Chiang, C. Catherine; Mensah, Yaw M. - In: Review of Quantitative Finance and Accounting 22 (2004) 4, pp. 293-313
This paper examines the cross-sectional variability in the market valuation of R&D expenditures in the pre-packaged computer software industry. Consistent with some prior research, this paper argues that R&D spending is valued heterogeneously by the stock market, and derives hypotheses regarding...