We introduce a measure of customer franchise value for subscription–based companies — a fast growing and vital sector of the economy. This measure is based on information voluntarily disclosed by some, but not all, firms. Controlling for self-selection, we examine the measure's information...

We propose a measure of managerial ability, based on managers' efficiency in generating revenues, which is available for a large sample of firms and outperforms existing ability measures. We find that our measure is strongly associated with manager fixed effects, and that the stock price...

We develop a firm-specific measure of the most important intangible asset - organization capital - and document that organization capital is associated with five years of future operating and stock return performance, after controlling for other factors. Thus, our organization capital measure...