The Value and Ownership of Intangible Capital
研究了依赖关键人力投入的组织资本难以被企业完全拥有，导致账面和市场价值无法充分反映其价值，并利用会计数据测算了美国资本存量中被遗漏的部分。
Intangible capital which relies on essential human inputs, or 'organization capital,' presents a unique challenge for measurement. Organization capital cannot be fully owned by firms' financiers, because it is partly embodied in key labor inputs. Instead, cash flows must be shared with key talent and thus neither book nor market values will fully capture its value. Measurement of organization capital requires a model featuring these unique property rights. We use accounting data along with a simple example of such a model to measure the fraction of the US capital stock which is missing from book and market values.