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- W2894983502 abstract "I argue that intangible assets promote agency conflicts between outside investors and inside specialists. Their opacity and specialized nature provide a microfoundation for why highly intangible firms underinvest despite great valuations and profitability---a challenge for standard theories. Their development is further shown to be connected contractually to the growth and dispersion of specialists' compensation. The model provides a unified treatment of the economic forces surrounding intangible capital and its predictions are strongly supported in US and international data." @default.
- W2894983502 created "2018-10-12" @default.
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- W2894983502 date "2018-01-01" @default.
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- W2894983502 title "Agency in Intangibles" @default.
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- W2894983502 doi "https://doi.org/10.2139/ssrn.3242478" @default.
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