研发投入强度和未来市场回报的关系外文翻译（可编辑）.docVIP

研发投入强度和未来市场回报的关系外文翻译 The relation between RD intensity and future market returns Material Source:////0. Author: Howard W. H. Chan ?Robert W. Faff Philip Gharghori ?Yew Kee Ho The Australian accounting environment provides an ideal setting for examining the impact of different accounting treatments of firms’ RD activities on their subsequent returns. Unlike US firms, which can only expense RD, Australian GAAP permits firms to either expense or capitalize their RD expenditure. We examine separately the market impact of the RD intensity of all RD active firms, ‘capitalizers’ and ‘ex