Replication data for: The Value and Ownership of Intangible Capital

Principal Investigator(s):  View help for Principal Investigator(s) Andrea L. Eisfeldt; Dimitris Papanikolaou

Version:  View help for Version V1

Name File Type Size Last Modified
  P2014_1133_data 10/19/2021 02:35:PM
LICENSE.txt text/plain 14.6 KB 10/11/2019 06:10:PM

Project Citation: 

Eisfeldt, Andrea L., and Papanikolaou, Dimitris. Replication data for: The Value and Ownership of Intangible Capital. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112776V1

Project Description

Summary:  View help for Summary Intangible capital which relies on essential human inputs, or "organization capital," presents a unique challenge for measurement. Organization capital cannot be fully owned by firms' financiers, because it is partly embodied in key labor inputs. Instead, cash flows must be shared with key talent and thus neither book nor market values will fully capture its value. Measurement of organization capital requires a model featuring these unique property rights. We use accounting data along with a simple example of such a model to measure the fraction of the US capital stock which is missing from book and market values.

Scope of Project

Subject Terms:  View help for Subject Terms Intangible Capital
JEL Classification:  View help for JEL Classification
      E22 Investment; Capital; Intangible Capital; Capacity
      G30 Corporate Finance and Governance: General
      M41 Accounting
Geographic Coverage:  View help for Geographic Coverage United States
Time Period(s):  View help for Time Period(s) 1/1/1974 – 12/31/2013
Universe:  View help for Universe US Publicly-Traded Firms
Data Type(s):  View help for Data Type(s) aggregate data

Methodology

Data Source:  View help for Data Source Statistics computed from Standard and Poors Compustat data
Unit(s) of Observation:  View help for Unit(s) of Observation Firm-Level data aggregated to 5 industries,

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Published Versions

V1 [2019-10-11]

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