Can We See the Intangibles? Valuation of Intangible Assets for Publicly Traded Hotel Firms in the United States.

This study provides value estimates for intangible assets of publicly traded hotel firms in the USA. When evaluating a firm\u27s tangible and intangible assets, tests of model usefulness reveal that it is meaningful to decompose adjusted income (AI) into adjusted income derived from intangible assets (AII) and adjusted income derived from tangible assets (AIT). Specifically, a significant difference exists for contributions from AII and AIT to a firm\u27s market value of equity. Further, decomposing AI into AIT and AII releases incremental information to the market. The procedures employed use publicly available information and are easily replicable