In today's ultra-competitive global economy, intangibles are increasingly taking centre stage in firms' business strategies and investors' valuations. Physical and financial assets are becoming commodities, yielding at best a competitive return on investment. In their place, intangible assets such as patents, brands, unique business processes, breakthrough scientific discoveries and strategic alliances are what firms are using to create dominant market positions, control risk, generate abnormal profits, and achieve growth and wealth. The dramatic rise and fall of high-technology company valuations has brought the unusual economic characteristics of intangible assets into the public arena. The concurrent advantages and vulnerabilities of intangible-intensive companies has highlighted the importance of having an in-depth understanding of the economics of intangibles and developing tools to better manage and evaluate them. This reader provides that understanding by bringing together the best research and advocacy on intangibles.

This Reader brings together the very best research and advocacy in the exciting and rapidly emerging area of intangible assets. The chapters provide a comprehensive tableau of rigorous perspectives and empirical evidence that encapsulates thinking about intangible assets by scholars and policy makers in accounting, economics, finance, and information technology, thereby creating a solid foundation for the business use of intangibles, as well as for further research in this area.