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来源类型Working Paper
规范类型报告
DOI10.3386/w9581
来源IDWorking Paper 9581
The Measurement of Firm-Specific Organization Capital
Baruch Lev; Suresh Radhakrishnan
发表日期2003-03-24
出版年2003
语种英语
摘要We develop a firm-specific measure of organization capital and estimate it for a sample of approximately 250 companies. We test the validity of the organization capital measure within a widely used investment valuation model and show that our organization capital estimate contributes significantly to the explanation of market values of firms, beyond assets in place and expected abnormal earnings (growth potential). We then examine whether capital markets are efficient with respect to organization capital, namely whether stock prices fully reflect the value of this resource. We find that while investors recognize the importance of organization capital, they do not fully factor its value into equity prices. We ascribe this fault or market inefficiency to poor disclosure of information about intangible capital.
主题Financial Economics ; Other ; Accounting, Marketing, and Personnel
URLhttps://www.nber.org/papers/w9581
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/567204
推荐引用方式
GB/T 7714
Baruch Lev,Suresh Radhakrishnan. The Measurement of Firm-Specific Organization Capital. 2003.
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