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Valuing Japanese corporations : a new perspective on Japan's stock market "bubble" of the 1980s
Arato, Hiroki; Yamada, Katsunori - 2010
Employing a new accounting data set we apply the framework of McGrattan and Prescott (2005) to the Japanese economy in order to assess if Japanese stocks were priced correctly in the period after 1980. We find that the stock market tended to undervalue the fundamental value of installed capital....
Persistent link: https://www.econbiz.de/10003981870
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Japan's Intangible Capital and Valuation of Corporations in a Neoclassical Framework
ARATO, Hiroki - 2015
This paper estimates the economic value in the 1980s and 1990s of corporate as sets in Japan,including both tangible …-data set that comprises the accounting statements of all listed, non-financial companies in Japan. We find that in 1981-86, a … period that immediately preceded Japan's so-called "bubble economy", our assessed value of corporate productiveas-sets, net …
Persistent link: https://www.econbiz.de/10013039119
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Knowledge spillovers, ICT and productivity growth
Corrado, Carol; Haskel, Jonathan; Jona-Lasinio, Cécilia - 2014
This paper looks at the channels through which intangible assets affect productivity. The econometric analysis exploits a new dataset on intangible investment (INTAN-Invest) in conjunction with EUKLEMS productivity estimates for 10 EU member states from 1998 to 2007. We find that (a) the...
Persistent link: https://www.econbiz.de/10010374120
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Complementarities in capital formation and production : tangible and intangible assets across Europe
Thum-Thysen, Anna; Voigt, Peter; Weiss, Christoph - 2021
This paper investigates capital formation with a view at various tangible and intangible assets across Europe. Using novel datasets both at macro and firm level, we estimate translog production functions to assess complementarities at different aggregation levels. At macro-level, our evidence...
Persistent link: https://www.econbiz.de/10012792301
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Intangible investment in the EU and US before and since the Great Recession and its contribution to productivity growth
Corrado, Carol; Haskel, Jonathan; Jona-Lasinio, Cécilia; … - 2016
This paper uses a new cross-country cross-industry dataset on investment in tangible and intangible assets for 18 European countries and the US. We set out a framework for measuring intangible investment and capital stocks and their effect on output, inputs and total factor productivity. The...
Persistent link: https://www.econbiz.de/10011587816
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Can investment in intangibles explain the Swedish productivity boom in the 1990s?
Edquist, Harald - 2009
After a severe crisis in the early 1990s, the Swedish economy experienced a boom in productivity growth. Economists have presented three explanations for the fast productivity growth in 1995–2004: market reforms, crisis recovery and the impact of information and communication technology (ICT)....
Persistent link: https://www.econbiz.de/10003879115
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The Efficiency Cost of Asset Taxation in the U.S. After Accounting for Intangible Assets
Dauchy, Estelle P. - 2013
This paper comprehensively calculates corporate intangible assets by industry from 1998 to 2009, and evaluates the impact of expensing intangible assets on the cost of capital, the METR, and the welfare cost of inter-asset taxation, under current law and alternative tax policy including recent...
Persistent link: https://www.econbiz.de/10013073291
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Intangible Capital and Economic Growth
Corrado, Carol A. - 2006
Published macroeconomic data traditionally exclude most intangible investment from measured GDP. This situation is beginning to change, but our estimates suggest that as much as $800 billion is still excluded from U.S. published data (as of 2003), and that this leads to the exclusion of more...
Persistent link: https://www.econbiz.de/10012732623
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An Assessment of How Well We Account for Intangibles
de Rassenfosse, Gaétan - 2016
Estimates of intangible capital stock are of prime importance for accurate measurement of productivity growth. Aggregate intangible capital stock is usually estimated using the so-called Corrado-Hulten-Sichel (CHS) new growth accounting framework. Yet this framework has not received much...
Persistent link: https://www.econbiz.de/10012987225
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Is Ireland the Most Intangible Intensive Economy in Europe? A Growth Accounting Perspective
Kostarakos, Ilias; McQuinn, Kieran; Varthalitis, Petros - 2022
Assessing the contribution of intangible investment to growth is a challenging and complex task for any country. However, it has become increasingly difficult to determine both the exact magnitude of economic performance and its composition in the case of the Irish economy. This is mainly due to...
Persistent link: https://www.econbiz.de/10013308234