Intangible capital is not a distinct factor of production as is
physical capital or labor. Rather it is the "glue" that creates
value from other factor inputs. This perspective naturally suggests
an empirical model in which intangible capital is defined in terms
of adjustment costs. My estimates of these adjustment costs from
firm-level panel data suggest that no appreciable intangibles are
associated with R&D and advertising, whereas information
technology creates intangibles with a 72% annual rate of return--a
sizable figure that is nevertheless much smaller than that reported
in previous studies. To build a bridge to previous research, I show
that much larger estimates can be obtained with ordinary least
squares, a method that ignores the possibility that the value of
the firm and its investment policy are simultaneously determined.
General
Imprint: |
Bibliogov
|
Country of origin: |
United States |
Release date: |
February 2013 |
First published: |
February 2013 |
Authors: |
Jason G. Cummins
|
Dimensions: |
246 x 189 x 2mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
40 |
ISBN-13: |
978-1-288-71317-2 |
Categories: |
Books >
Social sciences >
Politics & government >
General
|
LSN: |
1-288-71317-7 |
Barcode: |
9781288713172 |
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