The Stock Market Valuation of Research And Development Expenditures  

Oleh:

Chan, Louis K. C. ; Lakonishok, Josef ; Sougiannis, Theodore

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 56 no. 6 (2001), page 2431-2456.
Topik: stock market; studies; research & development; R & D; rates of return; statistical analysis
Fulltext: p 2431.pdf (124.39KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We examine whether stock prices fully value firms' intangible assets, specifically research and developemnt (R & D). Under current U. S. accounting standards, financial statements do not report intangible assets and R & D spending is expensed. Nonetheless, the average historical stock returns if firms doing R & D matches the returns of firs without R & D. However, the market is apparently too pessimistic about beaten - down R & D intesive technology stocks' prospects. Companies with high R & D to equity market value (which tend to have poor past returns) earn large excess returns. A similar relation exists between advertising and stock returns. R & D intensity is positively associated with return volatility.

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