The general positive association between investment opportunities and firm market value has been well-documented by prior cross-industry studies. Differently, this study empirically investigates how the market pricing of investment opportunities is conditional upon the perceived firm ability to...

We propose a model that starts from the premise that intangible capital needs to be stored on some medium --- software, patents, essential employees --- before it can be utilized in production. Storage implies that intangible capital may be partially non-rival within the firm, leading to scale...