Golec, Joseph; Gupta, Neeraj J. - In: The Quarterly Review of Economics and Finance 54 (2014) 4, pp. 513-520
This paper develops a simple model of investment by service firms in intangible customer assets, and tests whether the model identifies some critical drivers of firms’ stock returns. Similar to firms with significant research and development (R&D) expenditures, we argue that firms in...