Organization capital effect in stock returns—The role of R&D
研究发现，有研发活动的公司中组织资本效应更强，其年异常回报为2.41%，而无研发公司仅为0.41%，且该效应源于研发特征而非风险因素。
Abstract Previous studies document a strong organization capital effect in stock returns. We investigate whether and how research and development (R&D) activities affect this organization capital effect. We find that the organization capital effect is stronger in firms with R&D activities. The annual abnormal return of the hedge portfolio sorted by organization capital is 2.41% for R&D firms but only 0.41% for non‐R&D firms. Further analyses show that the organization capital effect can be attributed to R&D characteristics rather than R&D risk factors.