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The Value of Intangible Corporate Assets: An Empirical Study of the Components of Tobin's Q

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  • Hall, Bronwyn H.

Abstract

The relative stock market valuation of the intangible asset created by R&D; investment in U.S. manufacturing firms has fallen from rough equality with ordinary tangible assets during the 1973-1982 period to about twenty to thirty percent of ordinary capital during the 1986-1990 period. At the same time, the relative market valuation of advertising expenditure has risen to parity with R&D; spending. This finding is based on a large comprehensive panel of about 2500 U.S. industrial corporations, covering eighty to ninety percent of industrial R&D; performed by U.S. firms and is robust to industry controls, sample selection, and various specification tests. Possible explanations for the finding are discussed, but definitive answers await future research.

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Bibliographic Info

Paper provided by Department of Economics, Institute for Business and Economic Research, UC Berkeley in its series Department of Economics, Working Paper Series with number qt44x548gq.

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Date of creation: 01 Jan 1993
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Handle: RePEc:cdl:econwp:qt44x548gq

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Keywords: R&D investment; market value; Tobin's Q; intangible assets; Business; Social and Behavioral Sciences; Technology and Innovation;

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Cited by:
  1. Christopher F. Baum & Clifford F. Thies, 1996. "Q, Cash Flow and Investment: An Econometric Critique," Boston College Working Papers in Economics 332., Boston College Department of Economics.
  2. Bronwyn H. Hall & Jacques Mairesse, 1995. "Exploring the Relationship Between R&D and Productivity in French Manufacturing Firms," NBER Working Papers 3956, National Bureau of Economic Research, Inc.
  3. Blanco Callejo, M, 2007. "LA VENTA DE LA ILUSIÓN Y “LA BRUJA DE ORO”: EL EMBRUJO DE UN CÍRCULO VIRTUOSOi /," Investigaciones Europeas de Dirección y Economía de la Empresa (IEDEE), Academia Europea de Dirección y Economía de la Empresa (AEDEM), vol. 13(3), pages 33-56.
  4. Jiang, Crystal X. & Yang, Qin & Li, Sali & Wang, Yong, 2011. "The moderating effect of foreign direct investment intensity on local firms' intangible resources investment and performance implications: A case from China," Journal of International Management, Elsevier, vol. 17(4), pages 291-302.
  5. Bronwyn Hall, 1994. "R&D Tax Policy During the Eighties: Success or Failure?," NBER Working Papers 4240, National Bureau of Economic Research, Inc.

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