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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/10012868198
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Sticking it Out : Entrepreneurial Survival and Liquidity Constraints
Holtz-Eakin, Douglas; Joulfaian, David; Rosen, Harvey S. - 2021
This paper analyzes the role of liquidity constraints in the formation of new entrepreneurial enterprises. The basic empirical strategy is to determine whether an individual's wealth affects the probability of becoming an entrepreneur, and the conditional amounts of depreciable assets, ceteris...
Persistent link: https://www.econbiz.de/10013233450
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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/10012909517
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Household Innovation, R&D, and New Measures of Intangible Capital
Sichel, Daniel E. - 2019
Household R&D (or household innovation) is an important source of innovation that has to date been largely overlooked 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...
Persistent link: https://www.econbiz.de/10012891341
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The Measurement of Firm-Specific Organization Capital
Lev, Baruch - 2010
We develop a firm-specific measure of organization capital and estimate it for a sample of approximately 250 companies. We test the validity of the organization capital measure within a widely used investment valuation model and show that our organization capital estimate contributes...
Persistent link: https://www.econbiz.de/10012762839
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Sweat Equity in U.S. Private Business
Bhandari, Anmol - 2018
We develop a theory of sweat equity—the value of business owners' time and expenses to build customer bases, client … lists, and other intangible assets. We discipline the theory using data from U.S. national accounts, business censuses, and … owners or standard measures of business total factor productivity (TFP). We use our theory to show that abstracting from …
Persistent link: https://www.econbiz.de/10012921516
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A New Approach to the Valuation of Intangible Capital
Cummins, Jason G. - 2012
In this paper, I argue that intangible capital is not a distinct input to production like physical capital or labor but rather it is the glue that creates value from other inputs. This perspective naturally leads to an empirical model in which intangible capital is defined in terms of adjustment...
Persistent link: https://www.econbiz.de/10013102059
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Tax Neutrality and Intangible Capital
Fullerton, Don - 2010
Many studies measure capital stocks and effective tax rates for different industries, but they consider only tangible assets such as equipment, structures, inventories, and land. Some of these studies also have estimated that the welfare cost of tax differences among these assets under prior law...
Persistent link: https://www.econbiz.de/10012760243
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Intellectual Capital and the Firm : The Technology of Geographically Localized Knowledge Spillovers
Zucker, Lynne G.; Darby, Michael R.; Armstrong, Jeff S. - 2021
We examine the effects of university-based star scientists on three measures of performance for California biotechnology enterprises: the number of products in development, the number of products on the market, and changes in employment. The `star' concept which Zucker, Darby, and Brewer (1994)...
Persistent link: https://www.econbiz.de/10013220403
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Intangible Value
Eisfeldt, Andrea L.; Kim, Edward; Papanikolaou, Dimitris - 2022
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...
Persistent link: https://www.econbiz.de/10013289315