Unveiling Intangibles

81 Pages Posted: 10 Jan 2023 Last revised: 14 Apr 2023

See all articles by Bianca He

Bianca He

University of Chicago - Booth School of Business

Date Written: Jan 19, 2022

Abstract

Intangible assets are supposedly more important over time. It is difficult to estimate the market values of intangible assets. I use acquisition accounting to measure the market value of intangibles over time. I find that, contrary to popular belief, the intangible asset intensity has been stable in the past two decades. But there is a significant rise in customer-related intangibles. Also, there is some evidence of an increase in technology-related intangibles and intangibles under USPTO protection. Previous estimates of intangibles, using the perpetual inventory method on R&D expenses and SG&A expenses, appear to underestimate the intangible assets firms have.

Keywords: corporate finance, intangibles

JEL Classification: G32, G34

Suggested Citation

He, Huan (Bianca), Unveiling Intangibles (Jan 19, 2022). Available at SSRN: https://ssrn.com/abstract=4321762 or http://dx.doi.org/10.2139/ssrn.4321762

Huan (Bianca) He (Contact Author)

University of Chicago - Booth School of Business ( email )

5807 S Woodlawn Ave
Chicago, IL 60637
United States

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