By Cheng F. Lee
Advances in Quantitative research of Finance and Accounting, New sequence is an annual book designed to disseminate advancements within the quantitative research of finance and accounting. it's a discussion board for statistical and quantitative analyses of concerns in finance and accounting, in addition to purposes of quantitative easy methods to difficulties in monetary administration, monetary accounting, and enterprise administration. the target is to advertise interplay among educational examine in finance and accounting, utilized examine within the monetary neighborhood, and the accounting career.
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Additional resources for Advances in Quantitative Analysis of Finance and Accounting Volume 2
Feltham, G. A. and J. A. ” Contemporary Accounting Research 11, 689–731 (1995). Fung, M. K. and W. W. ” Economics Letters 74, 353–358 (2002). ” Economics Letters 7, 183–187 (1981). ” Working Paper No. 3301, NBER (1990). Hall, B. ” Working Paper No. 6984, NBER (1999). Hall, H. , B. A. Jaffe and M. ” Working Paper No. 7741, NBER (2000). Hall, B. , A. B. Jaffe and M. ” Working Paper No. 8498, NBER (2001). , V. J. Richardson and S. ” Review of Quantitative Finance and Accounting 17, 223–235 (2001).
In addition to the Table 3. Estimation of the Ohlson model with knowledge spillovers (1983–1997, dependent variable = MV(i, j, t), sample size = 668). 986 Coefﬁcients for constant and industry dummies are not reported. Values in parentheses are t-statistics. ∗ signiﬁcant at 5% level. ∗∗ signiﬁcant at 1% level. tex Value-Relevance of Knowledge Spillovers 27 basic ﬁnancial variables included in Model 1, patent counts and R&D expenditures enter the regression in Model 2. In Model 3, the three measures of knowledge spillovers, namely, intraindustry, internal and interindustry spillovers, are included to test for their value-relevance.
Tex Value-Relevance of Knowledge Spillovers 25 observations ﬁnally available for regression analyses is 668. Table 2 describes the ﬁnancial data. The ﬁgures shown in Table 2 suggest that, on average, the market value of a ﬁrm is more than 100% larger than its book value. This is a typical characteristic of ﬁrms operating in high-tech industries. This inconsistency between market values and book values is also revealed by the fact that the standard deviation of MV(i, j, t) is about 136% larger than that of BV(i, j, t).
Advances in Quantitative Analysis of Finance and Accounting Volume 2 by Cheng F. Lee