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JOURNALOF
Accounting
Economids
ELSEVIER Journal of Accounting and Economics 21 (1996) 107-138
The capitalization, amortization, and
value-relevance of RD
Baruch Lev*, Theodore Sougiannis b
Haas School of Business and Boalt School of Law, University of California, Berkeley, CA 94720, USA
bDepartment of Accountancy, University of Illinois, Champaiffn, IL 61820, USA
(Received March 1993; final version received April 1995)
Abstract
G A A P mandates the full expensing of R D in financial statements, presumably
because of concerns with the reliability, objectivity, and value-relevance of R D capital-
ization. To address these concerns, we estimate the R D capital of a large sample of
public companies and find these estimates to be statistically reliable and economically
meaningful. We then adjust the reported earnings and book values of sample firms for the
R D capitalization and find that such adjustments are value-relevant to investors.
Finally, we document a significant intertemporal association between firms R D capital
and subsequent stock returns, suggesting either a systematic mispricing of the shares of
RD-intensive companies, or a compensation for
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