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Measuring Capital in the New Economy$
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Carol Corrado, John Haltiwanger, and Daniel Sichel

Print publication date: 2005

Print ISBN-13: 9780226116129

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226116174.001.0001

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A New Approach to the Valuation of Intangible Capital

A New Approach to the Valuation of Intangible Capital

(p.47) 2 A New Approach to the Valuation of Intangible Capital
Measuring Capital in the New Economy

Jason G. Cummins

University of Chicago Press

This chapter discusses conceptual and measurement issues about the market valuation approach to measuring intangible capital that has appeared in the recent literature. It explains how intangible capital is measured in the market valuation approach and proposes to consider intangibles within an adjustment-cost framework. The application of the proposed method in earnings forecasts reveals that this approach finds a substantial, but much smaller, valuation of intangible capital. It also provides a different perspective about what intangibles are and how researchers can estimate their return.

Keywords:   market valuation approach, intangible capital, adjustment-cost framework, earnings forecast, estimate of return

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