Add to ORKGRecent studies have found unmeasured intangible capital to be large and important. In this paper we observe that by nature intangible capital is also very different from physical capital. We find it plausible to argue that the accumulation process for intangible capital differs significantly from the process by which physical capital accumulates. We study the implications of this hypothesis for rational firm valuation and asset pricing using a two-sector general equilibrium model. Our main finding is that the properties of firm valuation and stock prices are very dependent on the assumed accumulation process for intangible capital. If one entertains the possibility that intangible investments translates into capital stochastically, we find ...
We model investment options as intangible capital in a production economy in which younger vintages ...
Corporate intangible investments are aimed at creating intangible assets such as technology, human c...
Recent empirical research motivated by the IT revolution has argued that intangible capital is an im...
Recent studies have found unmeasured intangible capital to be large and im-portant. In this paper we...
Recent studies have found unmeasured intangible capital to be large and important. In this paper we ...
This paper develops a two-sector dynamic stochastic general equilibrium model to measure intangible ...
The shift from an industrial-based economy towards a knowledge-based economy has led to a change in ...
Can an increasing importance of intangible capital explain increases in markups and profits? I use a...
We model investment options as intangible capital in a production economy in which younger vintages ...
The growing importance of strategic innovation in connection to the development of leading companies...
We model investment options as intangible capital in a production economy in which younger vintages ...
Hall (2000 and 2001) pointed out that the conventional Tobin’s Q considering only tangible assets in...
In this paper, we explore whether intangible capital (IC) can help explain idiosyncratic volatility ...
Aggregate corporate profits are highly volatile and procyclical. Most dynamic general equilibrium mo...
Accounting for the asset values by measured physical capital and other inputs arguably omits intangi...
We model investment options as intangible capital in a production economy in which younger vintages ...
Corporate intangible investments are aimed at creating intangible assets such as technology, human c...
Recent empirical research motivated by the IT revolution has argued that intangible capital is an im...
Recent studies have found unmeasured intangible capital to be large and im-portant. In this paper we...
Recent studies have found unmeasured intangible capital to be large and important. In this paper we ...
This paper develops a two-sector dynamic stochastic general equilibrium model to measure intangible ...
The shift from an industrial-based economy towards a knowledge-based economy has led to a change in ...
Can an increasing importance of intangible capital explain increases in markups and profits? I use a...
We model investment options as intangible capital in a production economy in which younger vintages ...
The growing importance of strategic innovation in connection to the development of leading companies...
We model investment options as intangible capital in a production economy in which younger vintages ...
Hall (2000 and 2001) pointed out that the conventional Tobin’s Q considering only tangible assets in...
In this paper, we explore whether intangible capital (IC) can help explain idiosyncratic volatility ...
Aggregate corporate profits are highly volatile and procyclical. Most dynamic general equilibrium mo...
Accounting for the asset values by measured physical capital and other inputs arguably omits intangi...
We model investment options as intangible capital in a production economy in which younger vintages ...
Corporate intangible investments are aimed at creating intangible assets such as technology, human c...
Recent empirical research motivated by the IT revolution has argued that intangible capital is an im...