| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28056 |
| 来源ID | Working Paper 28056 |
| Intangible Value | |
| Andrea L. Eisfeldt; Edward Kim; Dimitris Papanikolaou | |
| 发表日期 | 2020-11-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Intangible assets are absent from traditional measures of firm value despite their growing importance in firms' capital stocks. We propose a simple improvement to the classic Fama and French (1992, 1993) value factor that incorporates intangibles and addresses differences in accounting practices across industries. Our intangible value factor prices assets as well as or better than the traditional value factor but yields substantially higher returns. This outperformance holds over the entire sample period, including in more recent decades during which value has underperformed. We show that the intangible value factor sorts more effectively within industries on productivity, profitability, financial soundness, and on other valuation ratios such as price-to-earnings. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w28056 |
| 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/585729 |
| 推荐引用方式 GB/T 7714 | Andrea L. Eisfeldt,Edward Kim,Dimitris Papanikolaou. Intangible Value. 2020. |
| 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 | ||
| w28056.pdf（975KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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