R&D Reporting Biases and Market Abnormal Returns-An Empirical Study of Taiwan’s Stock Market
碩士 === 朝陽科技大學 === 會計所 === 95 === Lev et al. (2005) document that companies with a high R&D growth rate relative to their profitability report conservatively, while firms with a low R&D growth rate tend to report aggressively under GAAP procedure. Such an theory about R&D reporting biases...
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ndltd-TW-095CYUT53850092015-10-13T16:51:31Z http://ndltd.ncl.edu.tw/handle/58161269497383529455 R&D Reporting Biases and Market Abnormal Returns-An Empirical Study of Taiwan’s Stock Market 研發報導偏誤與市場異常報酬-台灣股票市場之實證分析 Chiung-Wen Chang 張瓊文 碩士 朝陽科技大學 會計所 95 Lev et al. (2005) document that companies with a high R&D growth rate relative to their profitability report conservatively, while firms with a low R&D growth rate tend to report aggressively under GAAP procedure. Such an theory about R&D reporting biases is based on the assumption that R&D growth rate is fixed, which however is not realistic in practice. Besides, the market may appear undervaluation from conservatively reporting or overvaluation from aggressively reporting if investors fixate on reported profitability. In this study, we adopt the listed firms (TAIEX) that need to report R&D expenditures during the period 2000 to 2005 to show empirically that the theory about R&D reporting biases is still applicable in practice, and to detect any misvaluation from R&D reporting biases. The empirical results indicate that the theory about R&D reporting biases is significantly applicable for the listed firms in Taiwan. Furthermore, companies with financial report reverting from conservatively (aggressively) to aggressively (conservatively) significantly appear positive (negative) abnormal return. Ming-Che Lu 呂明哲 2007 學位論文 ; thesis 47 zh-TW |
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碩士 === 朝陽科技大學 === 會計所 === 95 === Lev et al. (2005) document that companies with a high R&D growth rate relative to their profitability report conservatively, while firms with a low R&D growth rate tend to report aggressively under GAAP procedure. Such an theory about R&D reporting biases is based on the assumption that R&D growth rate is fixed, which however is not realistic in practice. Besides, the market may appear undervaluation from conservatively reporting or overvaluation from aggressively reporting if investors fixate on reported profitability. In this study, we adopt the listed firms (TAIEX) that need to report R&D expenditures during the period 2000 to 2005 to show empirically that the theory about R&D reporting biases is still applicable in practice, and to detect any misvaluation from R&D reporting biases.
The empirical results indicate that the theory about R&D reporting biases is significantly applicable for the listed firms in Taiwan. Furthermore, companies with financial report reverting from conservatively (aggressively) to aggressively (conservatively) significantly appear positive (negative) abnormal return.
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author2 |
Ming-Che Lu |
author_facet |
Ming-Che Lu Chiung-Wen Chang 張瓊文 |
author |
Chiung-Wen Chang 張瓊文 |
spellingShingle |
Chiung-Wen Chang 張瓊文 R&D Reporting Biases and Market Abnormal Returns-An Empirical Study of Taiwan’s Stock Market |
author_sort |
Chiung-Wen Chang |
title |
R&D Reporting Biases and Market Abnormal Returns-An Empirical Study of Taiwan’s Stock Market |
title_short |
R&D Reporting Biases and Market Abnormal Returns-An Empirical Study of Taiwan’s Stock Market |
title_full |
R&D Reporting Biases and Market Abnormal Returns-An Empirical Study of Taiwan’s Stock Market |
title_fullStr |
R&D Reporting Biases and Market Abnormal Returns-An Empirical Study of Taiwan’s Stock Market |
title_full_unstemmed |
R&D Reporting Biases and Market Abnormal Returns-An Empirical Study of Taiwan’s Stock Market |
title_sort |
r&d reporting biases and market abnormal returns-an empirical study of taiwan’s stock market |
publishDate |
2007 |
url |
http://ndltd.ncl.edu.tw/handle/58161269497383529455 |
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