Table of Contents

John R. M. Hand and Baruch Lev: Introduction and Overview
Part I: Intangibles in the Modern Economy
1: Leonard Nakamura: A Trillion Dollars a Year in Intangible Investment and the New Economy
2: Carl Shapiro and Hal Varian: The Information Economy
3: Paul Romer: The Soft Revolution: Achieving Growth by Managing Intangibles
4: Stephen Bond and Jason Cummins: The Stock Market and Investment in the New Economy: Some Tangible Facts and Intangible Fictions
Part II: The Impact of Specific Intangibles on Firm Performance and Market Value
5: Baruch Lev and Theodore Sougiannis: The Capitalization, Amortization and Value-Relevance of R&D
6: Mary E. Barth, Michael B. Clement, George Foster and Ron Kasznik: Brand Values and Capital Market Valuation
7: Lynne G. Zucker, Michael R. Darby and Marilynn B. Brewer: Intellectual Human Capital and the Birth of US Biotechnology Enterprises
8: Zhen Deng, Baruch Lev and Francis Narin: Science and Technology as Predictors of Stock Performance
9: Chandra Seethamraju: The Value Relevance of Trademarks
10: John R. M. Hand: Profits, Losses and the Non-linear Pricing of Internet Stocks
11: Randall Morck and Bernard Yeung: Why Firms Diversify: Internalization vs. Agency Behavior
12: John R. M. Hand: The Increasing Returns-to-Scale of Intangibles
Part III: The Adverse Consequences of the Informational Deficiencies of Intangibles
13: Jeff Boone and K. K. Raman: Off-Balance Sheet R&D Assets and Market Liquidity
14: David Aboody and Baruch Lev: Information Asymmetry, R&D and Insider Gains
15: Louis K. C. Chan, Josef Lakonishok and Theodore Sougiannis: The Stock Market Valuation of Research and Development Expenditures
16: Joan Luft and Michael Sheilds: Why Does Fixation Persist? Experimental Evidence on the Judgment Performance Effects of Expensing Intangibles
Part IV: The Need for Solutions
17: Margaret Blair and Steven Wallman: The Growing Intangibles Reporting Discrepancy
18: Wayne Upton, Jr.: Challenges from the New Economy for Business and Financial Reporting
19: Baruch Lev and Paul Zarowin: The Boundaries of Financial Reporting and How to Extend Them
20: Baruch Lev: What Then Must We Do?

About the Author

John R. M. Hand is Professor and Chairman of the Accounting Faculty at the Kenan-Flagler Business School at UNC Chapel Hill. His research centres on the business economics, financial statement analysis, and equity valuation of companies, particularly those in the high-technology sector. He has published in numerous accounting and finance journals, and is a two-time winner of the American Accounting Association's competitive manuscript competition. Baruch Lev is the
Philip Bardes Professor of Accounting and Finance with the Stern School of Business at New York University; Director of the Vincent C. Ross Center for Research; and a consultant to numerous
corporations and investors. He is the award-winning author of several books and various research studies published in leading accounting, finance, and economic journals.

Reviews

`Twenty academic papers that bring together a wide variety of perspectives and empiracal evidence on how intangible assets contribute to today's economy.'
Long Range Planning