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The Stock Market and the Space Age

Published online by Cambridge University Press:  18 August 2022

Abstract

Having emerged from World War II as a permanent feature of American political and economic life, the “glamour” of research and development (R&D) would soon take hold of Wall Street. By the 1960s, shares of high-tech electronics and aerospace firms became irresistible to the flood of young men entering the securities business with the hopes of getting rich quick off capital gains. For this generation, R&D spending today came to mean earnings growth tomorrow, and in periods of financial hardship, executives under pressure to meet earnings expectations changed R&D accounting policies to boost their bottom lines. With this change, firms experiencing significant losses could maintain the appearance of profitability while reinforcing public perceptions of R&D as a magic bullet for growth. Contrary to the mythology of the “space age,” however, those intimately involved in R&D and tracking its costs insisted that expenditures so incurred failed in practice to qualify as assets. Drawing from arguments made by industrial researchers and cost accountants, this article problematizes the “R&D underinvestment” consensus that emerged in the wake of the space age and suggests dropping the R&D asset view wherever it circulates, including in academic scholarship.

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Article
Copyright
© The Author(s), 2022. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved.

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References

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Kolb, Burton A.Research, Development and Common Stock Values.” Financial Analysts Journal 18 (September–October 1962): 916.CrossRefGoogle Scholar
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Marple, R. P.Present-Day Practice in Accounting for Research and Development Costs.” NACA Bulletin 20 (March 1, 1939): 889909.Google Scholar
McFadden, James Jr.Cost Accounting for a Research Laboratory.” NACA Bulletin 32 (March 1951): 822837.Google Scholar
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Divine, Robert A. The Sputnik Challenge: Eisenhower’s Response to the Soviet Satellite. Oxford: Oxford University Press, 1993.Google Scholar
Eisenhower, Dwight D. The White House Years: Waging Peace, 1956–1961. Garden City, NY: Doubleday & Company, 1965.Google Scholar
Graham, Benjamin, Dodd, David L., and Cottle, Sidney. Security Analysis: Principles and Techniques, 4th ed. New York: McGraw-Hill, 1962.Google Scholar
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Mees, Charles E. K. The Organization of Industrial Scientific Research. New York: McGraw-Hill Book Company, 1920.Google Scholar
Newcomer, Mabel. The Big Business Executive: Factors That Made Him, 1900–1950. New York: Columbia University Press, 1955.Google Scholar
Silk, Leonard S. The Research Revolution. New York: McGraw-Hill Book Company, 1960.Google Scholar
Snead, David L. The Gaither Committee, Eisenhower, and the Cold War. Columbus: Ohio State University Press, 1999.Google Scholar
Sobel, Robert. NYSE: A History of the New York Stock Exchange, 1935–1975. New York: Weybright and Talley, 1975.Google Scholar
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Anthony, Robert N. “Some Key Questions for the Research Administrator.” Paper presented at the Fifth Annual Conference on Industrial Research, Columbia University, 1954.Google Scholar
Birmingham, John M. Jr.The Quest for Performance.” Financial Analysts Journal 22 (September–October 1966): 9394.CrossRefGoogle Scholar
Baldwin, Carliss Y., and Clark, Kim B.. “Capital-Budgeting Systems and Capabilities Investments in U.S. Companies After the Second World War.” Business History Review 68 (Spring 1994): 73109.CrossRefGoogle Scholar
Bing, Ralph A.The Appraisal of Stocks.” The Analysts Journal 14 (May 1958): 4146.Google Scholar
Babson, David L.Performance—The Last Name for Speculation?Financial Analysts Journal 23 (September-October 1967): 129132.CrossRefGoogle Scholar
Boersma, F. Kees. “Managing Between Science and Industry: An Historical Analysis of the Philips Research and Development Department’s Management.” Journal of Management History 13 (2007): 122134.CrossRefGoogle Scholar
Boffey, Philip M.Unemployment: What Nixon Is/Isn’t Doing to Help Jobless Scientists.” Science 171 (March 12, 1971): 985987.CrossRefGoogle Scholar
Bohmfalk, John F. Jr.The Growth Stock Philosophy: A Present Worth Technique for the Evaluation of Common Stocks.” Financial Analysts Journal 16 (November–December 1960): 113123.CrossRefGoogle Scholar
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Bower, Casper M.A New Economic Barometer Needed To Measure Impact of Peacetime Defense Expenditures.” The Analysts Journal 15 (November 1959): 3337.Google Scholar
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Chandler, Alfred D. “The Competitive Performance of U.S. Industrial Enterprise Since the Second World War.” Business History Review 68 (Spring 1994): 172.CrossRefGoogle Scholar
Chesbrough, Henry. “Graceful Exits and Missed Opportunities: Xerox’s Management of its Technology Spin-Off Organizations.” Business History Review 76 (Winter 2002): 803837.CrossRefGoogle Scholar
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Filter, Eunice M.Accounting Practices of Major Computer Companies.” Financial Analysts Journal 27 (May–June 1971): 4452.CrossRefGoogle Scholar
Galambos, Louis, and Amatori, Franco. “Entrepreneurial History in Motion: A Reply to R. Daniel Wadhwani’s Comment.” Enterprise & Society 21 (June 2020): 340342.CrossRefGoogle Scholar
Galambos, Louis, and Amatori, Franco. “The Entrepreneurial Multiplier Effect.” Enterprise & Society 17 (December 2016): 763808.CrossRefGoogle Scholar
Gardner, Matthew, Roque, Lorena, and Wamhoff, Steve. “Corporate Tax Avoidance in the First Year of the Trump Tax Law.” Institute on Taxation and Economic Policy (December 2019)Google Scholar
Gillette, Robert, Shapley, Deborah, and Wade, Nicholas. “1973 Budget: Administration Bets on Applied Science.” Science 175 (January 28, 1972): 389392.CrossRefGoogle Scholar
Goldman, Irwin. “Government Contracts Research and Development: Effects on Planning and Control of Corporate Research Program.” Research Management 6 (January 1963): 4762.CrossRefGoogle Scholar
Graham, Margaret B. W. “When the Corporation Almost Displaced the Entrepreneur: Rethinking the Political Economy of Research and Development.” Enterprise & Society 18 (June 2017): 245281.CrossRefGoogle Scholar
Graham, Benjamin. “Are We Too Confident About Invulnerability of Stocks?Commercial & Financial Chronicle 195 (February 1, 1962): 3, 3132.Google Scholar
Graham, Benjamin. “The Future of Financial Analysis.” Financial Analysts Journal 19 (May–June 1963): 6570.CrossRefGoogle Scholar
Graham, Benjamin. “Some Investment Aspects of Accumulation Through Equities.” Journal of Finance (May 1962): 203214.CrossRefGoogle Scholar
Hackett, James W.Proceedings of Industrial Research Institute Study Group Meetings, Number 7, Evaluation of Research.” Research Management 5 (1962): 177192.CrossRefGoogle Scholar
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Haynes, Hasbrouck. “The Distribution of Overhead Under Abnormal Conditions.” NACA Year Book and Proceedings of the Second International Cost Conference (December 1921): 207210.Google Scholar
Hazard, John W.Why Buy Growth Stocks?Changing Times 18 (February 1964): 711.Google Scholar
Henderson, Ronald H.Ruminations on Performance.” Financial Analysts Journal 25 (November–December 1969): 103104 and 121–124.CrossRefGoogle Scholar
Hodgson, Geoffrey. “What Is Capital? Economists and Sociologists Have Changed Its Meaning: Should It Be Changes Back?Cambridge Journal of Economics 38 (2014): 10631086.CrossRefGoogle Scholar
Kolb, Burton A.Research, Development and Common Stock Values.” Financial Analysts Journal 18 (September–October 1962): 916.CrossRefGoogle Scholar
Koopman, Colin. “Historicism in Pragmatism: Lessons in Historiography and Philosophy.” Metaphilosophy 41 (October 2010): 690713.CrossRefGoogle Scholar
Lipartito, Kenneth “Reassembling the Economic: New Departures in Historical Materialism.” American Historical Review 121 (February 2016): 101139.CrossRefGoogle Scholar
Marple, R. P.Present-Day Practice in Accounting for Research and Development Costs.” NACA Bulletin 20 (March 1, 1939): 889909.Google Scholar
McFadden, James Jr.Cost Accounting for a Research Laboratory.” NACA Bulletin 32 (March 1951): 822837.Google Scholar
Mennis, Edmund A.The Investment Manager of the Future.” Financial Analysts Journal 16 (March–April 1960): 2324.CrossRefGoogle Scholar
Merrifield, A. S. “The Distribution of Overhead Under Abnormal Conditions.” NACA Year Book and Proceedings of the Second International Cost Conference (December 1921): 211214.Google Scholar
Møen, Jarle, and Thorsen, Helge Sandvig. “Publication Bias in the Returns to R&D Literature.” Journal of Knowledge Economics 8 (2017): 9871013.CrossRefGoogle Scholar
Moffitt, David S.Is Own Product Research a Current Fixed Expense?NACA Bulletin 32 (June 1951): 12511254.Google Scholar
Mowery, David C.Plus ca Change: Industrial R&D in the ‘Third Industrial Revolution.’Industrial and Corporate Change 18 (2009): 150.CrossRefGoogle Scholar
NACA. “Research Report 29: Accounting for Research and Development Costs.” NACA Bulletin, Section 3, 36 (June 1955): 13741437.Google Scholar
Nelson, Richard R., and Winter, Sidney G.. “In Search of Useful Theory of Innovation.” Research Policy 6 (January 1977): 3676.CrossRefGoogle Scholar
Nevalainen, Pasi, and Yliaska, Ville. “From State-Owned Smokestacks to Post-Industrial Dreams: The Finnish Government in Business, 1970–2010.” Business History (November 2020): 130.CrossRefGoogle Scholar
Nicholas, Tom. “Did R&D Firms Used to Patent? Evidence from the First Innovation Surveys.” Journal of Economic History 71 (December 2011): 10321059.CrossRefGoogle Scholar
Norby, William C., and Stone, Frances G.. “Objectives of Financial Accounting and Reporting from the Viewpoint of the Financial Analyst.” Financial Analysts Journal 28 (July–August 1972): 3945, 76–81.CrossRefGoogle Scholar
Peale, Mundy I.Research and Development.” Financial Analysts Journal 18 (September–October 1963): 4547.CrossRefGoogle Scholar
Priest, William W. Jr.Evaluating Research and Development Expenditures.” Financial Analysts Journal 22 (July–August 1966): 4347.CrossRefGoogle Scholar
Quinn, James Brian. “A Study of the Usefulness of Research and Development Budgets.” NACA Bulletin 40 (September 1958): 7990.Google Scholar
Roehl, O. C.The Investment Analyst’s Evaluation of Industrial Research Capabilities.” Research Management 3 (Autumn 1960): 127145.CrossRefGoogle Scholar
Rutterford, Janette. “From Dividend Yield to Discounted Cash Flow: A History of UK and US Equity Valuation Techniques.” Accounting, Business & Financial History 14 (July 2004): 115149.CrossRefGoogle Scholar
Shaffer, Fred W.Research Budgeting—Different But Useful.” NAA Bulletin 44 (November 1962): 39.Google Scholar
Shapley, Deborah. “Route 128: Jobless in a Dilemma About Politics and Their Professions.” Science 172 (June 11, 1971): 116118.Google Scholar
Shapley, Deborah. “Technology Incentives: NSF Gropes for Relevance.” Science 179 (March 16, 1972): 11051107.CrossRefGoogle Scholar
Shapley, Deborah. “Thinking Big.” Science 172 (May 21, 1971): 828.CrossRefGoogle Scholar
Shepard, Norman A.Industrial Research and the Accountant.” NACA Bulletin 27 (June 1, 1946): 955966.Google Scholar
Smith, Mendon W.New Rationalizations: The Market Isn’t Pricing Growth Stocks the Way it Used To.” Financial Analysts Journal 32 (July–August 1976): 1619.CrossRefGoogle Scholar
Staff Report. “Proceedings of IRI Study Group Meetings, Number 6, Expediting the Transition from Research to Production.” Research Management 5 (January 1962): 3347.Google Scholar
Stapleford, Thomas A.Historical Epistemology and the History of Economics: Views Through the Lens of Practice.” In Research in the History of Economic Thought and Methodology , Volume 35A, edited by Fiorito, Luca, Scheall, Scott, and Suprinyak, Carlos Eduardo, 113145. Bingley, UK: Emerald Publishing, 2017.CrossRefGoogle Scholar
Tozzi, Verónica. “Dewey, Mead, John Ford, and the Writing of History: Pragmatist Contributions to Narrativism.” European Journal of Pragmatism and American Philosophy 8 (2016): 122.Google Scholar
Wadhwani, Daniel. “Gales, Streams, and Multipliers: Conceptual Metaphors and Theory Development in Business History.” Enterprise & Society 21 (June 2020): 320–39.CrossRefGoogle Scholar
Walsh, John. “Aerospace: Unemployed Scientists and Engineers Have No Place to Go.” Science 170 (December 25, 1970): 13841387.CrossRefGoogle Scholar
Walsh, John. “NSF: A Boost for Relevance.” Science 175 (January 28, 1972): 390.CrossRefGoogle Scholar
Walsh, John. “The Definition and Quantification of Assets.” M.Com. thesis, Faculty of Management, Deakin University, 1995.Google Scholar
Willians, Sarah J.Assets in Accounting: Reality Lost.” Accounting Historians Journal 30 (December 2003): 133174.CrossRefGoogle Scholar
Annual Report of the Council of Economic Advisers . Washington, DC: US Government Printing Office, 1972.Google Scholar
Committee on Interstate and Foreign Commerce. Report of the Special Study of Securities Markets, Part 1. 88th Cong., 1st Sess., Washington, DC, 1963.Google Scholar
Geunther, Gary. Research Tax Credit: Current Law and Policy Issues for the 114th Congress. Congressional Research Service Report, Washington, DC, June 18, 2016.Google Scholar
Importance of Our Investment in Science and Technology—Message From the President of the United States (H. Doc. No. 92-193). 92nd Cong., 2nd sess., Congressional Record 118, pt. 7: 86908693.Google Scholar
Logsdon, John M.Research, Innovation, and Economic Change: Policy Options for Congressional Consideration.” In Special Study on Economic Change , Vol. 3, Research and Innovation: Developing a Dynamic Nation, Joint Economic Committee, 96th Cong., 2nd Sess., 315358. Washington DC, December 29, 1980.Google Scholar
Securities and Exchange Commission. 28th Annual Report of the Securities and Exchange Commission, Fiscal Year Ended June 30, 1962. Washington DC: Government Printing Office, 1963.Google Scholar
Senate Hearings. On the Nomination of George C. Eads to be a Member of the Council of Economic Advisers, Hearing Before the Committee on Banking, Housing, and Urban Affairs, US Senate, 96th Cong., 1st Sess., April 25, 1979.Google Scholar
Air Force Magazine Google Scholar
Aviation Week Google Scholar
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