Chen, Yongmin; Horstmann, Ignatius J.; Markusen, James R. - 2021
primarily knowledge-based assets. An important assumption there is that the relevant knowledge is absorbed by the local manager … or licensee over the course of time: knowledge is non-excludable. More recently, a number of influential papers have … licensing when the ratio of knowledge capital to physical capital is high, or when market value is high relative to the book …