Evidence of mispricing for South African listed R&D firms contributed by accounting conservatism
作者: Tai-Lin G. ChenKutlwano K. K. M. Ramaboa
刊名: Intangible Capital, 2017, Vol.13 (2), pp.411-429
来源数据库: Omnia Publisher SL
DOI: 10.3926/ic.880
原始语种摘要: Purpose: The purpose of this research is to investigate the impact of capitalization of research and development on the valuation of equities for listed firms in South Africa.(#br)Design/methodology/approach: 15 years of financial data (2000 to 2014) was collected, and portfolios with similar price-to-book and market size ratios were formed to find any evidence of any post-investment excess returns and the association to the level of research and development investment. Portfolios were re-formed and annually ranked by their research and development intensity relative to sales. In addition, we looked at the changes in excess returns after adjusting the book value as a result of capitalizing R&D expenditure, to see if the distortion imposed by expensing R&D contributed to the...
全文获取路径: Omnia出版社  (合作)
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关键词翻译
关键词翻译
  •  支出
  • accounting 会计
  • listed 坏布边
  • conservatism 保守主义
  • returns 返回粉末
  • stocks 足枷
  • development 开发
  • capitalization 以大写字母开头
  • valuation 评价
  • expenditure 支出
  • research 支出