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Measuring Intangible Capital with Market Prices / Michael Ewens, Ryan H. Peters, Sean Wang.
- Format:
- Book
- Author/Creator:
- Ewens, Michael.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w25960.
- NBER working paper series no. w25960
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2019.
- Summary:
- Existing standards prohibit disclosures of internally created intangible capital to firm balance sheets, resulting in a downward bias of reported assets. To characterize off-balance sheet intangible assets, we use transaction prices to estimate this missing intangible capital. On average, our new measure of intangible capital is 10% smaller than prior estimates, while varying more by industry. These estimates better explain market values, increase HML portfolio returns, act as a better proxy for human capital and brand rankings, and exhibit a strong association with patent values.
- Notes:
- Print version record
- June 2019.
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