The (Self-)Funding of Intangibles
Abstract
In response to technological change, U.S. corporations have been investing more in intangible capital. This transformation is empirically associated with lower leverage and greater cash holdings, and commonly explained as a precautionary response to reduced debt capacity. We model how firms' payout and cash holding policies are affected by this shift. Our insight is that the creation of intangibles is largely achieved by human capital investment...
Paper Details
Title
The (Self-)Funding of Intangibles
Published Date
Jan 1, 2017
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