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The relation between R&D intensity and future market returns: does expensing versus capitalization matter?
16 references·5 citing·27 second hop
The relation between R&D intensity and future market returns: does expensing versus capitalization matter? (2007)The relation between R&D intensity and fu…Firm resources and sustained competitive advantage (2004)Firm resources and sustained …The Stock Market Valuation of Research and Development Expenditures (2001)The Stock Market Valuation of…The relevance of the value-relevance literature for financial accounting standard setting (2001)The relevance of the value-re…The relevance of the value relevance literature for financial accounting standard setting: another view (2001)The relevance of the value re…Empirical research on accounting choice (2001)Empirical research on account…Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 (1998)Market efficiency, long-term …The capitalization, amortization, and value-relevance of R&D (1996)The capitalization, amortizat…The resource‐based view of the firm: Ten years after (1995)The resource‐based view of th…Looking inside for competitive advantage (1995)Looking inside for competitiv…The cornerstones of competitive advantage: A resource‐based view (1993)The cornerstones of competiti…Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Returns to Buying Winners and…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Firm Resources and Sustained Competitive Advantage (1991)Firm Resources and Sustained …A resource‐based view of the firm (1984)A resource‐based view of the …Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The Impact of the Disclosed R & D Expenditure on the Value Relevance of the Accounting Information: Evidence from Greek Listed Firms (2020)The Impact of the Disclosed R…The impact of intangibles on firms’ financial and market performance: UK evidence (2017)The impact of intangibles on …Does innovation strategy affect financial, social and environmental performance? (2016)Does innovation strategy affe…Changes in the value relevance of research and development expenses after IFRS adoption (2016)Changes in the value relevanc…Accounting for productive investment and value creation (2014)Accounting for productive inv…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)On Persistence in Mutual Fund Performance (1997)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)Imitation Costs and Patents: An Empirical Study (1981)Walking a Tightrope: Creating Value Through Interorganizational Relationships (2000)MANAGING CUSTOMER SERVICES: HUMAN RESOURCE PRACTICES, QUIT RATES, AND SALES GROWTH. (2002)What are dynamic capabilities and are they a useful construct in strategic management? (2009)The Theory of the Growth of the Firm (1995)Social Capital, Intellectual Capital, and the Organizational Advantage (1998)Dynamic capabilities: what are they? (2000)The Theory of Economic Development (2003)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)Does the Stock Market Overreact? (1985)Multifactor Explanations of Asset Pricing Anomalies (1996)Investor Psychology and Security Market Under‐ and Overreactions (1998)Positioning: The Battle for Your Mind (1981)The Concept of Corporate Strategy (1987)Dynamic capabilities and strategic management (1997)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Asset Stock Accumulation and Sustainability of Competitive Advantage (1989)Investor Psychology and Asset Pricing (2001)More Than Words: Quantifying Language to Measure Firms' Fundamentals (2008)Presidential Address: Discount Rates (2011)Strategic assets and organizational rent (1993)Review : Knowledge Management and Knowledge Management Systems: Conceptual Foundations And Research Issues1,2 (2001)
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References

  • 1991Firm Resources and Sustained Competitive Advantage48,209 cited
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  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1993Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency11,575 cited
  • 1993The cornerstones of competitive advantage: A resource‐based view10,742 cited
  • 1998Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.12,572 cited
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  • 2001The relevance of the value relevance literature for financial accounting standard setting: another view1,961 cited
  • 1996The capitalization, amortization, and value-relevance of R&D1,947 cited
  • 2001Empirical research on accounting choice1,764 cited
  • 2001The relevance of the value-relevance literature for financial accounting standard setting

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1,741 cited
  • 2001The Stock Market Valuation of Research and Development Expenditures1,734 cited
  • 1995The resource‐based view of the firm: Ten years after1,694 cited
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    • 2014Accounting for productive investment and value creation32 cited
    • 2020The Impact of the Disclosed R & D Expenditure on the Value Relevance of the Accounting Information: Evidence from Greek Listed Firms24 cited