Jagannathan, Ravi; Korajczyk, Robert A.; Wang, Kai - 2023
We treat expenditures that create intangible assets as investments and instead of expensing them, we add them back to … dividend discount model for equity valuation. Adjusted earnings constructed by treating expenditures that create intangible … et al. (2015) four factor model improves its performance as well. Our intangible adjusted profitability factor has …