Corporate R&D and Stock Returns: International Evidence
研究发现研发强度越高的公司，其股票回报也越高，且这一效应在增长期权风险更可能被定价的国家更强，支持风险溢价解释而非错误定价。
Abstract Firms with higher R&D intensity subsequently experience higher stock returns in international stock markets, highlighting the role of intangible investments in international asset pricing. The R&D effect is stronger in countries where growth option risk is more likely priced, but is unrelated to country characteristics representing market sentiments and limits-of-arbitrage. Moreover, we find that R&D intensity is associated with higher future operating performance, return volatility, and default likelihood. Our evidence suggests that the cross sectional relation between R&D intensity and stock returns is more likely attributable to risk premium than to mispricing.