讲座人：Suresh Radhakrishnan 教授
讲座主题：R&D Volatility Drivers
摘要：Over the last decade, U.S. firms have used their large cash holdings to buyback shares and pay dividends, instead of investing in R&D activities that can spur future growth. One possible reason for this behavior is that R&D activities — yielding new products and services or cost reductions — are generally believed to be subject to high uncertainty. But what specifically are the uncertainties driven by R&D? We hardly know. In this study, we examine three potential drivers of R&D uncertainty: product uncertainty, process-cost uncertainty and technological disruption uncertainty. We measure product uncertainty using future sales volatility; process-cost uncertainty using future cost of goods sold volatility; and technological disruption uncertainty using future special items volatility. Regarding product and process-cost uncertainties, we find that the association between R&D expenditures and subsequent volatilities of sales and cost of sales, is lower than our benchmark, tangible capital expenditures, generally considered a relatively safe investment. However, the association between R&D and future special items volatility is significantly higher than that of capital expenditures. Collectively, the findings show that the major uncertainty created by R&D is from technological disruptions and not product failures. By implication, firms should be using their large cash holdings to invest in radical R&D, which will enable them to be the leader in disruptive technology.
讲座时间：2016年05月24日，周二，15:00开始
讲座地点：学院南路校区学术会堂604会议室
讲座人简介：Suresh Radhakrishnan教授现任职于University of Texas at Dallas，任Constantine Konstans Distinguished Professor of Accounting and Corporate Governance，以及Research Director Institute of Excellence in Corporate Governance。Radhakrishnan教授的研究兴趣主要为Financial Accounting与Corporate Governance。他在国际知名的财务学和管理学期刊发表了50余篇论文，包括The Accounting Review, Journal of Accounting and Economics, Contemporary Accounting Research, Accounting, Organisations and Society, Journal of Accounting and Public Policy, Journal of Accounting Auditing and Finance, Strategic Management Journal, Management Science等。
本次论坛参加人员范围：会计学院教师、博士生、本硕博连读生以及本科生学术创新实验班成员。
[编辑]：孙颖
