DF Lunch Seminar - Frederico Belo - INSEAD

Department of Finance

University of Luxembourg, JFK Building Nancy Metz Room

With the Lunch Seminar series, the Department of Finance is bringing eminent and up-and-coming researchers from around the world to Luxembourg. Abstract:We estimate the value of intangible capital around the world through the valuation approach of a neoclassical model of investment with two heterogeneous types of capital inputs: physical capital and intangible capital. Using data on public listed firms across 77 countries, we infer the importance of intangible capital for the firm's market value in each country. We find that intangible capital accounts for over half of firms' market value globally, with significant cross-country heterogeneity. To understand the drivers of intangible capital accumulation we explore the variation in the economic and legal environment across countries. We find that protection of intellectual property right, cost of contract enforcement significantly influence the cross-country variation in the value of intangible capital. More about Prof. Belo: <a href="https://scholar.google.com/citations?user=1yfvNz8AAAAJ&amp;hl=en" title="https://scholar.google.com/citations?user=1yfvNz8AAAAJ&amp;hl=en" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">‪</a><a href="https://www.insead.edu/faculty/frederico-belo" title="https://www.economics.ox.ac.uk/people/james-duffy" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Profile page</a>The seminar will be held in person. Cold lunch provided to registered participants only <blockquote> </blockquote>

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DF Lunch Seminar - Frederico Belo - INSEAD

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DF Lunch Seminar - Frederico Belo - INSEAD

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