Conference Agenda
Please note that all times are shown in the time zone of the conference. The current conference time is: 15th Sept 2026, 12:50:32pm CEST
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Daily Overview |
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AP 16: Heterogeneity in Global Financial Markets Location: LR M2.3 (Floor 2) Session Chair: Riccardo Colacito, University of North Carolina at Chapel Hill | |
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ID: 1827
Intangible Capital Around the World 1: INSEAD, France; 2: CEPR; 3: University of Minnesota; 4: NBER; 5: Shanghai Jiaotong University We estimate the market value of intangible capital around the world using a neoclassical investment model with two quasi-fixed inputs, physical and intangible capital. Across publicly listed firms in 80 economies (77 countries and 3 territories), installed intangible capital accounts for more than half of firm value, with wide variation across countries. Intangible capital is substantially more costly to adjust than physical capital in almost every country. This adjustment cost varies mainly across countries rather than across industries. Stronger intellectual property protection, shareholder rights, and director liability each lower the cost of adjusting intangible capital, while stronger creditor rights lower the cost of adjusting physical capital.
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