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Working Papers (2003), ESSEC Business School

Value-relevance of Expensed and Capitalized Intangibles – Empirical Evidence from France

JENY Anne

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.