We investigate the information benefits from R&D capitalization by focusing on the role of financial analysts in mitigating information asymmetry. Using a large sample of Korean firms, we find a positive association between analyst coverage and the market valuation of expensed R&D indicating that an analyst's activities can help investors to understand the implications of R&D investments. In contrast, analyst coverage does not significantly improve the valuation of capitalized R&D, suggesting that capitalization itself mitigates information asymmetry between firms and investors. We also find that our results are relevant only for firms with fewer alternative sources of information and firms unaffiliated with business groups.

中文翻译：

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资本化与支出研发的分析师覆盖范围和市场估值*

我们通过关注金融分析师在缓解信息不对称方面的作用来研究研发资本化带来的信息收益。使用大量韩国公司样本，我们发现分析师覆盖面与研发费用市场估值之间存在正相关关系，表明分析师的活动可以帮助投资者了解研发投资的影响。相比之下，分析师的报道并没有显着提高资本化研发的估值，这表明资本化本身缓解了公司和投资者之间的信息不对称。我们还发现，我们的结果仅与替代信息来源较少的公司和与商业团体无关的公司相关。