{"id":"https://openalex.org/W2320102755","doi":"https://doi.org/10.2307/2491343","title":"Intangible Assets and Stock Prices in the Pre-SEC Era","display_name":"Intangible Assets and Stock Prices in the Pre-SEC Era","publication_year":1999,"publication_date":"1999-01-01","ids":{"openalex":"https://openalex.org/W2320102755","doi":"https://doi.org/10.2307/2491343","mag":"2320102755"},"language":"en","primary_location":{"id":"doi:10.2307/2491343","doi":"https://doi.org/10.2307/2491343","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2491343","pdf_url":null,"source":{"id":"https://openalex.org/S111116695","display_name":"Journal of Accounting Research","issn_l":"0021-8456","issn":["0021-8456","1475-679X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Accounting Research","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.158669","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5057478585","display_name":"Kirsten M. Ely","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Kirsten Ely","raw_affiliation_strings":["Independent, United States"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Independent, United States","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5037504704","display_name":"Gregory B. Waymire","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I150468666","display_name":"Emory University","ror":"https://ror.org/03czfpz43","country_code":"US","type":"education","lineage":["https://openalex.org/I150468666"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Gregory B. Waymire","raw_affiliation_strings":["Emory University - Department of Accounting, Goizueta Business School, 1300 Clifton Road, Atlanta, GA 30322, United States"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Emory University - Department of Accounting, Goizueta Business School, 1300 Clifton Road, Atlanta, GA 30322, United States","institution_ids":["https://openalex.org/I150468666"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5037504704"],"corresponding_institution_ids":["https://openalex.org/I150468666"],"apc_list":{"value":4420,"currency":"USD","value_usd":4420},"apc_paid":null,"fwci":8.0971,"has_fulltext":false,"cited_by_count":85,"citation_normalized_percentile":{"value":0.97103343,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"37","issue":null,"first_page":"17","last_page":"17"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11849","display_name":"Intellectual Capital and Performance Analysis","score":0.4771000146865845,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11849","display_name":"Intellectual Capital and Performance Analysis","score":0.4771000146865845,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.2687999904155731,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13366","display_name":"Accounting Theory and Financial Reporting","score":0.15449999272823334,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/intangible-assets","display_name":"intangible assets","score":0.9700000286102295},{"id":"https://openalex.org/keywords/stock-prices","display_name":"stock prices","score":0.7369999885559082},{"id":"https://openalex.org/keywords/value-relevance","display_name":"value relevance","score":0.7009999752044678},{"id":"https://openalex.org/keywords/stock-valuation","display_name":"stock valuation","score":0.6949999928474426},{"id":"https://openalex.org/keywords/earnings-overstatement","display_name":"earnings overstatement","score":0.5270000100135803},{"id":"https://openalex.org/keywords/amortization","display_name":"amortization","score":0.39800000190734863},{"id":"https://openalex.org/keywords/disclosure-of-intangible-assets","display_name":"disclosure of intangible assets","score":0.5059999823570251},{"id":"https://openalex.org/keywords/book-value","display_name":"book value","score":0.5550000071525574},{"id":"https://openalex.org/keywords/us-gaap","display_name":"US GAAP","score":0.5690000057220459},{"id":"https://openalex.org/keywords/new-york-stock-exchange","display_name":"New York Stock Exchange","score":0.6639999747276306},{"id":"https://openalex.org/keywords/accounting-discretion","display_name":"accounting discretion","score":0.375},{"id":"https://openalex.org/keywords/earnings-quality","display_name":"earnings quality","score":0.3190000057220459},{"id":"https://openalex.org/keywords/intangible-asset-impairment","display_name":"intangible asset impairment","score":0.30300000309944153}],"concepts":[{"id":"https://openalex.org/C169824061","wikidata":"https://www.wikidata.org/wiki/Q1761731","display_name":"Book value","level":3,"score":0.6591720581054688},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6423991918563843},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.5682461857795715},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.5539492964744568},{"id":"https://openalex.org/C183206440","wikidata":"https://www.wikidata.org/wiki/Q46834","display_name":"Balance sheet","level":2,"score":0.5392382144927979},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5388737320899963},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5267221927642822},{"id":"https://openalex.org/C10616337","wikidata":"https://www.wikidata.org/wiki/Q7979894","display_name":"Weighted average return on assets","level":4,"score":0.4666718542575836},{"id":"https://openalex.org/C30472729","wikidata":"https://www.wikidata.org/wiki/Q955421","display_name":"Fixed asset","level":3,"score":0.4627395272254944},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.4610866904258728},{"id":"https://openalex.org/C2781198434","wikidata":"https://www.wikidata.org/wiki/Q4064479","display_name":"Amortization","level":3,"score":0.446023166179657},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.44145524501800537},{"id":"https://openalex.org/C185669311","wikidata":"https://www.wikidata.org/wiki/Q1163221","display_name":"Return on assets","level":3,"score":0.4369589388370514},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.352070152759552},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.34975871443748474},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.323586106300354},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.11253443360328674},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.07899633049964905},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C2778348673","wikidata":"https://www.wikidata.org/wiki/Q739302","display_name":"Production (economics)","level":2,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.2307/2491343","doi":"https://doi.org/10.2307/2491343","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2491343","pdf_url":null,"source":{"id":"https://openalex.org/S111116695","display_name":"Journal of Accounting Research","issn_l":"0021-8456","issn":["0021-8456","1475-679X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Accounting Research","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.158669","doi":"https://doi.org/10.2139/ssrn.158669","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.158669","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:RePEc:bla:joares:v:37:y:1999:i::p:17-44","doi":null,"is_oa":false,"landing_page_url":"http://www.jstor.org/stable/pdf/2491343.pdf","pdf_url":"http://www.jstor.org/stable/pdf/2491343.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.2139/ssrn.158669","doi":"https://doi.org/10.2139/ssrn.158669","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.158669","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":27,"referenced_works":["https://openalex.org/W431183504","https://openalex.org/W584549016","https://openalex.org/W623990400","https://openalex.org/W1493130549","https://openalex.org/W1545852554","https://openalex.org/W1551060560","https://openalex.org/W1576500484","https://openalex.org/W1592393715","https://openalex.org/W1593348544","https://openalex.org/W1965796207","https://openalex.org/W1968563522","https://openalex.org/W1990317644","https://openalex.org/W2044376291","https://openalex.org/W2045390245","https://openalex.org/W2067294622","https://openalex.org/W2090758019","https://openalex.org/W2095513545","https://openalex.org/W2108818539","https://openalex.org/W2122501993","https://openalex.org/W2156576580","https://openalex.org/W2162448899","https://openalex.org/W2330795561","https://openalex.org/W2335194601","https://openalex.org/W2989799287","https://openalex.org/W3021889044","https://openalex.org/W3123495781","https://openalex.org/W3125550192"],"related_works":["https://openalex.org/W2326230776","https://openalex.org/W2108770112","https://openalex.org/W7111313487","https://openalex.org/W7096324133","https://openalex.org/W2000821537","https://openalex.org/W7220633082","https://openalex.org/W2338987381","https://openalex.org/W4401122900","https://openalex.org/W4386568290","https://openalex.org/W4235193114"],"abstract_inverted_index":{"Some":[0],"have":[1,33,96],"recently":[2],"called":[3],"for":[4,311,389,447,469],"expanded":[5],"reporting":[6,129,152,189,388],"of":[7,23,42,90,101,145,168,220,234,273,278,306,329,366,440,455,462],"intangible":[8,102,163,235,390],"asset":[9,103],"values":[10,104,292,468],"asserting":[11],"that":[12,52,354,375,386],"their":[13,227,290],"limited":[14],"recognition":[15,89],"under":[16,64,150],"U.S.":[17,82],"GAAP":[18,83],"has":[19],"eroded":[20],"the":[21,40,53,143,175,182,232,264,271,304,318,327,355,364,393,412,453,460,473],"usefulness":[22],"financial":[24],"statements.":[25],"In":[26],"response":[27],"to":[28,35,62,70,76,138,161,196,286,297,313,359,408],"this":[29,74,139],"interest,":[30],"accounting":[31],"researchers":[32],"sought":[34],"provide":[36],"empirical":[37],"evidence":[38,353],"on":[39,174,226,459],"role":[41,144,254,269],"intangibles":[43,78,146,221,241,256,274,285,307,331,346,427,458,470],"in":[44,147,181,187,246,472],"equity":[45,148,172,247,441],"valuation.":[46,248],"Aboody":[47],"and":[48,107,114,116,133,203,206,263,347,397,423],"Lev":[49,106],"[1998]":[50],"document":[51,385],"software":[54],"development":[55],"cost":[56],"assets":[57,236,391],"which":[58,191],"some":[59],"firms":[60,125,169,185,215],"elect":[61],"capitalize":[63,162,198],"SFAS":[65],"86":[66],"are":[67,156,428,435],"positively":[68,259,295],"related":[69,296,407],"share":[71,261,298,348,360,409,419],"prices.":[72,349],"Extending":[73],"research":[75],"other":[77,94,122],"is":[79,251,266,404,421],"difficult":[80],"since":[81],"takes":[84],"a":[85,151,188,217,252,309,371,436],"conservative":[86],"view":[87,303],"towards":[88],"such":[91],"assets.":[92,164],"Consequently,":[93,212],"studies":[95],"examined":[97],"off-balance":[98],"sheet":[99,400],"measures":[100],"(see":[105,131],"Sougiannis":[108],"[1996],":[109],"Barth,":[110],"et":[111],"al.":[112],"[1998],":[113],"Ittner":[115],"Larcker":[117],"[1998])":[118],"or":[119],"data":[120],"from":[121,335,430],"countries":[123],"where":[124,154,240,255,270],"face":[126],"less":[127],"restrictive":[128],"rules":[130],"Barth":[132],"Clinch":[134],"[1998]).":[135],"We":[136,230,350,383],"contribute":[137],"literature":[140],"by":[141,373,380],"investigating":[142],"valuation":[149,238],"regime":[153],"managers":[155,193,312,376],"allowed":[157],"virtually":[158],"unrestricted":[159],"discretion":[160,195],"Our":[165],"sample":[166],"consists":[167],"with":[170,222,363,370],"common":[171],"traded":[173],"New":[176],"York":[177],"Stock":[178],"Exchange":[179],"(NYSE)":[180],"1920's.":[183],"These":[184],"operated":[186],"environment":[190],"permitted":[192],"broad":[194,218],"initially":[197],"intangibles,":[199,368],"determine":[200],"subsequent":[201],"amortization":[202],"revaluation":[204],"policies,":[205],"structure":[207],"supplementary":[208],"disclosures":[209],"(if":[210],"any).":[211],"pre-SEC":[213],"industrials":[214],"reported":[216,279,315,463,471],"range":[219],"material":[223],"carrying":[224,291,467],"amounts":[225],"balance":[228,399,474],"sheets.":[229],"investigate":[231],"value-relevance":[233],"using":[237],"models":[239],"play":[242],"two":[243],"possible":[244],"roles":[245],"The":[249,333],"first":[250],"direct":[253],"can":[257],"map":[258],"into":[260,322,418],"price":[262,323,361,396,410,420,442],"second":[265],"an":[267],"interactive":[268],"level":[272,328,365],"conditions":[275],"investor":[276],"evaluation":[277],"earnings.":[280],"If":[281],"investors":[282,302,374,450],"perceive":[283],"capitalized":[284,330,345,367],"be":[287,294],"legitimate":[288],"assets,":[289],"will":[293,324],"price.":[299],"Alternatively,":[300],"if":[301],"capitalization":[305],"as":[308,326],"means":[310],"overstate":[314,378],"earnings,":[316],"then":[317],"coefficient":[319,356,413],"mapping":[320,414],"earnings":[321,358,379,434,464],"decline":[325],"increases.":[332],"results":[334],"our":[336,448],"primary":[337],"tests":[338],"indicate":[339],"no":[340],"significant":[341,425,438],"positive":[342,422],"relation":[343,394],"between":[344,395],"do":[351],"find":[352],"relating":[357],"decreases":[362],"consistent":[369],"perception":[372],"may":[377,451],"capitalizing":[381],"intangibles.":[382],"also":[384],"separate":[387],"strengthens":[392],"summary":[398],"measures.":[401],"Book":[402],"value":[403,417],"not":[405],"significantly":[406],"but":[411],"tangible":[415],"book":[416,431],"highly":[424,437],"when":[426],"disaggregated":[429],"value.":[432],"Finally,":[433],"determinant":[439],"suggesting":[443],"that,":[444],"at":[445],"least":[446],"sample,":[449],"identify":[452],"existence":[454],"economically":[456],"relevant":[457],"basis":[461],"rather":[465],"than":[466],"sheet.":[475]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":5},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":2},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":3},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":1},{"year":2012,"cited_by_count":2}],"updated_date":"2026-11-09T13:22:03.289127","created_date":"2016-06-24T00:00:00"}
