TAILIEUCHUNG - The Stock Market Valuation Of Research And Development Expenditures

Commercial existence shows that there exists extensive ―dependence and solidarity‖ to varying degrees between all speculative business. It must be remembered that speculation dominates the entire economic system since it underlies and drives work, lending and trade. Every rise or fall of asset values consequently affects the entire economic system (stock market, banks, companies, society) since all economic transactions are interconnected. For Proudhon, the economic social system attains its peak of perfection when labour, capital, trade and speculation are shared fairly between all citizens; on the contrary, it is sub-optimal when these activities are appropriated by particular classes that then. | THE JOURNAL OF FINANCE VOL. LVI NO. 6 DEC. 2001 The Stock Market Valuation of Research and Development Expenditures LOUIS K. C. CHAN JOSEF LAKONISHOK and THEODORE SOUGIANNIS ABSTRACT We examine whether stock prices fully value firms intangible assets specifically research and development R D . Under current . accounting standards financial statements do not report intangible assets and R D spending is expensed. Nonetheless the average historical stock returns of firms doing R D matches the returns of firms without R D. However the market is apparently too pessimistic about beaten-down R D-intensive technology stocks prospects. Companies with high R D to equity market value which tend to have poor past returns earn large excess returns. A similar relation exists between advertising and stock returns. R D intensity is positively associated with return volatility. The market value of a firm s shares ultimately reflects the value of all its net assets. When most of the assets are physical such as plant and equipment the link between asset values and stock prices is relatively apparent. In modern economies however a large part of a f irm s value may ref lect its intangible assets such as brand names. Under generally accepted . accounting principles many types of intangible assets are not reported in firms financial statements. When a firm has large amounts of such intangibles the lack of accounting information generally complicates the task of equity valuation. One type of intangible asset business research and development R D activity has lately been the subject of much attention. In part the interest ref lects recent widespread technological change together with the dazzling growth of science- and knowledge-based industries which are especially active in R D. For example at year-end 1999 the technology sector and the pharmaceuticals industry together account for roughly 40 percent of the value Chan is from the University of Illinois at Urbana-Champaign .

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