This paper investigates the value relevance of acquired intangible assets using a comprehensive hand-collected dataset for 1,647 publicly listed US-firms from 2002 to 2018. This dataset allows us to disentangle acquired intangible assets into different classes (e.g., tech-, customer-, contract-,...

Krispy Kreme Doughnuts, Inc. used a 2000 initial public offering (IPO) to embark on an active expansion and franchise reacquisition program. This case focuses on this high-visibility franchise reacquisition program and several associated and highly controversial accounting issues, and provides...

We find that acquisitions exhibit less evidence of agency problems when the target possesses more intangible assets. Acquisitions of intangibles are associated with higher announcement returns, superior post-acquisition performance, and less free cash flow, mitigating empire-building concerns....

Using a novel dataset that includes estimates of the fair value of the targets' purchased tangible and intangible assets, we demonstrate that private targets have significantly more intangible assets than do public targets. We then develop a valuation model that is based on the fair values of...