Firm size, sector and market valuation of R&D expenditures
Shah, S. Z. A., Stark, A. W., & Akbar, S. (2008). Firm size, sector and market valuation of R&D expenditures. Applied financial economics letters, 4(2), 87-91. https://doi.org/10.1080/17446540701537756
Significant market value effects of RD are found for UK firms of all sizes. Sector-based analyses indicate large, positive and statistically significant influences of RD on market values of UK firms in both manufacturing and nonmanufacturing sectors.