Döttling, Robin; Ladika, Tomislav; Perotti, Enrico C. - 2016
In response to technological change, U.S. corporations have been investing more in intangible capital. This … is that the creation of intangibles is largely achieved by human capital investment and requires lower upfront outlays …. Firms can self-finance the retention of human capital by granting deferred equity compensation. Interestingly, retaining …