This paper (1) describes a procedure for correctingthe deficiencies associated with the accounting rateof return, and for capitalizing the intangible assetscreated by the firm's R & D expenditures; and (2)demonstrates the superiority of the derived measure ofrate of return in a fixed effects model testing therelative influence of firm and industry effects onreturns. Both of these influences are shown to bemuch stronger than in previous empirical work.
Review of Industrial Organization – Springer Journals
Published: Oct 8, 2004
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