The value-relevance of R&D and advertising expenditures: Evidence from Korea

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Does advertising spending really work? The intermediate role of analysts in the impact of advertising on firm value (2010, background): “Echoing this, McAlister et al. (2007) suggest that advertising spending lowers systematic risk of the firm,1 although some authors show that advertising spending may have negative effects on firm profitability (Erickson and Jacobson 1992; Han and Manry 2004).”
The negative impact of R&D capitalization: A value relevance approach (2006, background): “According to Han and Manry (2004), who study a sample of Korean firms, the association between R&D expenditures and stock prices is stronger for the portion of capitalized R&D expenditures.”
Exploring the impact of advertising and R&D expenditures on corporate brand value and firm-level financial performance (2010, background): “Han and Manry (2004) studied the contemporaneous relationship between stock price and research and development expenditures (both capitalized and expensed) and advertising expenditures for a sample of Korean firms.”