Empirical Analyses in Finance and Intangible Assets

This dissertation includes three empirical studies examining the role of intangible assets in corporate finance. Chapter 1 develops a comprehensive measure of intangible assets by examining asset valuations in acquisition transactions, providing detailed categorization of intangible capital components including brands, customer relationships, software, and technology. Chapter 2 investigates how intangible assets are financed, finding that intangible assets support significantly less debt financing compared to tangible assets and are primarily financed through cash flow-based rather than asset-based lending mechanisms. Chapter 3 analyzes the role of customer capital, a key form of intangible investment, in firm performance and valuation, demonstrating that customer capital investment is a substantial and growing component of firm intangible value. Collectively, these studies advance our understanding of intangible capital measurement, financing, and economic significance.