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A New Approach to the Valuation of Intangible Capital
Cummins, Jason G. - 2003
, which ignores the possibility that the value of the .rm and its investment policy are simultaneously determined. Larger …
Persistent link: https://www.econbiz.de/10012468773
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Catering Through Nominal Share Prices
Baker, Malcolm - 2008
We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuations on low-price firms, managers will maintain share prices at lower levels, and vice-versa. Using measures of time-varying catering incentives based on valuation ratios,...
Persistent link: https://www.econbiz.de/10012464885
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Does Inflation Affect Earnings Relevance? A Century-Long Analysis
Binz, Oliver; Graham, John R.; Kubic, Matthew - National Bureau of Economic Research - 2024
Financial reports present assets, liabilities, and earnings on a nominal basis (unadjusted for inflation). Using a novel dataset of nearly a century of financial reports, this paper examines whether and how inflation affects the relation between accounting earnings and stock market value, i.e.,...
Persistent link: https://www.econbiz.de/10014528402
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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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Corporate Tax Avoidance and Firm Value
Desai, Mihir A. - 2005
How do investors value managerial actions designed solely to minimize corporate tax obligations? Using a framework in which managers' tax sheltering decisions are related to their ability to divert value, this paper predicts that the effect of tax avoidance on firm value should vary...
Persistent link: https://www.econbiz.de/10012467444
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Valuing the Reload Features of Executive Stock Options
Huddart, Steven - 1999
Under Statement of Financial Accounting Standards No. 123, the grant date value of executive stock options excludes the value of any reload feature because, at the time of writing the standard in 1995, the Financial Accounting Standards Board believed it was not feasible to value a reload...
Persistent link: https://www.econbiz.de/10012471780