Showing 1 - 10 of 14
We study the role of brand capital - a primary form of intangible capital - for firm valuation and risk in the cross-section of publicly traded firms. Using a novel empirical measure of brand capital stock constructed from firm level advertising expenditures data, we estimate that the value of...
Persistent link: https://www.econbiz.de/10013109013
Persistent link: https://www.econbiz.de/10009376721
Persistent link: https://www.econbiz.de/10009724575
Persistent link: https://www.econbiz.de/10010378881
Persistent link: https://www.econbiz.de/10012051355
To study the impact of stochastic interest rates and capital illiquidity on investment and firm value, we incorporate a widely-used arbitrage-free term structure model of interest rates into a standard q-theoretic framework. Our generalized q model informs us to use corporate credit-risk...
Persistent link: https://www.econbiz.de/10011962209
The neoclassical investment model matches cross-sectional asset prices both in first differences and in levels. With ten book-to-market deciles as the testing portfolios, the investment model largely matches the Tobin's Q spread and the average return spread across the extreme deciles. The...
Persistent link: https://www.econbiz.de/10013138471
The neoclassical investment model matches cross-sectional asset prices both in first differences and in levels. With ten book-to-market deciles as the testing portfolios, the investment model largely matches the Tobin's Q spread, while maintaining a good fit for the average return spread across...
Persistent link: https://www.econbiz.de/10013116306
The neoclassical investment model matches cross-sectional asset prices both in first differences and in levels. With ten book-to-market deciles as the testing portfolios, the investment model largely matches the Tobin's Q spread, while maintaining a good fit for the average return spread across...
Persistent link: https://www.econbiz.de/10013110169
Persistent link: https://www.econbiz.de/10010237373