A Better Estimate of Internally Generated Intangible Capital

The authors acknowledge helpful comments received from two anonymous reviewers and the associate editor, Sudipta Basu, Christine Botosan, Muskan Chawla (discussant), Fabrizio Ferri, Henry Friedman, Enayet Hossain, Sudhir Jaiswal, Reuven Lehavy (discussant), Han-Up Park (discussant), Steve Penman, Ryan Peters, Matthias Regier, Scott Richardson, Jayanthi Sunder, Samir Trabelsi, Ramgopal Venkataraman, Eric Weisbrod (discussant), and Paul Zarowin as well as the participants of the Accounting Design Project of Columbia University, Egyptian Accounting seminar, Haskayne and Fox Accounting Conference, the annual conference of Canadian Academic Accounting Association, European Accounting Association annual congress, Hawai’i Accounting Research Conference, and Financial Accounting and Reporting Section of the American Accounting Association mid-year conference.