The Stock Market Valuation of Research and Development Expenditures pdf download

03-26-2024 comment

We examine whether stock prices fully value firms’ intangible assets, specifically
research and development (R&D) . Under current U. S. accounting standards, fi-
nancial statements do not report intangible assets and R&D spending is expensed.
Nonetheless, the average historical stock returns of firms doing R&D m atches the
returns of firms without R&D. However, the market is apparently too pessimistic
about beaten-down R&D-intensive 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.

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The CES-D Scale pdf download

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