| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25960 |
| 来源ID | Working Paper 25960 |
| Measuring Intangible Capital with Market Prices | |
| Michael Ewens; Ryan H. Peters; Sean Wang | |
| 发表日期 | 2019-06-17 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | Financial Economics ; Corporate Finance ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w25960 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583634 |
| 推荐引用方式 GB/T 7714 | Michael Ewens,Ryan H. Peters,Sean Wang. Measuring Intangible Capital with Market Prices. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25960.pdf（1077KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
