
If references are entirely missing, you can add them using this form.