Martín-Oliver, Alfredo; Salas-Fumás, Vicente - Banco de España - 2010
This paper models the investment behaviour of a multi-asset firm with market power that accumulates valuable intangible … nature: material (branches, financial), immaterial (advertising and IT) and intangible (training of workers). The paper … intangible assets or, equivalently, intangibles amount to approximately 10% of the economic value of the representative bank. The …