I focus on the valuation of the shares of a firm that has intangible assets. As most firms have some form of intangible asset that is not on the balance sheet, my talk deals with the general principles of vaulation when balance sheets are imperfect.
Penman, Stephen. "Value and Prices of Intangible Assets: A Fundamental Point of View." Presentation, Bocconi University Centennial Conference, Bocconi University, June 2002.
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