Impact of R&D on Idiosyncratic Risk of Non-Financial Companies in Emerging Markets

Student: Morozova Daria

Educational Programme: Financial Markets and Financial Institutions (Master)

Year of Graduation: 2018

This paper is devoted to assessing the impact of R&D on idiosyncratic risk of non-financial BRICS companies. In the first phase of work, idiosyncratic values for every company in each moment of time are calculated. Then it is shown that the idiosyncratic risk can be explained by two factors: R&D and financial leverage. R&D influences the idiosyncratic positively, financial leverage – negatively. Then some conclusions and recommendations for future researches are done.

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