Based on the current U.S. GAAP, internally developed intangibles are not included in reported assets. Omission of an increasingly important class of assets reduces the usefulness and relevance of financial statement analysis, conducted using book value. Recent studies attempt to overcome this...

We construct a measure of intangible intensity — intangibles talk — based on textual analysis of discussions on intangibles in a firm’s 10-K filings. This measure is based on firms’ discussion of ex-post outcomes of intangibles investments. Our measure is correlated with, but carries...

We propose a new method to estimate intangible investment outlays, other than expenditures on advertising and research and development, that are reported on a commingled basis with operating expenses in the selling, general, and administrative (SG&A) category of expenses. These outlays, aimed at...