Intangible Assets

by Hand, John; Lev, Baruch

• ISBN13: 9780199256938
• ISBN10: 0199256934
• Format: Hardcover
• Copyright: 2003-04-10
• Publisher: Oxford University Press

Summary

Wealth and growth in today's economies are driven primarily by intangible assets. Physical and financial assets are rapidly becoming commodities, yielding at best a competitive return on investment. Abnormal profits, dominant market position and even temporary monopolies are most effectively achieved by the sound deployment of intangible assets. The aim of this book is to bring together the best research and thinking in this exciting and rapidly emerging area.

Table of Contents

List of Contributors	xv
Introduction and Overview	1	(18)
John R. M. Hand
Baruch Lev
I. INTANGIBLES IN THE MODERN ECONOMY
A Trillion Dollars a Year in Intangible Investment and the New Economy	19	(29)
Leonard Nakamura
The Information Economy	48	(15)
Carl Shapiro
Hal R. Varian
The Soft Revolution: Achieving Growth by Managing Intangibles	63	(32)
Paul Romer
The Stock Market and Investment in the New Economy: Some Tangible Facts and Intangible Fictions	95	(28)
Stephen R. Bond
Jason G. Cummins
II. THE IMPACT OF SPECIFIC INTANGIBLES ON FIRM PERFORMANCE AND MARKET VALUE
The Capitalization, Amortization, and Value-relevance of R&D	123	(30)
Baruch Lev
Theodore Sougiannis
Brand Values and Capital Market Valuation	153	(32)
Mary E. Barth
Michael B. Clement
George Foster
Ron Kasznik
Intellectual Human Capital and the Birth of US Biotechnology Enterprises	185	(22)
Lynne G. Zucker
Michael R. Darby
Marilynn B. Brewer
Science and Technology as Predictors of Stock Performance	207	(21)
Zhen Deng
Baruch Lev
Francis Narin
The Value Relevance of Trademarks	228	(20)
Chandrakanth Seethamraju
Profits, Losses, and the Nonlinear Pricing of Internet Stocks	248	(21)
John R. M. Hand
Why Firms Diversify: Internalization vs Agency Behaviour	269	(34)
Randall Morck
Bernard Yeung
The Increasing Returns-to-Scale of Intangibles	303	(32)
John R. M. Hand
III. THE ADVERSE CONSEQUENCES OF THE INFORMATIONAL DEFICIENCIES OF INTANGIBLES
Off-Balance Sheet R&D Assets and Market Liquidity	335	(31)
Jeff P. Boone
K. K. Raman
Information Asymmetry, R&D, and Insider Gains	366	(21)
David Aboody
Baruch Lev
The Stock Market Valuation of Research and Development Expenditures	387	(28)
Louis K. C. Chan
Josef Lakonishok
Theodore Sougiannis
Why Does Fixation Persist? Experimental Evidence on the Judgement Performance Effects of Expensing Intangibles	415	(36)
Joan L. Luft
Michael D. Shields
IV. THE NEED FOR SOLUTIONS
The Growing Intangibles Reporting Discrepancy	451	(18)
Margaret Blair
Steven Wallman
Challenges from the New Economy for Business and Financial Reporting	469	(18)
Wayne S. Upton, Jr
The Boundaries of Financial Reporting and How to Extend Them	487	(24)
Baruch Lev
Paul Zarowin
What Then Must We Do?	511	(14)
Baruch Lev
Index	525