Une évaluation du risque d'innovation sur les rendements boursiers des entreprises américaines

Authors: Orou Zime, Hamed
Advisor: Carmichael, Benoît
Abstract: The principal objective pursued by this thesis is to measure the risk of innovation on the return on corporates assets. To do this, we use three measures of innovation, namely: R&D expenditure / Book value (RD/VC ), R&D / Total assets expense (RD/AT), and the elasticity R&D of the total income (r). Through these three measures, we build three innovation risk premiums. When the innovation premium is associated with the ratio RD/VC or RD/AT , our results indicate that firms are not only exposed to the risk of innovation, but also that their sensitivity to the risk of innovation is inversely proportional to their size. On the other hand, when the innovation premium is associated with r, we notice that our coefficients are very weak and insignificant. We therefore conclude that the most innovative companies are those that invest the most in research and development.
Document Type: Mémoire de maîtrise
Issue Date: 2019
Open Access Date: 19 June 2019
Permalink: http://hdl.handle.net/20.500.11794/35199
Grantor: Université Laval
Collection:Thèses et mémoires

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