Emerging markets are characterized by rapidly changing capital structures and advancing technology; but how well is intangible capital recognized in the capital market? This paper investigates equity market valuation of firm intangible capital and asset pricing model in the Chinese A-share...

China restructured its state assets management system through the establishment of the State-owned Assets Supervision and Administration Commission (SASAC) in 2003. In consequence, de facto ownership rights to local state-owned enterprises (lo-cal SOEs) were granted to local governments. Chinese...