This study investigates the lead-lag structure between the Ramp;D investments and market values in countries with different financial systems. The purpose of the study is to examine whether the leading period market values are stronger associated with Ramp;D investments in countries with...

This paper investigates the economic determinants of the Ramp;D economic asset of the firm estimated from past information of Ramp;D expenditures. The study applies the cost basis framework, earlier used for instance by Chan et al. (2001) and Chambers et al. (2001) to estimate the proportion of...