We investigate the relationship between research and development expenditures and the market value of European listed companies that continuously implemented R&D over the 2001-2007 period. According to the theory of efficient financial markets, investors should correctly value tangible and...

We investigate the relationship between research and development expenditures and the market value of European listed companies that continuously implemented R&D over the 2001-2007 period. According to the theory of efficient financial markets, investors should correctly value tangible and...

We examine the effect of auditor conservatism on corporate innovation. We hypothesize that because conservative auditors constrain income-increasing accounting discretion, managers may sacrifice long-term investments in innovation to boost current earnings and meet short-term performance...

The duration and magnitude of the private economic benefits obtained from firm-level R&D outlays are important to managers, investors and policy-makers. We present a modeling and estimation approach that facilitates reliable estimation of these benefits under mild a priori assumptions. Our...

The literature to date on the valuation relevance of Ramp;D investments is based primarily on (pooled and annual) cross-sectional regressions or panel data regressions with time and firm (or industry) fixed effects in which the parameters relating Ramp;D to market value are cross-sectionally...

We examine two important channels through which corporate social responsibility (CSR) affects firm value: investment efficiency and innovation. We find that firms with higher CSR performance invest more efficiently: these firms are less prone to invest in negative NPV projects (overinvestment)...

The U.S.A. has been employing using all tactics to amend the Indian Patent Act and imposing techno-trade sanctions through special/super 301 Provisions of the 1988 Omnibus Trade and Competitiveness Act and exerting influence with U.S.-related international organisations like GATT/WTO, IMF to...

We examine the effect of auditor conservatism on corporate innovation. We hypothesize that, because conservative auditors constrain income-increasing accounting discretion, managers may sacrifice long-term investments in innovation to boost current earnings and meet short-term performance...

This paper examines the extent to which the rise in U.S. market-to-book ratios over the period 1980-2000 is due to expenditures on R&D becoming more profitable versus simply becoming more prevalent. More profitable R&D increases the numerator of the market-to-book ratio, while the biased nature...

This paper develops an empirical approach using econometric techniques for panel data which aims to contribute to the reduction/elimination of the deviation between the book and market value of firms. Based on 20 of the firms with the largest number of patents granted between 1996 and 2006, the...