Cookies?
Library Header Image
LSE Research Online LSE Library Services

Dynamics of r&d and investment in the scientific sector.

Lach, Saul and Schankerman, Mark (1989) Dynamics of r&d and investment in the scientific sector. Journal of Political Economy, 97 (4). pp. 880-904. ISSN 0022-3808

Full text not available from this repository.

Abstract

This paper empirically explores the dynamic interactions among research and development, capital investment, and the stock market performance of 191 firms in science-based industries during the period 1973-81. Using a framework based on dynamic factor analysis, we test asymmetric specifications of the dynamics between R & D and investment. The data indicate that R & D Granger-causes investment but that investment does not Granger-cause R & D. We discuss interpretations of this causal ordering, characterize the stylized facts of the movements over time of R & D and investment, and measure the stock market valuation of these movements.

Item Type: Article
Official URL: http://www.journals.uchicago.edu/loi/jpe
Additional Information: © 1989 University of Chicago Press
Divisions: STICERD
Economics
Subjects: H Social Sciences > HB Economic Theory
Date Deposited: 23 May 2008 11:31
Last Modified: 15 Sep 2023 12:09
URI: http://eprints.lse.ac.uk/id/eprint/5035

Actions (login required)

View Item View Item