Measuring Intangible Capital with Market Prices

The authors give special thanks to Dimitris Papanikolaou and Luke Taylor. The authors thank Gordon Phillips for providing data for the SDC–Compustat merge and Shiyu Zhang for research assistance. Jan Bena (discussant), Nagpurnanand Prabhala (discussant), Hila Fogel-Yaari, Arthur Korteweg, Pierre Liang, Song Ma, and Tom Ruchti as well as seminar participants at Columbia University; Cornell University (accounting and finance); the University of Rochester; Michigan State University; the University of Michigan; the University of Texas at Dallas; Southern Methodist University; Singapore Management University; the National University of Singapore; Hong Kong University of Science and Technology; the University of Hong Kong; CityU Hong Kong; the University of Utah; Tulane University; Caltech; the American Finance Association; the Paris Financial Management Conference; the Washington University Conference on Corporate Finance; the Midwest Finance Association; the Cass Mergers and Acquisitions Conference; and the Finance, Organizations and Market Conference (2018) provided helpful feedback. Code and data to incorporate the intangible capital measures can be found at http://bit.ly/intan_cap (first version: September 2018).