Intangibles, Can They Explain the Dispersion in Return Rates?
研究发现，企业使用未观测到的无形资本会导致观测到的资本回报率存在向上偏差。利用德国企业数据证实这一理论，并表明将无形资本纳入考量后，回报率的离散程度显著降低。
It is proven that the observed return rates on capital have an upward bias if firms are producing with unobserved intangible capital. Using a comprehensive firm level database for G ermany, this theoretical preposition is supported empirically. Furthermore, by making unobserved intangible capital observable, dispersion in return rates is dramatically reduced. The results support the assumption that a considerable part of the observed dispersion in return rates among firms is attributable to unobserved capital formation in intangible capital.