2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、外文翻譯TherelationbetweenR(2)calendartimeabnmalreturn(CTAR)regressions(MitchellStaffd2000).firms(specificallytheintensityofthatchoice)willresultindifferentfutureriskadjustedreturns.Thispresupposesimperfectionsinthemarketsuc

2、hthatdifferentaccountingmethodsareusefultoaddressinfmationasymmetryagencycostsexternalitiesissues(Fieldsetal.2001).ThemarketvaluesoffirmsareaffectedbythedifferentinfmationrevealedinthefinancialstatementsgiventheuniqueAus

3、tralianenvironmentweseektoinvestigatewhetherthecontempaneousmarketvalue(hencefuturereturns)offirmswhichexpensetheirR&DinvestmentsimmediatelyaresignificantlydifferentfromfirmswhichcapitalizetheirR&Dinvestments.Superficial

4、lyourfindingsconfirmUSfindingsnamelythatfirmswhichareR&Dintensivetendtoearnpositivefutureriskadjustedreturns.AdditionallywefindthatthisrelationshipisconditionalonthelevelofR&Dintensityofafirm.WealsofindthatR&Dintensivefi

5、rmsearnpositiveriskadjustedreturnsundereithermethodofaccountingfR&D.Thisisconsistentwiththeresourcebasedliteraturethatarguesthatfirmschoosetoinvesttheirresourcesinactivitiesthatwillresultinpositiveriskadjustedreturns.Thi

6、sfindingisindependentoftheaccountingmethodsfR&D.FinallywefindsomeevidencethatfirmswhichexpenseR&DoutperfmthosewhichcapitalizeR&DaftercontrollingfR&Dintensity.AustralianaccountingregulationsfR&Dallowsfthecoexistenceoftwod

7、ifferentaccountingmethodsfR&Dactivitiesnamelytheexpensemethodthecapitalizationmethod.Wetestarangeofrelatedhypothesesthatexplevariousaspectsofthedifferentiallongtermmarketimpactthatthisaccountingchoicemayhaveusingasamplep

8、eriodspanning1991–2002.SpecificallyweexaminethevaluerelevanceofR&DintensityfallR&Dactivefirmsffirmsthatadopteitherthecapitalizationexpensemethod.Wefoundevidenceconsistentwiththeresourcebasedviewofafirmnamelythatfirmsinve

9、stinresourceswhichgivethemasignificantadvantageinfuturereturnsgiventheresourceconstrainttheyface.Meoverwefoundthistoparticularlybethecaseinthesecondhalfofoursampleperiodwhichmaybearesultofa‘‘techbubble’’effect.Sothenwhat

10、isourpartingmessageWhileitistruethatvaluerelevancecanonlydeliverarelativelynarrowperspectiveonquestionsofstardsettingourevidencesuggeststhatimposingasinglemodeofaccountingfR&Dmightbelessthanideal.Specificallyourfindingss

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