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The aim of this study is to investigate value relevance of R&D spending -as one of the intangible assets investments- for manufacturing enterprises in Turkey. A linear panel regression model based on the Ohlson (1995) valuation model has been estimated with the data of 45 enterprises that have made continuous profits between 2014-2018 and traded on the stock exchange in this five-year period. Findings from each of the models established for two, four and six-month lag prices as dependent variables, for the period 2014-2018 show that; R&D spending information has been positively valued by the market. The effect of R&D spending information on the price appeared at some point in the first two months after December 31; and between February, April and the last days of June, the point of greatest impact was the price at the last day of April. The fact that the coefficient of the firm size, which is the control variable in the established models, is positive indicates that as the businesses grows the value increasing effect of the firm size increases. [ABSTRACT FROM AUTHOR]