The Stock Market Valuation of Research and Development Expenditures

By Louis K. C. Chan, Josef Lakonishok, Theodore Sougiannis. 2001

1,879 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/04226c25f46fb52f195d3a21ce4c22ef426d4b45

How researchers see this paper

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In Accounting

1. David A. Hirshleifer
2. Siew Hong Teoh
3. Baruch Lev
4. Kewei Hou
5. Lu Zhang
6. Jeroen Derwall
7. O. Faleye
8. L. Gu

In Finance

1. David A. Hirshleifer
2. Siew Hong Teoh
3. Kewei Hou
4. Jeroen Derwall
5. Lu Zhang
6. Baruch Lev
7. L. Gu
8. R. Guo

In Strategy and Management

1. David A. Hirshleifer
2. Kewei Hou
3. Lu Zhang
4. O. Faleye
5. Siew Hong Teoh
6. Jeroen Derwall
7. Chen Xue
8. Stephen H. Penman

Citations in the corpus

• Determinants of intellectual capital disclosure in prospectuses of initial public offerings (2008, background): “Chan et al. (2001) provide similar findings regarding R&D arguing that lack of disclosure increases the degree of uncertainty (or perceived risk) for R&D intensive firms.”
• Company reputation and the cost of equity capital (2014, neutral): “2002; Matolcsy and Wyatt 2008; Lin 2012), they are difficult to observe and are incorrectly valued by investors (Chan et al. 2001; Edmans 2011; Hirshleifer et al. 2013).”
• An Examination of Long-Term Abnormal Stock Returns and Operating Performance Following R&D Increases (2004, result): “Therefore, besides the fact that our sample size and sample period differ significantly from Chan et al. (2001) , our findings are not necessarily inconsistent with their results.”
• Remarks on the Measurement, Valuation, and Reporting of Intangible Assets (2003, neutral): “See Chan, Lakonishok, and Sougiannis (2001).”
• Marketing and Firm Value: Metrics, Methods, Findings, and Future Directions (2009, neutral): “Several studies have linked firm value to R&D expenditures (Doukas and Switzer 1992; Chan, Lakonishok, and Sougiannis 2001); discretionary expenditures, such as R&D and advertising (Erickson and Jacobson 1992; Griliches 1981; Jaffe 1986; Pakes 1985); and innovation (Bayus, Erickson, and Jacobson…”
• Endogenous Technological Progress and the Cross Section of Stock Returns (2012, neutral): “See, for example, Cochrane (1991, 1996), Gomes, Kogan, and Zhang (2003), Carlson, Fisher, and Giammarino (2004), Zhang (2005), Cooper (2006), and Belo (2010).”