Public Policy and the Efficiency of Capital Markets
New Horizons in Intellectual Property series
Chapter 2: The intangible economy
This chapter reviews the literature in relation to the intangible economy – a term I use to describe the paradigm shift towards an economy in which growth is primarily driven by technological innovation. In doing so, the chapter touches upon several aspects of the economy – notably managerial and capital market-related implications – which I intend to bring together. This is because the problems of measurement and valuation that stem from the intangible economy, I argue, are best solved by: (a) creating an understanding of its managerial implications among investors, so that they request value-relevant information for consideration in their investment analysis; (b) creating incentives for managers to disclose such information by gaining knowledge about informational deficits in capital markets and their implications for corporate finance.
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