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1、JournalofCorporateFinance41998153±184.R&Dbudgetsandcorporateearningstargetsa,)bMaryM.Bange,WernerF.M.DeBondtaLundquistCollegeofBusiness,UniÍersityofOregon,Eugene,OR97403,USAbSchoolofBusiness,UniÍersityofWisconsin-Madison,Madison,WI53706,USAReceived1February1996;acc
2、epted1October1997AbstractUnlikeotherinvestmentsintheU.S.,researchanddevelopmentbudgetsarenotdepreciatedbutexpensed.Thus,pre-taxreportedearningsfluctuatedollar-for-dollarwithchangesinR&Dbudgets.Becauseexecutivesknowmoreaboutthefirmthanoutsiders,theymayadjustR&Dbudget
3、sinordertomanageaccountingearningsandstockprices.DiscretionarychangesinR&Dmayalsoreflectmanagerialincentives,taxes,andfreecashflow.Westudyapanelof100U.S.companieswithlargeR&Dbudgetsforthedecadebetween1977and1986.Onaverage,R&Dbudgetadjustmentsreducetheanticipatedgapb
4、etweenanalysts'earningsforecastsandreportedincome.Inthecross-sectionoffirms,moregapclosureisassociatedwithhightradingvolumeandhighbusinessrisk.LessearningsmanagementoccursiftheCEOandinstitutionalinvestorsownanimportantfractionoftheshares.q1998ElsevierScienceB.V.Allr
5、ightsreserved.JELclassification:G31;G32Keywords:Investingpolicy;R&Dbudgets;Earningsmanagement1.IntroductionSinceBerleandMeans1932,theseparationofownershipandcontrolisone.ofthetraditionalstartingpointsinthetheoryofthefirm.Thisseparationisseenasanegativeforallocation
6、alefficiency±perhapsunavoidablylinkedtothegrowth)Correspondingauthor.Tel.:q15413463330;Fax:q15413463341;e-mail:mbange@oregon.uoregon.edu0929-1199r98r$19.00q1998ElsevierScienceB.V.Allrightsreserved.PIIS0929-11999800006-6.154M.M.Bange,W.F.M.DeBondtrJournalofCorporate
7、Finance41998153±184()ofbusinessenterpriseJensenandMeckling,1976.Onewidespreadconcernis.thatAmericanmanagersunderinvestandthattheyputtoomuchemphasisontheshortrunattheexpenseoflong-termcorporateinterestssee,e.g.,Jacobs,1991..1Manytopexecutivesinturnblamemoneymanager
8、sandinstitutionalinvestors.Thetypicaltrader,theysay,isshort-sightedandsimplygivestoomuchweighttoreportedaccountingearnings.Thus,whentimesa
