Studies also find that investors perceive
research and development and advertising expenditures and bank core deposits as assets of
the firm (e.g., Abdel-khalik 1975; Hirschey and Weygandt 1985; Bublitz and Ettrcdgc 1989;
Landsrnan and Shapiro 1995; Barth ct al. 1996: Ecchcr ct al. 1996; Lev and Sougiannis
1996; Healy et. al. 1997; Joos 2000]. Barth and McNicho1s (1994) and Hughes (2000) find
that unbooked environmental liabilities are also priced.