NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

What is a Company Really Worth? Intangible Capital and the "Market to Book Value" Puzzle

Charles R. Hulten, Xiaohui Hao

NBER Working Paper No. 14548
Issued in December 2008

---- Acknowledgements -----

The research reported in this paper was sponsored by the Economics Program of The Conference Board, as part of its Program on Intangibles. It is derived from an earlier Economics Program working paper, #08-02. Hulten is Senior Fellow to The Conference Board. We would like to thank Wesley Cohen, Martin Fleming and Baruch Lev for their comments on earlier drafts, as well as Gail Fosler, Bart Van Ark, Carol Corrado, and other colleagues at the Conference Board. Kathleen Miller and Mary Sinclair provided valuable assistance in preparing this paper. Opinions and interpretations, and any remaining errors, are solely the responsibility of the authors, and should not be attributed to any organization with which they are affiliated, nor to the National Bureau of Economic Research.

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