Measurement of the atmospheric muon charge ratio with the OPERA detector

The atmospheric muon charge ratio, defined as the number of positive over negative charged muons, is an interesting quantity for the study of high energy hadronic interactions in atmosphere and the nature of the primary cosmic rays. The measurement of the charge ratio in the TeV muon energy range allows to study the hadronic interactions in kinematic regions not yet explored at accelerators. The OPERA experiment is a hybrid electronic detector/emulsion apparatus, located in the underground Gran Sasso Laboratory, at an average depth of 3800 meters water equivalent (m.w.e.). OPERA is the first large magnetized detector that can measure the muon charge ratio at the LNGS depth, with a wide acceptance for cosmic ray muons coming from above. In this thesis, the muon charge ratio is measured using the spectrometers of the OPERA detector in the highest energy region. The charge ratio was computed separately for single and for multiple muon events, in order to select different primary cosmic ray samples in energy and composition. The measurement as a function of the surface muon energy is used to infer parameters characterizing the particle production in atmosphere, that will be used to constrain Monte Carlo predictions. Finally, the experimental results are interpreted in terms of cosmic ray and particle physics models.

The impact of R&D in firm value across Europe

In this thesis the impact of R&D expenditures on firm market value and stock returns is examined. This is performed in a sample of European listed firms for the period 2000-2009. I apply different linear and GMM econometric estimations for testing the impact of R&D on market prices and construct country portfolios based on firms’ R&D expenditure to market capitalization ratio for studying the effect of R&D on stock returns. The results confirm that more innovative firms have a better market valuation,investors consider R&D as an asset that produces long-term benefits for corporations. The impact of R&D on firm value differs across countries. It is significantly modulated by the financial and legal environment where firms operate. Other firm and industry characteristics seem to play a determinant role when investors value R&D. First, only larger firms with lower financial leverage that operate in highly innovative sectors decide to disclose their R&D investment. Second, the markets assign a premium to small firms, which operate in hi-tech sectors compared to larger enterprises for low-tech industries. On the other hand, I provide empirical evidence indicating that generally highly R&D-intensive firms may enhance mispricing problems related to firm valuation. As R&D contributes to the estimation of future stock returns, portfolios that comprise high R&D-intensive stocks may earn significant excess returns compared to the less innovative after controlling for size and book-to-market risk. Further, the most innovative firms are generally more risky in terms of stock volatility but not systematically more risky than low-tech firms. Firms that operate in Continental Europe suffer more mispricing compared to Anglo-Saxon peers but the former are less volatile, other things being equal. The sectors where firms operate are determinant even for the impact of R&D on stock returns; this effect is much stronger in hi-tech industries.