德勤－复旦会计论坛系列讲座之一百七十六
时 间：2019年12月19日（周四）下午14：00
地 点：史带楼204室
主持人：张新 副教授
主讲人：罗炜 (北京大学)
主 题：Managerial Learning and Corporate Investment: Evidence from Peer Firms’ Product Releases
摘 要：We examine how product releases by peer firms affect corporate investment decisions in research and development and capital expenditures. We argue that as competition intensifies with increased new product releases, managers learn important information from product announcements about not only peer firms’ business strategies but also their assessment of the prospects of the increased product market competition. Using the number of product announcements by peer firms to proxy for the extent of learning from these peers about the intensified competition, we find that greater number of peer firms’ product announcements is followed by significantly higher R&D investments but significantly lower capital investments. Further analyses show that firms’ R&D and capital expenditure investment decisions also respond positively and negatively, respectively, to market reactions to peer firms’ product announcements, suggesting that managers not only learn from peer firms but also from the stock market regarding these product announcements. In cross-sectional analyses, we find that our results are stronger when managers have less information or when there is greater competition, consistent with greater learning incentives driving our results.
会计学系
2019-12-13
-
活动讲座
-
新闻动态
-
微信头条
-
招生咨询
-
媒体视角
-
瞰见云课堂
