Bongaerts, Dion; Kang, Xiaowei; van Dijk, Mathijs A. - 2023
We investigate the nature of cross-sectional asset pricing effects of intangibles. Intangible asset intensity relates … intangibles factor improves the Fama-French five-factor model and makes the investment factor redundant. Importantly, intangibles … matter more as a characteristic than as a risk factor. Further, intangibles hardly predict future earnings and EBITDA growth …