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An Intangibles-Adjusted Profitability Factor
Jagannathan, Ravi; Korajczyk, Robert A.; Wang, Kai - National Bureau of Economic Research - 2023
earnings when measuring the return on equity of firms while constructing the profitability factor in the Fama and French (2015 …) five factor model. The profitability factor we construct has significant alpha relative to many extant multi-factor asset …-pricing models, including the standard Fama-French five factor model. When the profitability factor in the Fama and French (2015 …
Persistent link: https://www.econbiz.de/10014247989
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Franchise Value, Tobin's Q, and Markups
Chiu, Wan-Chien; Jagannathan, Ravi; Tseng, Kevin - National Bureau of Economic Research - 2023
We decompose the difference between a firm's market value and book value into two components: reproducible intangible assets that can be created by competing firms through SG&A/R&D expenditures, and the residual denoted as franchise value which includes the value of transient-rents from...
Persistent link: https://www.econbiz.de/10013537723
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Government Guarantees and the Valuation of American Banks
Atkeson, Andrew G. - 2018
bank franchise value or profitability. In this paper we argue that banks' market-to-book ratio is the sum of two components …
Persistent link: https://www.econbiz.de/10012453014
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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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Intellectual Capital and the Firm : The Technology of Geographically Localized Knowledge Spillovers
Zucker, Lynne G. - 1994
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/10012473953
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Intellectual Capital and the Birth of U.S. Biotechnology Enterprises
Zucker, Lynne G. - 1994
We examine the relationship between the intellectual capital of scientists making frontier discoveries, the presence of great university bioscience programs, the presence of venture capital firms, other economic variables, and the founding of U.S. biotechnology enterprises during 1976-1989....
Persistent link: https://www.econbiz.de/10012474283
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Tax Neutrality and Intangible Capital
Fullerton, Don - 1987
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/10012476637
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Household Innovation, R&D, and New Measures of Intangible Capital
Sichel, Daniel - 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/10012479552
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Understanding Weak Capital Investment : the Role of Market Concentration and Intangibles
Crouzet, Nicolas - 2019
We document that the rise of factors such as software, intellectual property, brand, and innovative business processes, collectively known as "intangible capital" can explain much of the weakness in physical capital investment since 2000. Moreover, intangibles have distinct economic features...
Persistent link: https://www.econbiz.de/10012479818
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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