In this paper we reviewed two findings pertinent for using asset market data to make inferences about the intangible capital stock. We presented evidence familiar from the empirical finance literature that returns are heterogeneous when firms are grouped according to their ratio of market equity...

With the rapid growth of information technology (IT), intangible capital accumulated through investment in Research and Development and other expensed investment becomes an increasingly important component of productive assets. However, under the current U.S. accounting standards, most of the...