BackgroundThe Financial Standard Accounting Board (FASB) is concerned the deterioration of utility of the financial information. For this reason, FASB opened a process of consultations and deliberations with object of including it in its calendar: it was obvious the importance of the investments on innovation, but the generally accepted accounting principles in USA (US GAAP) didn’t allow their recognition like asset. So, our question is, with independence of accounting treatment for R&D, do the investors consider them important? AimsThis paper aims to examine the value-relevance of R&D expenditures, using a regression model based on the Ohlson equity-valuation framework. We contribute evidence about the direction that the international standards should follow. Instrument and SampleThe instrument consists in different specifications of a valuation model, in other words, of Ohlson Model (1995). The sample is composed by U.S listed firms automotive over a 10-year period (1995-2004). Results and ConclusionsOur findings show the association between current and the lagged R&D expenditure and stock price is negative and significant. These findings indicate that the investors consider that current R&D is an expense and is not an asset.