Events
Event

DF Lunch Seminar with Prof. Frederico Belo (INSEAD)

  • Speaker  Prof. Frederico Belo

  • Location

    Kirchberg Campus

    6, rue Richard Couden颅颅颅hove-Kalergi

    1359, Luxembourg, Luxembourg

  • Topic(s)
    Finance
  • Type(s)
    Free of charge, In-person event, Lectures and seminars

“Intangible Capital Around the World”

With the Lunch Seminar series, the Department of Finance is bringing eminent and up-and-coming researchers from around the world to Luxembourg.

Abstract

We estimate the value of intangible capital around the world through the valuation approach of a neoclassical model of investment with two heterogeneous types of capital inputs: physical capital and intangible capital. Using data on public listed firms across 77 countries, we infer the importance of intangible capital for the firm’s market value in each country. We find that intangible capital accounts for over half of firms’ market value globally, with significant cross-country heterogeneity. To understand the drivers of intangible capital accumulation we explore the variation in the economic and legal environment across countries. We find that protection of intellectual property right, cost of contract enforcement significantly influence the cross-country variation in the value of intangible capital.

成人头条 the speaker

is a Professor of Finance at INSEAD. He conducts both theoretical and empirical research on the intersection of finance and macroeconomics. He is an Associate Editor of the Journal of Financial Economics, the Review of Asset Pricing Studies, and Economics Letters, a research fellow of the Center for Economic and Policy Research, a former research associate at the National Bureau of Economic Research, and a former Associate Editor of Management Science. His research is published in academic journals such as Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Monetary Economics, and Review of Economic Dynamics. Professor Belo holds a BSc degree in Economics from Catholic 成人头条versity of Portugal, an MSc in Finance and Economics from the London School of Economics, and a PhD and MBA from the 成人头条versity of Chicago.

Language

English.

This is a free event. Registration is mandatory.

Cold lunches are provided to registered participants only.

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