R&D-Intensive Companies - A Qualitative Study of the Communication and Valuation of R&D.:

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This paper aims at investigating R&D intensive companies’ communication strategies regarding their R&D. Further, it seeks to examine the possible implication these strategies have on covering analysts’ valuation processes. By performing a case study on four Swedish R&D intensive companies, we have found two different strategies that we have chosen to call the restrictive and the open communication strategy. We have found that the different strategies are appropriate for different companies depending on industry specific factors. Further, our study shows that analysts sometimes use rather arbitrary methods and subjective judg...