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In today's ultra-competitive global economy, intangibles are increasingly taking centre stage in firms' business strategies and investors' valuations. Physical and financial assets are becoming commodities, yielding at best a competitive return on investment. In their place, intangible assets such as patents, brands, unique business processes, breakthrough scientific discoveries, and strategic alliances are what firms are using to create dominant market positions,
control risk, generate abnormal profits, and achieve growth and wealth. The dramatic rise and fall of high-technology company valuations over the past five years has brought the
unusual economic characteristics of intangible assets into the public arena. The concurrent advantages and vulnerabilities of intangible-intensive companies has highlighted the importance of having an in-depth understanding of the economics of intangibles and developing tools to better manage and evaluate them.This Reader provides that understanding by bringing together the best research and advocacy on intangibles. The chapters provide a comprehensive tableau of both
rigorous perspectives and empirical evidence about intangible assets by scholars and policy makers in accounting, economics, finance, and information technology. As such, the Reader both informs and sets a
solid foundation for the next generation of challenging questions that need to be addressed.The Reader has four sections: Section I explains why intangibles have become so important in the modern economy. Section II investigates the impact of specific kinds of intangibles on firm performance and equity market values. Section III documents the severe adverse effects of the informational deficiencies that are created by the accounting and financial reporting rules that
govern intangibles. Finally, the chapters in Section IV call for improved disclosure and measurement of intangibles in financial statements, and make concrete suggestions for what such solutions should look
like.
In today's ultra-competitive global economy, intangibles are increasingly taking centre stage in firms' business strategies and investors' valuations. Physical and financial assets are becoming commodities, yielding at best a competitive return on investment. In their place, intangible assets such as patents, brands, unique business processes, breakthrough scientific discoveries, and strategic alliances are what firms are using to create dominant market positions,
control risk, generate abnormal profits, and achieve growth and wealth. The dramatic rise and fall of high-technology company valuations over the past five years has brought the
unusual economic characteristics of intangible assets into the public arena. The concurrent advantages and vulnerabilities of intangible-intensive companies has highlighted the importance of having an in-depth understanding of the economics of intangibles and developing tools to better manage and evaluate them.This Reader provides that understanding by bringing together the best research and advocacy on intangibles. The chapters provide a comprehensive tableau of both
rigorous perspectives and empirical evidence about intangible assets by scholars and policy makers in accounting, economics, finance, and information technology. As such, the Reader both informs and sets a
solid foundation for the next generation of challenging questions that need to be addressed.The Reader has four sections: Section I explains why intangibles have become so important in the modern economy. Section II investigates the impact of specific kinds of intangibles on firm performance and equity market values. Section III documents the severe adverse effects of the informational deficiencies that are created by the accounting and financial reporting rules that
govern intangibles. Finally, the chapters in Section IV call for improved disclosure and measurement of intangibles in financial statements, and make concrete suggestions for what such solutions should look
like.
John R. M. Hand and Baruch Lev: Introduction and Overview
Part I: Intangibles in the Modern Economy
1: Leonard Nakamura: A Trillion Dollars a Year in Intangible
Investment and the New Economy
2: Carl Shapiro and Hal Varian: The Information Economy
3: Paul Romer: The Soft Revolution: Achieving Growth by Managing
Intangibles
4: Stephen Bond and Jason Cummins: The Stock Market and Investment
in the New Economy: Some Tangible Facts and Intangible Fictions
Part II: The Impact of Specific Intangibles on Firm Performance and
Market Value
5: Baruch Lev and Theodore Sougiannis: The Capitalization,
Amortization and Value-Relevance of R&D
6: Mary E. Barth, Michael B. Clement, George Foster and Ron
Kasznik: Brand Values and Capital Market Valuation
7: Lynne G. Zucker, Michael R. Darby and Marilynn B. Brewer:
Intellectual Human Capital and the Birth of US Biotechnology
Enterprises
8: Zhen Deng, Baruch Lev and Francis Narin: Science and Technology
as Predictors of Stock Performance
9: Chandra Seethamraju: The Value Relevance of Trademarks
10: John R. M. Hand: Profits, Losses and the Non-linear Pricing of
Internet Stocks
11: Randall Morck and Bernard Yeung: Why Firms Diversify:
Internalization vs. Agency Behavior
12: John R. M. Hand: The Increasing Returns-to-Scale of
Intangibles
Part III: The Adverse Consequences of the Informational
Deficiencies of Intangibles
13: Jeff Boone and K. K. Raman: Off-Balance Sheet R&D Assets
and Market Liquidity
14: David Aboody and Baruch Lev: Information Asymmetry, R&D and
Insider Gains
15: Louis K. C. Chan, Josef Lakonishok and Theodore Sougiannis: The
Stock Market Valuation of Research and Development Expenditures
16: Joan Luft and Michael Sheilds: Why Does Fixation Persist?
Experimental Evidence on the Judgment Performance Effects of
Expensing Intangibles
Part IV: The Need for Solutions
17: Margaret Blair and Steven Wallman: The Growing Intangibles
Reporting Discrepancy
18: Wayne Upton, Jr.: Challenges from the New Economy for Business
and Financial Reporting
19: Baruch Lev and Paul Zarowin: The Boundaries of Financial
Reporting and How to Extend Them
20: Baruch Lev: What Then Must We Do?
John R. M. Hand is Professor and Chairman of the Accounting Faculty
at the Kenan-Flagler Business School at UNC Chapel Hill. His
research centres on the business economics, financial statement
analysis, and equity valuation of companies, particularly those in
the high-technology sector. He has published in numerous accounting
and finance journals, and is a two-time winner of the American
Accounting Association's competitive manuscript competition. Baruch
Lev is the
Philip Bardes Professor of Accounting and Finance with the Stern
School of Business at New York University; Director of the Vincent
C. Ross Center for Research; and a consultant to numerous
corporations and investors. He is the award-winning author of
several books and various research studies published in leading
accounting, finance, and economic journals.
`Twenty academic papers that bring together a wide variety of
perspectives and empiracal evidence on how intangible assets
contribute to today's economy.'
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