Chan, Louis K.C.; Lakonishok, Josef; Sougiannis, Theodore - National Bureau of Economic Research (NBER) - 1999
We examine whether stock prices fully reflect the value of firms' intangible assets, focusing on research and development (R&D). Since intangible assets are not reported on financial statements under current U.S. accounting standards and R&D spending is expensed, the valuation problem may be...