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I.T. Investment and intangibles: evidence from banks

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Author Info

  • Alfredo Martín-Oliver

    ()
    (Banco de España)

  • Vicente Salas-Fumás

    ()
    (Universidad de zaragoza)

Abstract

This paper models the investment behaviour of a multi-asset firm with market power that accumulates valuable intangible assets to complement the IT capital. The investment model is estimated using data from Spanish banks on assets of different nature: material (branches, financial), immaterial (advertising and IT) and intangible (training of workers). The paper estimates that the representative bank spends five additional Euros per Euro invested in IT-related assets in complementary intangible assets or, equivalently, intangibles amount to approximately 10% of the economic value of the representative bank. The remaining economic value is distributed between 28% from rents attributed to market power, and 62% to the cost of market-purchased assets.

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File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/10/Fic/dt1020e.pdf
File Function: First version, June 2010
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Bibliographic Info

Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 1020.

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Length: 34 pages
Date of creation: Jun 2010
Date of revision:
Handle: RePEc:bde:wpaper:1020

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Keywords: multi-asset firm; investment; intangible assets; banks;

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Cited by:
  1. Hiroki Arato & Katsunori Yamada, 2010. "Japan's Intangible Capital and Valuation of Corporations in a Neoclassical Framework," ISER Discussion Paper 0772, Institute of Social and Economic Research, Osaka University, revised Nov 2011.

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