Equity Investing in the Age of Intangibles
研究了无形资产支出增加但会计准则未同步更新是否影响账面价值和盈余的价值相关性，发现高无形资产密集度公司的价值相关性下降，而低密集度公司在美国稳定、国际上升。
Expenditures on the creation of intangible capital have increased, but accounting standards have not kept pace. We investigated whether this has affected the value relevance of book value and earnings. We constructed a composite measure of intangible intensity by which to classify industries. The measure is based on intangible assets capitalized on the balance sheet; research and development expenditures; and sales, general, and administrative expenditures. We show that the value relevance of book value and earnings has declined for high-intangible-intensity companies in the United States and abroad, but for the low-intangible-intensity group, it has remained stable in the United States while increasing internationally.