With the rise of intangible assets, the standard value definition, book-to-price, has come under attack. Reported book value mostly ignores investments into intangible assets. As a solution, factor designers propose combining other valuation ratios, such as earnings-to-price, sales-to-price, cash flow-to-price or dividend yield. However, this solution overlooks a superior alternative: intangible capital can be estimated and added to the book value. This webinar compares these alternative solutions.
Overview
With the rise of intangible assets, the standard value definition, book-to-price, has come under attack. Reported book value mostly ignores investments into intangible assets. As a solution, factor designers propose combining other valuation ratios, such as earnings-to-price, sales-to-price, cash flow-to-price or dividend yield. However, this solution overlooks a superior alternative: intangible capital can be estimated and added to the book value.
In this webinar, we compare these alternative solutions.
Topics covered include:
Host
Felix Goltz is Research Director, Scientific Beta and also a member of the EDHEC Scientific Beta research chair. He carries out research in empirical finance and asset allocation, with a focus on alternative investments and indexing strategies. His work has appeared in various international academic and practitioner journals and handbooks. He obtained a PhD in finance from the University of Nice Sophia-Antipolis after studying economics and business administration at the University of Bayreuth and EDHEC Business School.