Organization Capital
构建了企业层面衡量组织资本这一最重要无形资产的指标，发现该指标能预测未来五年的经营和股票回报表现，并与高管薪酬正相关，反映了管理能力。
We develop a firm‐specific measure of the most important intangible asset—organization capital—and document that organization capital is associated with five years of future operating and stock return performance, after controlling for other factors. Thus, our organization capital measure captures firms' fundamental ability to generate abnormal performance. We also find that executive compensation is positively associated with our measure of organization capital, showing that the measure indeed reflects managerial ability.