Saad, Mohsen; Zantout, Zaher - In: Journal of Economics and Finance 38 (2014) 3, pp. 438-460
Large-size firms which significantly increase their R&D expenditures experience subsequently three-year-long negative abnormal stock returns on the magnitude of 56 basis-points per month. We find no robust evidence of significant event-induced abnormal returns for small-size sample firms or any...