AgPa #9: The Age of Intangible Assets
Equity Investing in the Age of Intangibles (2021)
Amitabh Dugar & Jacob Pozharny
Financial Analysts Journal, 77(2), 21-42, URL
Given the exceptional decade for technology companies, I am late to the party with this one. This week’s AGNOSTIC Paper examines the role of intangible assets for equity investors.
The issue is at the heart of fundamental analysis and also relevant for systematic investors. The authors present several interesting results for a global sample of thousands of companies between 1994 and 2018.
- A measure for intangible-intensity of industries
- Book values became less relevant for intangible-intense industries but still remain important