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Intangible capital in the pharmaceutical & chemical industry

Author

Listed:
  • Gleason, Katherine I.

    (University of New Orleans)

  • Klock, Mark S.

    (George Washington University)

Abstract

We investigate whether measures of intangible capital based on advertising and R&D can explain variation in Tobin’s Q ratio for the pharmaceutical & chemical industry using data from 1982 to 2001. The study is motivated by prior literature studying this relation in other industries, recent literature investigating intangible capital in this industry, and the larger controversy about whether stock valuations have been high due to irrational investors or large investment in intangible capital. We find that our measures of intangible capital are statistically significant determinants of Tobin’s Q and explain twenty percent of the variation in our sample.

Suggested Citation

  • Gleason, Katherine I. & Klock, Mark S., 2003. "Intangible capital in the pharmaceutical & chemical industry," Working Papers 2003-04, University of New Orleans, Department of Economics and Finance.
    • Handle: RePEc:uno:wpaper:2003-04
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    More about this item

    Keywords

    Intangibles; Research and Development (R&D); Advertising; Chemicals; Pharmaceuticals;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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