The Stock Market Valuation of R&D Information in Biotech Firms

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The Transition to IFRS and the Value Relevance of Financial Statements in Greece (2012, background): “weighted least squares (WLS), where the deflator is the market value of equity (cf. Dechow et al., 1999; Xu et al., 2007).”
Intellectual capital disclosure, cost of finance and firm value (2009, background): “From an internal perspective, Xu et al. (2007) find that biotech firms with more extensive drug development portfolios have enhanced revenue opportunities and, consequently, higher stock market valuations.”
Do Investors Value a Firm’s Commitment to Social Activities? (2013, unknown): “Certain studies on intangible assets (Lichtenberg and Siegel 1991; Amir and Lev 1996; Lev and Sarowin 1999; Demers and Lev 2001; Trueman et al. 2000; Xu et al. 2007) suggest that traditional financial reports do not reflect a firm’s value in today’s high-tech environment.”
Corporate Social Reporting in European Banks: The Effects on a Firm's Market Value (2012, background): “However, the growing gap between the market value of companies’ shares and their book value has prompted many researchers to explore the value relevance of non‐financial information (Barth and McNichols, 1994; Amir and Lev, 1996; Lev and Sougiannis, 1996; Hughes, 2000; Hirschey et al., 2001; Lapoint”