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Original Article

Ekonomik Yaklasim. 2013; 24(89): 25-44


R&D, INNOVATION AND STOCK MARKET PERFORMANCE: A STUDY ON MANUFACTURING FIRMS TRADED IN BORSA ISTANBUL

Burak DİNDAROĞLU, Yekta TAKIM.




Abstract
Cited by 3 Articles

We investigate the relationship between innovation indicators (R&D and patenting) and stock market performance for a panel of manufacturing firms traded on Borsa İstanbul (BIST), formerly known as the İstanbul Stock Exchange. Similar to previous results obtained using U.S. and European data, we find that larger R&D stocks are associated with higher market value, higher market-to-book ratio, and higher price-earnings ratio for firms traded on Borsa İstanbul, while larger patent stocks are associated with higher market value. We demonstrate that it is possible to use the information on R&D and patent stocks to construct a portfolio that greatly overperforms the market index (BIST100).

Key words: Innovation, R&D, patents, market value, Borsa Istanbul, BIST, portfolio selection. JEL Classification: O31, O33, O34, G11.

Article Language: EnglishTurkish






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