A motivational study of off-balance sheet financing: the case of research and development limited partnerships.(Statistical Data Included)

The announcement of a research and unravelling arrangement represents a of recent origin class of claims entering the market and signals additional coming time research and development. The aim of this paper is to explain the differences observ in the magnitude of abnormal turn backs of the sponsor firms. A previous investigation (Durkee and Carment, 1999) indicates that the unexpect positive go [i]or[/i] come back of the sponsor firms upon the day before public announcement (event day -1) is highly significant using a two-tailed t-test This evidence is consistent with the proposition that the voluntary announcement of