The Cost of Innovation and Decreasing Book Equity of U.S. Firms
This study documents that book equity of U.S. firms has decreased dramatically over time and such decrease is systematic across various industries and firm size. Our analysis shows that intangible capital investment explains a significant portion of the decrease in book equity even after controllin...
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| Format: | Article |
| Language: | English |
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Tuwhera Open Access Publisher
2020-06-01
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| Series: | Applied Finance Letters |
| Online Access: | https://ojs.aut.ac.nz/applied-finance-letters/article/view/224 |