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Rents and Intangible Capital : A Q+ Framework
Crouzet, Nicolas; Eberly, Janice C. - National Bureau of Economic Research - 2021
In recent years, US investment has been lackluster, despite rising valuations. Key explanations include growing rents … -- reflected in average Q -- and investment -- reflected in marginal q -- can be decomposed into three terms: the value of …
Persistent link: https://www.econbiz.de/10012599278
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Understanding Weak Capital Investment : the Role of Market Concentration and Intangibles
Crouzet, Nicolas - 2019
, collectively known as "intangible capital" can explain much of the weakness in physical capital investment since 2000. Moreover …
Persistent link: https://www.econbiz.de/10012479818
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The Productivity J-Curve : How Intangibles Complement General Purpose Technologies
Brynjolfsson, Erik - 2018
General purpose technologies (GPTs) such as AI enable and require significant complementary investments, including co-invention of new processes, products, business models and human capital. These complementary investments are often intangible and poorly measured in the national accounts, even...
Persistent link: https://www.econbiz.de/10012480800
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Intangible Investment and Firm Performance
Chappell, Nathan - 2018
investment and firm performance. We find that firm size and moderate competition is associated with higher intangible investment …, while firm age is associated with lower intangible investment. Examining firm performance, we find that higher investment is … not with higher productivity or profitability. The evidence suggests that intangible investment is associated with growth …
Persistent link: https://www.econbiz.de/10012453351
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A Model of Intangible Capital
Crouzet, Nicolas; Eberly, Janice C.; Eisfeldt, Andrea L.; … - National Bureau of Economic Research - 2022
, scope, and investment decisions, and we outline their connection to recent macroeconomic and financial trends in the US …
Persistent link: https://www.econbiz.de/10013362030
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Innovation and Market Value
Hall, Bronwyn H. - 1999
Recent research on financial market valuation of the knowledge assets of publicly traded firms is surveyed. The motivation for using a market value equation to price knowledge assets is discussed and the theory behind this equation is briefly presented. Then the empirical literature that relates...
Persistent link: https://www.econbiz.de/10012471824
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Household Innovation, R&D, and New Measures of Intangible Capital
Sichel, Daniel - 2019
in research related to national accounts. Indeed, it is not currently counted as investment in the literatures on … household production and human capital. This paper develops time series estimates of nominal investment, real investment, and … household product R&D is significant. Our estimate of real investment in 2017 is $41 billion (2012 dollars). This is about half …
Persistent link: https://www.econbiz.de/10012479552
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Measuring Intangible Capital with Market Prices
Ewens, Michael - 2019
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...
Persistent link: https://www.econbiz.de/10012479910
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Factor Incomes in Global Value Chains : The Role of Intangibles
Chen, Wen - 2018
Recent studies document a decline in the share of labour and a simultaneous increase in the share of residual ('factorless') income in national GDP. We argue the need for study of factor incomes in cross-border production to complement country studies. We define a GVC production function that...
Persistent link: https://www.econbiz.de/10012480893
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Intangible Value
Eisfeldt, Andrea L. - 2020
Intangible assets are absent from traditional measures of value, despite their very large (and growing) importance in firms' capital stocks. As a result, the fundamental anchor for value that uses book assets is mismeasured. We propose a simple improvement to the classic value factor (HML^FF)...
Persistent link: https://www.econbiz.de/10012482275