The Impact of Changes in Corporate Capital Structure and Liquidity on Research and Development
企业资本结构和流动性变化对研发的影响
基本信息
- 批准号:9022686
- 负责人:
- 金额:$ 7.18万
- 依托单位:
- 依托单位国家:美国
- 项目类别:Standard Grant
- 财政年份:1991
- 资助国家:美国
- 起止时间:1991-07-01 至 1993-12-31
- 项目状态:已结题
- 来源:
- 关键词:
项目摘要
The aim of the research project is to investigate the way in which financial and ownership structure of the manufacturing sector in the United States affects the pursuit of long term investment goals, in particular, the development of new products and processes. Three different empirical studies are conducted. First, a model of simultaneous choice of investment and financial policy is outlined, which can be used to investigate the effect of liquidity constraints on research and development investment (or ordinary investment) at the firm level. Second, additional work will be undertaken that looks into the sources of gain from merger, leveraged buyout or other "going private" transactions using a discrete choice model of exit which also incorporates the value of the transaction as measured by its price. Third, the same model is used to construct predictions of takeover probability which can serve as a screen to identify potentially undervalued firms. Examination of the returns to the equities of such firms (for those which are not subsequently acquired) provides a partial test of the hypothesis of market myopia or undervaluation of long-term investment. An important part of the project involves updating a dataset constructed during a previous NSF grant which consists of balance sheets and income statements as well as exit information for approximately 2700 manufacturing firms from 1959 through 1987. This dataset has been widely used by researchers in the economics profession.
该研究项目的目的是调查 制造业的金融和所有权结构 美国对长期投资的追求 目标,特别是新产品的开发, 流程. 三个不同的实证研究进行。首先,一个模型 同时提出了投资和金融政策选择, 它可以用来研究流动性的影响, 研究和发展投资的限制(或普通投资) (一)企业层面。第二,额外的工作将 调查合并收益来源的工作 杠杆收购或其他“私有化”交易, 退出的离散选择模型,其中还包括 以价格衡量的交易。第三,同样的模式在 用于构建接管概率的预测, 作为一个屏幕,以确定潜在的被低估的公司。 审查这些公司的股本回报率(对于那些 随后不获取)提供了对 市场短视或长期低估假说 投资 该项目的一个重要部分涉及更新数据集 在以前的NSF赠款期间建造,其中包括平衡 表和损益表以及退出信息, 从1959年到1987年,大约有2700家制造企业。这 数据集在经济学中被研究人员广泛使用 职业
项目成果
期刊论文数量(0)
专著数量(0)
科研奖励数量(0)
会议论文数量(0)
专利数量(0)
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Bronwyn Hall其他文献
Ion Exchange HPLC of a Marine Collagen
海洋胶原蛋白的离子交换 HPLC
- DOI:
10.1080/10826070903249542 - 发表时间:
2009 - 期刊:
- 影响因子:1.3
- 作者:
K. Hofman;Bronwyn Hall - 通讯作者:
Bronwyn Hall
International knowledge diffusion and home-bias effect. Do USPTO & EPO patent citations tell the same story? ∗
国际知识传播和本土偏见效应是否是同样的情况?
- DOI:
- 发表时间:
- 期刊:
- 影响因子:0
- 作者:
E. Bacchiocchi;F. Montobbio;Stefano Breschi;Bruno Cassiman;D. Czarnitzki;Bronwyn Hall;Dietmar Harhoff;Deepak Hedge;K. Hussinger;Adam Jaffe;Nicolas Van Zeebrooeck - 通讯作者:
Nicolas Van Zeebrooeck
Bronwyn Hall的其他文献
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{{ truncateString('Bronwyn Hall', 18)}}的其他基金
US - France Cooperative Research: Comparative Studies in the Economics of Science and Innovation
美法合作研究:科学与创新经济学的比较研究
- 批准号:
0089791 - 财政年份:2001
- 资助金额:
$ 7.18万 - 项目类别:
Standard Grant
Doctoral Dissertation Research: The Adoption of Advanced Manufacturing Technology by U.S. Firms: A Microeconomic Study of Manufacturing Technology
博士论文研究:美国企业采用先进制造技术:制造技术的微观经济研究
- 批准号:
9510269 - 财政年份:1995
- 资助金额:
$ 7.18万 - 项目类别:
Standard Grant
Differences in Reported R&D Data on the NSF/Census RD-1 Form and the SEC 10-K Form: A Micro-data Investigation
报告的 R 的差异
- 批准号:
9415252 - 财政年份:1994
- 资助金额:
$ 7.18万 - 项目类别:
Standard Grant
The Impact of Corporate Capitial Structure on Research & Development: Analysis of the Recent United States Experience
公司资本结构对研究的影响
- 批准号:
8908521 - 财政年份:1989
- 资助金额:
$ 7.18万 - 项目类别:
Standard Grant
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