The effect of R&D on future returns and earnings forecasts

被引：34

作者：

Donelson, Dain C. ^{[2
]}

Resutek, Robert J. ^{[1
]}

机构：

[1] Dartmouth Coll, Tuck Sch Business, Hanover, NH 03755 USA

[2] Univ Texas Austin, McCombs Sch Business, Austin, TX 78712 USA

来源：

REVIEW OF ACCOUNTING STUDIES | 2012年 / 17卷 / 04期

关键词：

R&D; Value/growth; Investment; Mispricing; Earnings forecasts; Analysts; STOCK; PROFITABILITY; INFORMATION; ACCRUALS; GROWTH; SIZE;

D O I：

10.1007/s11142-011-9179-y

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Prior studies attribute the future excess returns of research and development activity (R&D) firms to either compensation for increased risk or to mispricing. We suggest a third explanation and show that neither the level of R&D investment nor the change in R&D investment explains future returns. Rather, the positive future returns that prior studies attribute to R&D investment are actually due to the component of the R&D firm's realized return that is unrelated to R&D investment but present in R&D firms. Our results suggest that the excess returns of R&D firms are part of the larger value/growth anomaly. In addition, we show that while future earnings are positively associated with current R&D, errors in earnings expectations by investors and analysts are not related to R&D investment.

引用

页码：848 / 876

页数：29

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