The long-term performance of new product introductions

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• 作者：Li-Yu Chen^a ; ^{lehi4461@yahoo.com.tw} ; Jung-Ho Lai^b ; ^{lai.julia@gmail.com} ; Shao-Chi Chang^c ; ^{schang@mail.ncku.edu.tw}
• 关键词：New product introductions ; Long-term performance ; Innovation
• 刊名：Finance Research Letters
• 出版年：2017
• 出版时间：February 2017
• 年：2017
• 卷：20
• 期：Complete
• 页码：162-169
• 全文大小：379 K
• 卷排序：20

文摘

New product introductions generate significantly positive abnormal stock returns in the three- and five-year post-announcement periods. Firms’ marketing capabilities and industry background, firm size, and the timing new products are introduced significantly affect shareholder gains. The Carhart four-factor model, the zero-investment portfolio method, and the buy-and-hold return procedure yield consistent results.