Intangible assets have always been part of the economic landscape. In this study we examine the impact of intangibles, both internally developed and externally acquired, on our ability to identify differences in expected stock returns. Our research does not find compelling evidence that we...

Expenditures on creation of intangible capital have increased but accounting standards have not kept pace. We investigate whether this has affected the value relevance of book value and earnings. We construct a composite measure of intangible intensity based on intangible assets capitalized on...

The current study examines how audit quality affects firms’ intangible investments. Employing a sample of 33,518 firm-year observations of US-listed firms for the period 1999-2017, our empirical findings suggest that firms’ organization capital which is considered as the primary variable of...

This study aims to investigate the impact of intellectual capital (IC) on corporate performance of IT companies listed on Borsa Istanbul for the period of 2004-2015. Value Added Intellectual Coefficient (VAIC) approach was applied to measure Intellectual Capital Efficiency (ICE). Corporate...

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-,...

In this paper, we study whether firm intangible information affects analyst behavior. We find direct evidence that when analysts make more judgment-intensive decisions, such as issuing stock recommendations, they overweight intangible information, leading to overreaction to intangible...

The extent to which financial analysts provide ‘herd' rather than ‘bold' (or anti-herd) earnings forecasts has important implications for market efficiency. Identifying any contributing factor(s) for financial analyst herding behavior can lead to policies to help reduce such harmful conduct....

In this paper, we propose a comprehensive intangible assets-related measure, I-SCORE, for the purpose of explaining the cross-sectional returns in the U.S. stock market. We apply the partial least squares method to construct I-SCORE from 15 firm characteristics. The results show that the firms...

We explore the relation between customer satisfaction and security returns. Firms with high customer satisfaction levels earn significant abnormal returns. This result is robust to variations of model specification and test methodology. Additional tests do not reveal evidence of systematic...

We explore the relation between customer satisfaction and security returns. Firms with high customer satisfaction levels earn significant abnormal returns. This result is robust to variations of model specification and test methodology. Additional tests do not reveal evidence of systematic...