O efeito dos gastos em pesquisa e desenvolvimento nas ações das empresas petrolíferas

• Autor(a) principal: Almeida, Willian Freitas de
• Data de Publicação: 2013
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
• Texto Completo: https://hdl.handle.net/10438/11061
• topic: Valor da ação; Petrolíferas; P&D; Share value; Oil and gas companies; R&D; Economia; Pesquisa e desenvolvimento; Ações (Finanças); Indústria petrolífera - Avaliação

This work aims to identify the relationship between R&D expenditure and prices per share of integrated oil and gas companies on the NY SE. Return of investiment on R&D spending can be seen when research results are applied to production processes, increasing operational efficiency, reduc ing costs and creating new products. This usage may be a channel to share pric e variations. Whereas spendings in R&D have a long term effect, the analisys includ ed contemporary, lagged and annual aggregate R&D expenditure data. Results point to a positive relation between R&D expenditure and share prices. Share price varia tions were better explained by lagged data, and the positive relation becomes stat istically significant when five-years aggregates are employed. This outcome confirms the long term effect of this type of expenditure.