| dc.contributor | 金融系 | - |
| dc.creator (作者) | 金帛春 | - |
| dc.date (日期) | 2025-10 | - |
| dc.date.accessioned | 7-Apr-2026 13:17:44 (UTC+8) | - |
| dc.date.available | 7-Apr-2026 13:17:44 (UTC+8) | - |
| dc.date.issued (上傳時間) | 7-Apr-2026 13:17:44 (UTC+8) | - |
| dc.identifier.uri (URI) | https://ah.lib.nccu.edu.tw/item?item_id=181944 | - |
| dc.description.abstract (摘要) | Intangible capital has been the important share of investment as well as the large share of assets. Recent studies show that conventional economic proxies such as Tobin's q or productivity weakly performs because they fail to consider the production shift of technology to intangible capital. This implies that intangible capital is key in the production side of economy, and cannot be omitted. In this paper, I try to fill this gap by examining the role of intangible capital in productivity from the asset pricing perspective. I expect that the productivity explains various asset returns, and subsumes the return predictability of mismeasured productivity estimated without intangible capital. Further, I provide the displacement risk, driven by the investment-specific shock, as the pricing channel of productivity. This study helps to understand the role of intangible capital indirectly by testfying the price of intangible capital in stock market. Also, my work complements Imrohoroglu and Tuzel (2014) by estimating productivity by adding the intangible capital to the traditional production function, and improve the fit of productivity. Lastly, My paper adds to the literature by studying the cross-sectional implications of investment-specific shock in productivity. | - |
| dc.format.extent | 116 bytes | - |
| dc.format.mimetype | text/html | - |
| dc.relation (關聯) | 國家科學及技術委員會, NSTC113-2410-H004-004, 113.04-114.03 | - |
| dc.subject (關鍵詞) | 無形資本; 生產力; 特定投資衝擊; 替代風險 | - |
| dc.subject (關鍵詞) | Intangible capital; productivity; investment-specific shock; displacement risk | - |
| dc.title (題名) | 無形資產、生產力與股票價格 | - |
| dc.title (題名) | Intangibles, Productivity, and Stock Prices | - |
| dc.type (資料類型) | report | - |
