Shen, Carl Hsin-han; Zhang, Hao - In: Journal of Banking & Finance 37 (2013) 4, pp. 1176-1194
In this study we analyze how CEO risk incentives affect the efficiency of research and development (R&D) investments. We examine a sample of 843 cases in which firms increase their R&D investments by an economically significant amount over the period of 1995–2006. We find that firms with...