Earnings Expectations and Discretionary Research and Development Spending.
研究了研发支出与盈利预期之间的关系，发现当实际盈利偏离分析师预测时，研发支出会相应调整，且这种关系近似线性。
Abstract This study examines the relationship between expenditures for research and development (R&D) and earnings expectations. We examine changes in research and development expenditures when earnings vary from analysts' predictions and find evidence of a direct relation between the variables. Moreover, after controlling for financial conditions and investment opportunities, we find the relationship between unexpected R&D spending and unexpected earnings appears to be approximately linear over unexpected earnings values. To the extent that managers focus on short-run earnings, R&D spending may be negatively impacted when earnings fall short of analysts' expectations.