Market Valuation of Successful versus Non‐successful R&D Efforts in the Pharmaceutical Industry
研究制药行业成功研发努力的非财务指标与研发支出的关系，发现市场更看重成功企业的研发支出，而不成功企业的研发支出则不被市场认可。
Abstract: This paper examines the relationship between a non‐financial measure of successful research and development (R&D) efforts in the pharmaceutical industry and R&D expenditures. I hypothesize that the R&D of successful producers will be valued more by the market than the R&D of non‐successful producers. The regression results support the hypothesis. In the primary model, R&D is not associated with price; however, the coefficient on the interaction between R&D and successful developers is positively related to stock price. This implies that the market values the R&D expenditures of successful developers but not the expenditures of less‐successful developers.