R&D지출정보가 B/M 효과를 설명할 수 있는가?

다국어 초록 (Multilingual Abstract)

This study Postulates the book-to-market ratio reflects investor`s assessment of the future abnormal proofs of the firm. We identify and estimate the value of the major off-balance sheet investment expected to generate such abnormal profit-the R&B capital -and examine the association the between this fundamental variable and sequent stock returns. Our major findings are : (a) R&D capita is significantly associated with subsequent returns, when fundamental(book-to-market) is accounted for. (b) For firms intensive in R&D. the R&D capital subsumes the book-to-market effect. That is, for these firms the book-to-market ratio is no longer associated with subsequent returns. when the R&D capital is present in the regression. (c) The above findings are not the results of a survivorship bias. (d) The association between R&D capital and subsequent returns do appeals to be due to a risk factor associated with R&D.