Taking listed companies of strategic emerging industries as the research subject, this paper uses KZ index to measure the degrees of financing constraints and financial intermediary as well as the stock market to represent the level of financial development. Then empirical models are constructed...

There is a vast literature documenting the evidence that the firms with higher research and development (R&D) intensity experience higher stock returns in both US and international market. This study seeks to examine whether the effect of R&D intensity can significantly predict the subsequent...