Financing Intangible Capital
Abstract
Firms finance intangible investment through employee compensation contracts. In a dynamic model in which intangible capital is embodied in a firm's employees, we analyze the firm's optimal decisions of intangible investment, employee compensation contracts, and financial leverage. Employee financing is achieved by delaying wage payments in the form of future claims. We document that intangible capital investment is highly correlated with...
Paper Details
Title
Financing Intangible Capital
Published Date
Jan 1, 2015
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