Lach, Saul, and Mark Schorkerman. "Dynamics of R&D and Investment in the Scientific Sector." Journal of Political Economy, August 1989.

Studies relationship between R&D investment and stock market performance for 191 science-based firms for 1973-1981 time period. Finds positive, but weak, relationship: "96% of the variance in the stock market rate of return is accounted for by factors other than those associated with movement in R&D and investment."