The information environment of the firm and the market valuation of R&D
研究了企业信息环境（如分析师覆盖、盈利预测准确性）如何影响其研发资本的市场估值，发现更好的信息环境与更高的研发估值相关。
Abstract We examine whether firms’ information environment influences the market valuation of their hard‐to‐value knowledge assets: R&D capital. We find that a better information environment, as measured by greater analyst coverage, lower earnings forecast dispersion, and greater earnings forecasting accuracy, is associated with higher stock market valuation of firms’ R&D capital. We conduct additional analyses to rule out alternative explanations and test for the direction of causality. Our causal evidence suggests that analysts significantly reduce the information uncertainty surrounding firms’ R&D capital.