The purpose of this paper is to provide additional research on the market valuation of R%D in Europe, and also to shed light on some firm and country characteristics which sensibly modulate the effect of R%D on firms' value. The analysis is performed using a panel regression approach with fixed...

We investigate the relationship between research and development expenditures and the market value of European listed companies that continuously implemented R&D over the 2001-2007 period. According to the theory of efficient financial markets, investors should correctly value tangible and...