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Effect of R&D investments on persistence of abnormal earnings
16 references·8 citing·37 second hop
Effect of R&D investments on persistence of abnormal earnings (2006)Effect of R&D investments on persistence …Market Structure and Innovation: A Survey (2016)Market Structure and Innovati…The Stock Market Valuation of Research and Development Expenditures (2001)The Stock Market Valuation of…The Boundaries of Financial Reporting and How to Extend Them (1999)The Boundaries of Financial R…Market Rewards Associated with Patterns of Increasing Earnings (1999)Market Rewards Associated wit…Have Financial Statements Lost Their Relevance? (1999)Have Financial Statements Los…The Influence of Institutional Investors on Myopic R&D Investment Behavior (1998)The Influence of Institutiona…Changes in the value-relevance of earnings and book values over the past forty years (1997)Changes in the value-relevanc…The capitalization, amortization, and value-relevance of R&D (1996)The capitalization, amortizat…Earnings, Book Values, and Dividends in Equity Valuation* (1995)Earnings, Book Values, and Di…The Accounting Based Valuation of Corporate R&D (1994)The Accounting Based Valuatio…Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies (1993)Additional evidence on the as…An analysis of intertemporal and cross-sectional determinants of earnings response coefficients (1989)An analysis of intertemporal …The Theory of Industrial Organization (1988)The Theory of Industrial Orga…On cross-sectional analysis in accounting research (1987)On cross-sectional analysis i…Market value, R&D, and patents (1981)Market value, R&D, and patentsRisk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…A meta-analysis of risk taking and corporate performance (2022)A meta-analysis of risk takin…Value relevance of aggregated and disaggregated earnings in India: Significance of intangible intensity (2020)Value relevance of aggregated…The Association between Earnings Persistence and Internal Control Quality: Evidence from China (2015)The Association between Earni…Market perception of firm strategy (2013)Market perception of firm str…Industry Competition and Earnings Persistence:Empirical Tests Based on Real Options Theory1 (2013)Industry Competition and Earn…Costs of mandatory international financial reporting standards: Evidence of reduced accrual reliability (2013)Costs of mandatory internatio…IT Capability and a Firm's Ability to Recover from Losses: Evidence from the Economic Downturn of the Early 2000s (2011)IT Capability and a Firm's Ab…Accounting Conservatism and the Temporal Trends in Current Earnings’ Ability to Predict Future Cash Flows Versus Future Earnings: Evidence on the Trade-Off Between Relevance and Reliability (2008)Accounting Conservatism and t…The Capital Structure Puzzle (1984)Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders (1996)Earnings management to avoid earnings decreases and losses (1997)A Review of the Earnings Management Literature and Its Implications for Standard Setting (1999)Earnings Management through Real Activities Manipulation (2003)The economic implications of corporate financial reporting (2005)The information content of losses (1995)The conservatism principle and the asymmetric timeliness of earnings1 (1997)The effect of international institutional factors on properties of accounting earnings (2000)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Dividend Policy, Growth, and the Valuation of Shares (1961)The Valuation of Uncertain Income Streams and the Pricing of Options (1976)Valuation and Clean Surplus Accounting for Operating and Financial Activities* (1995)Capital markets research in accounting (2001)Does Corporate Social Responsibility Affect the Cost of Capital? (2010)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)On Persistence in Mutual Fund Performance (1997)An Empirical Evaluation of Accounting Income Numbers (1968)An Intertemporal Capital Asset Pricing Model (1973)The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach (2003)Cash Flow Patterns as a Proxy for Firm Life Cycle (2011)The Cross-Section of Expected Stock Returns (1992)Dynamic capabilities and strategic management (1997)Corporate social responsibility and access to finance (2013)Common risk factors in the returns on stocks and bonds (1993)Does the stock market fully value intangibles? Employee satisfaction and equity prices (2011)Digesting Anomalies: An Investment Approach (2012)The other side of value: The gross profitability premium (2013)A Model of Growth Through Creative Destruction (1990)A Model of Growth Through Creative Destruction (1992)International Norm Dynamics and Political Change (1998)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The financial reporting environment: Review of the recent literature (2010)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)Costs of Equity and Earnings Attributes (2004)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1988The Theory of Industrial Organization8,651 cited
  • 1995Earnings, Book Values, and Dividends in Equity Valuation*5,061 cited
  • 1998The Influence of Institutional Investors on Myopic R&D Investment Behavior3,013 cited
  • 1996The capitalization, amortization, and value-relevance of R&D1,947 cited
  • 1999The Boundaries of Financial Reporting and How to Extend Them1,930 cited
  • 1999Have Financial Statements Lost Their Relevance?1,917 cited
  • 2001The Stock Market Valuation of Research and Development Expenditures1,871 cited
  • 1997Changes in the value-relevance of earnings and book values over the past forty years1,788 cited
  • 1989An analysis of intertemporal and cross-sectional determinants of earnings response coefficients1,685 cited
  • 1993Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies1,259 cited
  • 1999Market Rewards Associated with Patterns of Increasing Earnings909 cited
  • 1981Market value, R&D, and patents855 cited
  • 2016Market Structure and Innovation: A Survey634 cited
  • 1987On cross-sectional analysis in accounting research

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541 cited
  • 1994The Accounting Based Valuation of Corporate R&D512 cited
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    • 2008Accounting Conservatism and the Temporal Trends in Current Earnings’ Ability to Predict Future Cash Flows Versus Future Earnings: Evidence on the Trade-Off Between Relevance and Reliability15 cited
    • 2015The Association between Earnings Persistence and Internal Control Quality: Evidence from China13 cited
    • 2020Value relevance of aggregated and disaggregated earnings in India: Significance of intangible intensity12 cited
    • 2022A meta-analysis of risk taking and corporate performance11 cited
    • 2013Industry Competition and Earnings Persistence:Empirical Tests Based on Real Options Theory111 cited