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Measuring Intangible Investment

  • L. C. Hunter

    ()

    (School of Business and Management, University of Glasgow)

  • Elizabeth Webster

    ()

    (Centre for Microeconometrics, Melbourne Institute of Applied Economic and Social Research, and Intellectual Property Research Institute of Australia, The University of Melbourne)

  • Anne Wyatt

    ()

    (Department of Accounting, University of Adelaide)

Recent years have seen a growth in the literature on a variety of aspects of intangible investment, the complement of the more familiar investment in tangible assets such as buildings, plant, and equipment. For economic and business analysts this change in emphasis necessitates the selection of a meaningful metric for intangible investment and the firm’s total capital stock of tangible and intangible assets, which is not provided by conventional accounting systems. This gives rise to a deficiency of information for two principal audiences: shareholders and external stakeholders in the firm and the internal management of the firm. Information to know and understand the level of returns to past investments; and to form expectations about future investments, their returns, and risk profiles is accordingly missing. This paper builds on recent studies focusing on this problem to (1) characterize the nature and implications of the information deficiency; and (2) develop an intangible metric that illustrates what can be achieved with suitable accounting data.

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File URL: http://www.melbourneinstitute.com/downloads/working_paper_series/wp2005n15.pdf
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Paper provided by Melbourne Institute of Applied Economic and Social Research, The University of Melbourne in its series Melbourne Institute Working Paper Series with number wp2005n15.

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Length: 45 pages
Date of creation: Oct 2005
Date of revision:
Handle: RePEc:iae:iaewps:wp2005n15
Contact details of provider: Postal: Melbourne Institute of Applied Economic and Social Research, The University of Melbourne, Victoria 3010 Australia
Phone: +61 3 8344 2100
Fax: +61 3 8344 2111
Web page: http://www.melbourneinstitute.com/
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  1. Stefano Brusoni & Orietta Marsili & Ammon Salter, 2002. "The role of codified sources of knowledge in innovation: empirical evidence from Dutch manufacturing," SPRU Working Paper Series 80, SPRU - Science and Technology Policy Research, University of Sussex.
  2. Maskell, Peter & Malmberg, Anders, 1999. "Localised Learning and Industrial Competitiveness," Cambridge Journal of Economics, Oxford University Press, vol. 23(2), pages 167-85, March.
  3. Laurie Hunter, 2002. "Intellectual Capital: Accumulation and Appropriation," Melbourne Institute Working Paper Series wp2002n22, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  4. Jaffe, Adam B, 1986. "Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits, and Market Value," American Economic Review, American Economic Association, vol. 76(5), pages 984-1001, December.
  5. Dechow, Patricia M. & Sloan, Richard G., 1991. "Executive incentives and the horizon problem : An empirical investigation," Journal of Accounting and Economics, Elsevier, vol. 14(1), pages 51-89, March.
  6. Ittner, Christopher D. & Larcker, David F., 2001. "Assessing empirical research in managerial accounting: a value-based management perspective," Journal of Accounting and Economics, Elsevier, vol. 32(1-3), pages 349-410, December.
  7. Bouwens, Jan & Abernethy, Margaret A., 2000. "The consequences of customization on management accounting system design," Accounting, Organizations and Society, Elsevier, vol. 25(3), pages 221-241, April.
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