Accounting#39tier 1live in production

`rd capitalized value`

cadence: Dailydata: mediumlong only

Mechanism

Standard book-to-market based value factors mis-classify R&D-heavy firms as "growth" because R&D is expensed (not capitalized) under GAAP. Peters-Taylor 2017 + Eisfeldt-Kim-Papanikolaou 2020 show that adding capitalized R&D back to book equity restores the value premium for tech/biotech and reverses the apparent "value-is-dead" finding of the

Data dependencies

daily_prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
fundamentals
Quarterly fundamentals (income, balance, cash-flow) from FMP + SEC.

Expected edge

See referenced paper for original effect size; modern out-of-sample replication may be weaker.

Illustrative pattern only

NOT a backtest

Illustrative pattern only — see /app for live backtests and the actual current equity curve.

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rd capitalized value