Our goal has been to highlight the economic differences between intangible and physical capital, and how technological innovation may propagate in more distinct ways than a TFP shock. Intangible assets are those that are non-physical, but identifiable, such as a company’s proprietary technology (computer software, etc. Education/Academic qualification. However, other examples of intangible assets also include customer relationships, trade secrets and business reputation. Intangible assets are non‐monetary assets without physical or financial substance. The result is the higher cost of capital, especially for borrowers in the knowledge and technology fields with extensive intangible assets.
Technological Growth and Asset Pricing ... See also the related, intangible capital model of Ai, Croce, and Li (2010). We have discussed asset pricing implications of models with intangible capital and technological innovation. As can be deduc ed from Table 1, the research objectives of these studies mostly intended to quantify the disclosure of intangible assets through the creation of a global index regarding intellectual capital, as well as specific groups of this capital. “Knowledge assets or capital” and “intellectual assets or capital” are synonymous with the concept of “intangible assets.” All of these terms describe an idea, a quality, a “ je ne sais quoi ” that contributes real value to the bottomline. (See, for example, Campbell and Cochrane (1999) and Bansal and Yaron (2004)). 1268 The Journal of Finance R instead we refer to Cochrane (2005) for an overview. Followin g Hulte n (1979), this paper develops an intertemporal framework for measuring capital in which consumer utility maximization governs the expenditures that are current consumption versus those that are capital investment. Finally, intangible assets are often massively more valuable when combined. On the firm level, they constitute a substantial portion of market value, sometimes accounting for twice as much as tangible assets such as property, plant, and equipment. 26 Contract Intangible Assets—continued Valuation Methods 520. innovation and intangible assets have generally focused on the ‘macro-economic’ picture. 11:221-242 (Volume publication date December 2019) First published as a Review in Advance on December 3, 2019 https://doi.org/10.1146/annurev-financial-110118-123049 We discuss recent approaches to measuring intangible capital and innovation, many of which rely on the prices of financial securities. management in particular, and in disclosing information on intangible asset values for the use of stakeholders .
29 Human Capital Intangible Assets 627. 33 Goodwill 697.
They encompass a broad range of highly heterogeneous assets, including human capital, innovative products, brands, patents, software, consumer relationships, databases and distribution systems. Intangible assets drive innovation and contribute much to a firm’s and a country’s competitive edge in the knowledge economy. Leonid Kogan, Dimitris Papanikolaou, Technological Innovation, Intangible Capital, and Asset Prices, Annual Review of Financial Economics, 10.1146/annurev-financial-110118-123049, 11, ... Winston Dou, Yan Ji, Wei Wu, Equilibrium Asset Pricing with Price War Risks, SSRN Electronic Journal, 10.2139/ssrn.3309554, (2019).
We examine the asset pricing implications of a production economy whose long-term growth prospects are endoge-nously determined by innovation and R&D.
Asset Prices Business & Economics. 34 Reporting the Results of the Intangible Asset Analysis 719. Technological Innovation, Intangible Capital, and Asset Prices Annual Review of Financial Economics Vol. Regulations affecting lending, such as bank capital standards, should therefore be reviewed to take into account IP-backed lending. 31 Technology 661. 30 Licenses and Permits 643. This literature typically uses an endowment-based framework to address variation in ex-pected returns. In these models, technological innovation shocks propagate differently than standard total factor productivity shocks---and therefore have qualitatively distinct asset pricing implications. 4 - Activity 3: It is intended to assess the relevance of intangibles for equity valuation. Business ou tl ays on intangible assets are usually expensed in economic and financial accoun ts. Previous studies on intangible assets indexes. In equilibrium, R&D endogenously drives a small, persistent component in productivity which generates … Asset Pricing, Macroeconomics, Innovation, Economic Growth, Intangible Capital. Technological Innovation Business & Economics. Innovation, Growth and Asset Prices Howard Kung Lukas Schmidy April 2012z Abstract Asset prices re ect anticipations of future growth. The dark kitchen is a striking example of the power of intangible capital. , 2002; Chiesa et al. The taxation of intangibles can be seen from two traditional dimensions of tax law: (i) domestic law; and (ii) treaty (international) law. In these models, technological innovation shocks propagate differently than standard total factor productivity shocks¤mdash¤and therefore have qualitatively distinct asset pricing implications. 28 Data Processing Intangible Assets 579.
32 Engineering 679.
27 Customer Intangible Assets 537. Investment in intangible assets enables productivity gains. We discuss recent approaches to measuring intangible capital and innovation, many of which rely on the prices of financial securities.
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