Two equivalent companies, A and B$,$ have the same stock price and the same amount of tangible assets. The two companies have also the same amount of R&D expenditures. For Company A$,$ R&D is at the research phase and therefore expensed, whereas for Company B$,$ R&D is at the development stage and therefore capitalized. Which of the following statements is correct?

A$.$ Under market efficiency, the P$/$B ratio of the two companies will be the same.

B$.$ The P$/$B of Company A will be lower than the P$/$B of Company B

C$.$ The P$/$E of Company A will be lower than the P$/$E of Company B

D$.$ The P$/$E valuation approach using Company B as a comparable will underestimate the intrinsic value of Company A$.$