We have investigated the possible explanations for differences between the market value and book value of a company. We propose the hypothesis that this difference can be attributed to the fact that intangible assets are not reflected in the financial statements. Our results indicate a statistical association between the "capitalized goodwill" and the market-to-book ratio, but do not indicate any statistical link between the "expensed intangible intensity" nor the "capitalized intangible-intensity" and the market-to-book ratio.
JENY, A. (2003). Value-relevance of Expensed and Capitalized Intangibles - Empirical Evidence from France. ESSEC Business School.