Intangible Capital and Growth Options: The New Source of Value

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            When analyzing a company’s financial performance there are three things that need to be disentangled: (1) the difference between book and market values, (2) the difference between tangible capital that appears on the balance sheet and internally generated intangibles that do not, and (3) the difference between assets in place and growth options.  This note addresses these issues using data for Alphabet, a company that is a poster child for growth options and investment in intangibles.

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