R&D Productivity and Firm Size in Semiconductors and Pharmaceuticals

2013 ◽  
pp. 92-113
Author(s):  
Burak Dindaroglu
Keyword(s):  
Firm Size ◽  
Negative Relationship ◽  
Average Quality ◽  
Firm Level ◽  
Patent Quality ◽  
Two Measures ◽  
Number Of Citations ◽  
The Relationship ◽  
The U.S

Using firm level panel data from the U.S., the authors explore the relationship between firm size and R&D productivity for two important and R&D-intensive industries: Semiconductors and Pharmaceuticals. They employ two measures of a firm’s R&D performance: the number of citations received per patented innovation, and the number of citations received per dollar of R&D expenditures. The former is a measure of the average quality of a firm’s patents, and the latter is a measure of total R&D output obtained per dollar of investments. The authors find that the average quality of patents (citations received per patent) falls with firm size in Pharmaceuticals, but there is no relationship between patent quality and firm size in Semiconductors. Citations received per R&D dollar decrease with size in both industries, which is due to the well-documented negative relationship between patents per R&D and firm size.

scholarly journals A Cross-country Study of the Effects of Institutional Ownership on Credit Ratings

2017 ◽  
Vol 12 (8) ◽  
pp. 80 ◽  
Author(s):  
AlHares A. ◽  
Ntim C. G.
Keyword(s):  
Financial Crisis ◽  
Firm Size ◽  
Global Financial Crisis ◽  
Credit Ratings ◽  
Negative Relationship ◽  
Institutional Ownership ◽  
Control Variables ◽  
Firm Level ◽  
Anglo American ◽  
The Relationship

A considerable number of studies have examined the relationship between corporate governance (CG) structures and corporate performance (e.g., Yermack, 1996; Gompers et al., 2003; Beiner et al., 2006; Renders et al., 2010; Ntim et al., 2012; Kumar & Zattoni 2013; Griffin, et al., 2014). In contrast, despite its importance as demonstrated by the recent financial crisis, studies examining why and how a corporation’s CG mechanisms might influence its credit ratings are rare (e.g., Switzer and Wang, 2013;Matthies, 2013; Tran, 2014). This research, therefore, seeks to contribute to the extant literature by exploring the effects of (CG) mechanisms on corporate credit ratings. Specifically, using a sample of 200 firms from 10 OECD countries over ten years covering the pre- and post-2007/08 global financial crisis period from Anglo American (i.e., Australia, Canada, Ireland, UK, and US) and Continental European (i.e., France, Germany, Italy, Japan and Spain) traditions and employing a total of 200 listed companies, this paper hopes to achieve a number of objectives. First, the paper attempted to assess the levels of compliance with, and disclosure of, CG principles contained in the 2004 OECD CG Code in firms from two different traditions: Anglo America and Continental Europe. Second, the paper sought to investigate the relationship between CG mechanisms and credit ratings. These relationships will be explored by employing firm-level CG mechanisms (ownership structures measured by Institutional Ownership) by accounting for firm-level control variables (e.g., firm size, growth, profitability, and leverage) based on a multi-theoretical framework that incorporates insights from agency and legitimacy theories. The findings revealed that there was a strong negative relationship between institutional ownership and credit ratings. From the descriptive analysis, it was shown that institutional owners did not have a very high credit rating. When the control variables were assessed, it was shown that they had a negative influence on the credit ratings with sales growth and leverage and positive significant relationship with firm size, corruption index, power distance and Anglo American countries.

The Risk Tolerance Measure in the 2016 Survey of Consumer Finances: New, But Is It Improved?

2021 ◽  
pp. JFCP-19-00022
Author(s):  
Kyoung Tae Kim ◽  
Sherman D. Hanna ◽  
Dongyue Ying
Keyword(s):  
Negative Relationship ◽  
Risk Tolerance ◽  
Stock Ownership ◽  
Survey Of Consumer Finances ◽  
Consumer Finances ◽  
Two Measures ◽  
Complex Patterns ◽  
Relationship Of ◽  
The Relationship ◽  
Different Levels

The Survey of Consumer Finances (SCF) has included a 4-level risk tolerance measure since 1983. In 2016, the SCF also included an 11-level risk tolerance measure. We compare the two measures, and develop suggestions for using the new measure. While the new measure is seemingly simpler than the old measure, we demonstrate that it does not have a monotonic relationship with owning stock assets, with a pattern similar to the relationship of the old measure to stock ownership. We also identify complex patterns of factors related to different levels of the new measure, for instance education has a negative relationship at one level but positive at another level. Those using the new measure should consider the complex patterns we demonstrate.

scholarly journals EARNINGS ANNOUNCEMENTS AND COMPETING INFORMATION: THE INDONESIAN EVIDENCE

2015 ◽  
Vol 29 (1) ◽  
Author(s):  
Dedhy Sulistiawan ◽  
Jogiyanto Hartono ◽  
Eduardus Tandelilin ◽  
Supriyadi Supriyadi
Keyword(s):  
Stock Market ◽  
Empirical Evidence ◽  
Earnings Announcements ◽  
Negative Relationship ◽  
Technical Analysis ◽  
Earnings Announcement ◽  
Price Reaction ◽  
Price Reactions ◽  
The Relationship ◽  
The U.S

The main purpose of this study is to provide empirical evidence of the relationship betweeninvestors’ responses to two events, which are, (1) earnings anouncements, and (2) technicalanalysis signals, as competing information. This study is motivated by Francis, et al. (2002),whose study used stock analyst’s recommendations as competing information in the U.S stockmarket. To extend that idea, this study uses technical analysis signals as competing informationin the Indonesian stock market. Using Indonesian data from 2007-2012, this study shows thatthere are price reactions on the day of a technical analysis signal’s release, which is prior toearnings announcements. It means that investors react to the emergence of competinginformation. Reactions on earnings announcements also produce a negative relationship withthe reaction to a technical analysis signal before an earnings announcement. This study givesevidence about the importance of technical analysis as competing information to earningsannouncements.Keywords: competing information, earnings announcements, technical analysis, price reaction

Close social relationships and loneliness: the role of subjective age

2019 ◽  
pp. 1-5 ◽  
Author(s):  
Naama Spitzer ◽  
Dikla Segel-Karpas ◽  
Yuval Palgi
Keyword(s):  
Older Adults ◽  
Social Relationships ◽  
Negative Relationship ◽  
Community Dwelling ◽  
Subjective Age ◽  
Perceptions Of Aging ◽  
The Relationship ◽  
Moderating Role

Abstract Loneliness is considered a major issue, often negatively influencing the quality of life of individuals of all ages, and of older adults, in particular. The aims of this study are: (1) to assess the association between close social relationships and loneliness; and (2) to examine the moderating role of subjective age in this association. Married or cohabiting community-dwelling Israelis in the second half of life (N = 360) were interviewed and reported on their close social relationships, their level of loneliness, and their subjective age. The number of close social relationships was found to have a negative relationship with loneliness. Moreover, subjective age was found to moderate the relationship between close social relationships and loneliness, such that the association was weaker for those with older subjective age. Those with older subjective age are often not able to benefit from close social relationships to alleviate loneliness as much as their younger-subjective-age counterparts. Efforts to address older adults’ loneliness should consider focusing on older adults’ perceptions of aging.

scholarly journals THE SELF-REPORTED PATENT QUALITY OF CHINESE FIRMS: MOTIVATION SOURCE AND TECHNOLOGY ACCUMULATION EFFECTS ANALYSIS

2019 ◽  
Vol 64 (04) ◽  
pp. 939-960
Author(s):  
HAO MAO ◽  
LAUREN A. JOHNSTON ◽  
ZHIFENG YIN
Keyword(s):  
European Patent ◽  
Writing Quality ◽  
Firm Level ◽  
Patent Quality ◽  
Self Evaluation ◽  
Innovation Capacity ◽  
Chinese Patent ◽  
The One ◽  
Patent Survey

Enhanced innovation capacity has become imperative to China’s growth and development. Patent quantity and quality indicators are benchmark measures of innovative capacity. This paper utilizes data from the 2013 Chinese Patent Survey to explore self-evaluated firm-level patent quality in China. Focus is placed on the effects of technological accumulation and also patent motivation on four multi-dimensional self-evaluation indices: technical quality, writing quality, right stability and market value. The results: (i) verify the proposal that in high patent intensity industries “strategic patent behavior will reduce patent quality”; (ii) suggest that reducing administrative-driven patent behaviors could improve patent quality and (iii) find patent structure but not quantity to be positively correlated with patent quality. This serves to enrich understanding of China’s patent system and the one-dimensional “inventive step” analysis deriving from analyses of European Patent Survey data.

Parolee–Parole Officer Rapport: Does It Impact Recidivism?

2017 ◽  
Vol 62 (11) ◽  
pp. 3581-3602 ◽  
Author(s):  
Alyssa W. Chamberlain ◽  
Matthew Gricius ◽  
Danielle M. Wallace ◽  
Diana Borjas ◽  
Vincent M. Ware
Keyword(s):  
Positive Relationship ◽  
Negative Relationship ◽  
Violent Offender ◽  
Parole Officer ◽  
Officer Training ◽  
High Quality ◽  
Parole Officers ◽  
It Impact ◽  
The Relationship

Parole officers are an integral part of parolees’ reentry process and success. Few studies, however, have examined whether the quality of the relationship between parolees and their parole officer influences outcomes such as recidivism. This study assesses how recidivism is affected by the quality of the relationship that parolees have with their parole officers. Using the Serious and Violent Offender Reentry Initiative (SVORI) dataset, we use parolees’ perceptions of their relationship with their parole officer to determine whether they have established a positive or negative relationship, and whether these types of relationships differentially affect recidivism. Results show that parolees who have a negative relationship with their parole officer have higher rates of recidivism, while a positive relationship lowers parolees’ likelihood of recidivating. An implication of this study emphasizes parole officer training that develops positive, high-quality relationships with parolees. Further implications are discussed below.

The Relationship of Scientific Creativity in the Biological Sciences to Predoctoral Accomplishments and Experiences

1980 ◽  
Vol 17 (4) ◽  
pp. 491-502 ◽  
Author(s):  
Steven M. Segal ◽  
Thomas V. Busse ◽  
Richard S. Mansfield
Keyword(s):  
Biological Sciences ◽  
School Level ◽  
College Level ◽  
High School Level ◽  
Interest In Science ◽  
Two Measures ◽  
Number Of Citations ◽  
Relationship Of ◽  
The Relationship ◽  
Level Identification

From a sample of 400 biologists drawn from American Men and Women of Science, 335 supplied information about their predoctoral experiences and accomplishments. These accomplishments and experiences were related to two measures of adult scientific achievement: (1) number of published articles, and (2) total number of citations received over a 5-year period. The number of published articles correlated significantly with 14 items, most of which could be classified into three conceptual groups: (1) predoctoral productivity, (2) excellence in predoctoral science work, and (3) early interest in science. The number of citations correlated significantly with 16 items, most of which clustered into three categories: (1) awards, (2) predoctoral productivity, and (3) early interest in science. It was concluded that potentially highly creative biologists can often be identified by predoctoral accomplishments and experiences at the graduate school level. Identification at the college level is more difficult, and at the high school level, extremely difficult.

Going-Concern Audit Opinions and the Provision of Nonaudit Services: Implications for Auditor Independence of Bankrupt Firms

2009 ◽  
Vol 28 (1) ◽  
pp. 153-169 ◽  
Author(s):  
Joseph Callaghan ◽  
Mohinder Parkash ◽  
Rajeev Singhal
Keyword(s):  
Negative Relationship ◽  
Audit Fees ◽  
Managerial Incentives ◽  
Auditor Independence ◽  
Empirical Question ◽  
Going Concern ◽  
Nonaudit Services ◽  
Auditor Fees ◽  
The Relationship ◽  
The U.S

SUMMARY: Researchers in the area of auditor independence have examined the relationship between auditors' opinions and auditor-provided services. While DeFond et al. (2002) and Geiger and Rama (2003) fail to find auditor impairment for distressed U.S. companies, Sharma (2001) and Sharma and Sidhu (2001) find a negative relationship between the likelihood of a going-concern (GC) opinion and nonaudit fees paid to auditors for bankrupt Australian companies. These conflicting results may arise from jurisdictional differences between Australia and the U.S. or differential managerial incentives and firm costs between distressed and bankrupt firms. In light of these differences, an empirical question exists as to whether the results of the Australian studies will obtain in the U.S. We examine the relationship between the propensity of auditors to render GC opinions and nonaudit fees (and other auditor fees) for a sample of bankrupt U.S. firms. We do not observe any association between GC opinions and nonaudit fees, audit fees, total fees, or the ratio of nonaudit fees to total fees.

Goodwill impairment loss and bond credit rating

2017 ◽  
Vol 25 (1) ◽  
pp. 2-20 ◽  
Author(s):  
Li Sun ◽  
Joseph H. Zhang
Keyword(s):  
Regression Analysis ◽  
Credit Rating ◽  
Credit Ratings ◽  
Negative Relationship ◽  
Least Squares Regression ◽  
Firm Level ◽  
Content Type ◽  
Goodwill Impairment ◽  
The Impact ◽  
The Relationship

Purpose The purpose of this study is to examine the impact of goodwill impairment losses on bond credit ratings. Design/methodology/approach The authors use regression analysis to examine the relationship between goodwill impairment losses and bond credit ratings. Findings The empirical results show a negative relationship between the amount of goodwill impairment losses and bond credit ratings, suggesting that firms with goodwill impairment losses receive lower credit ratings. The authors perform various additional tests, including subsamples in good or bad market time, changes analysis, first time goodwill impairment firms vs subsequent impairment and the two-stage least squares regression analysis to address potential endogeneity issues. The main results persist. Originality/value This paper links and contributes to two streams of literature: goodwill impairment in accounting literature and bond credit ratings in finance literature. Whether a firm’s goodwill impairment losses affect the firm’s bond credit rating remains an interesting question that has not been examined previously. To the best of the authors’ knowledge, this is the first study that directly examines the relationship between goodwill impairment losses and bond ratings at the firm level.

Rethinking the Relationship Between Public Regulation and Private Litigation: Evidence from Securities Class Action in China

2018 ◽  
Vol 19 (1) ◽  
pp. 333-361
Author(s):  
Robin Hui Huang
Keyword(s):  
The United States ◽  
Class Action ◽  
Public And Private ◽  
Securities Law ◽  
Recent Developments ◽  
Public And Private Enforcement ◽  
The Relationship ◽  
The U.S

Abstract China has a civil procedure for collective litigation, which is dubbed Chinese-style class action, as it differs from the U.S.-style class action in some important ways. Using securities class action as a case study, this Article empirically examines both the quantity and quality of reported cases in China. It shows that the number of cases is much lower than expected, but the percentage of recovery is significantly higher than that in the United States. Based on this, the Article casts doubt on the popular belief that China should adopt the U.S.-style class action, and sheds light on the much-debated issue concerning the relationship between public and private enforcement of securities law. The Article also discusses the future prospects of securities class action in China in light of some recent developments which may provide its functional equivalents, including the regulator-brokered compensation fund and public interest group litigation.

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