Advertisement

Intangibles Accounting Regulations and the “Global Intangibles Economy”: Belief-Revision, Enforcement Theory and Financial Stability

  • Michael I. C. Nwogugu
Chapter

Abstract

Intangible Assets account for 60–75% of the market capitalization value in stock markets in most developed countries around the world (and similar percentages in stock markets in “2nd-world” countries). The relationship between Intangible assets and Sustainable Growth is discussed in: Corrado et al. (2012), UKCES (UK) (2011), Corrado et al. (2018), OECD (2013), Jona-Lasinio et al. (2016), McGrattan (2017), Corrado et al. (2009), Zhang (2017), Robbins (2016), Suriñach and Moreno (2011), Ahn et al. (December 2018), Haskel and Westlake (May 2018), Badia et al. (2019), Jorgenson et al. (2014), Zambon et al. (2019), Jona-Lasinio and Meliciani (2018), Marrocu et al. (2012), and Haskel and Westlake (2017). The concensus is that Intangible assets affect economic growth; and the inaccurate measurement of Intangible assets affects management decisions, business cycles and the formulation of economic policy. However, those foregoing articles and books don’t address the behavioral aspects of both Intangibles Assets and associated accounting regulations which can have macroeconomic effects. US GAAP and IFRS Goodwill and Intangibles accounting regulations (ASC 805—Business Combinations; ASC 350—Goodwill and Intangible Assets; IFRS 3R—Business Combinations; and IAS 38—accounting for Intangible Assets) are inefficient, don’t allow full recognition of actual goodwill/intangibles; and create potentially harmful psychological biases that have implications for group decisions (within firms), Financial Stability and risk perception.

References

  1. Abhayawansa, S., Aleksanyan, M., & Bahtsevanoglou, J. (2015). The Use of Intellectual Capital Information by Sell-Side Analysts in Company Valuation. Accounting & Business Research, 45, 279–306.CrossRefGoogle Scholar
  2. Agoglia, C., Doupnik, T., & Tsakumis, G. T. (2011). Principles-Based Versus Rules-Based Accounting Standards: The Influence of Standard Precision and Audit Committee Strength on Financial Reporting Decisions. The Accounting Review, 86(3), 747–767.CrossRefGoogle Scholar
  3. Ahn, J., Duval, R., & Sever, C. (2018, December). Macroeconomic Policy, Product Market Competition, and Growth: The Intangible Investment Channel. Working paper.Google Scholar
  4. Ai, H., & Kiku, D. (2013). Growth to Value: Option Exercise and the Cross Section of Equity Returns. Journal of Financial Economics, 107(2), 325–349.Google Scholar
  5. Al-Shammari, B., Brown, P., & Tarca, A. (2008). An Investigation of Compliance with International Accounting Standards by Listed Companies in the Gulf Cooperation Council Member States. The International Journal of Accounting, 43(4), 425–447.CrossRefGoogle Scholar
  6. Altshuler, R., & Grubert, H. (2010, December). Formula Apportionment: Is It Better Than the Current System and Are There Better Alternatives? National Tax Journal, 63(4), 1145–1184. ftp://snde.rutgers.edu/Rutgers/wp/2011-23.pdf.
  7. An, H., & Zhang, T. (2013). Stock Price Synchronicity, Crash Risk, and Institutional Investors. Journal of Corporate Finance, 21, 1–15.CrossRefGoogle Scholar
  8. Andrews, M., Pritchett, L., & Woolcock, M. (2017). Building State Capability: Evidence, Analysis, Action. Oxford University Press.Google Scholar
  9. Andrighetto, G., & Conte, R. (2012). Cognitive Dynamics of Norm Compliance: From Norm Adoption to Flexible Automated Conformity. Artificial Intelligence and Law, 20(4), 359–381.Google Scholar
  10. Antunes, A., Cavalcanti, T., & Villamil, A. (2008). The Effect of Financial Repression and Enforcement on Entrepreneurship and Economic Development. Journal of Monetary Economics, 55(2), 278–297.CrossRefGoogle Scholar
  11. Arthur, W. B. (1999). Complexity and the Economy. Science, 284, 107–109.CrossRefGoogle Scholar
  12. Ascioglu, A., Hegde, S. P., Krishnan, G., & McDermott, J. B. (2012). Earnings Management and Market Liquidity. Review of Quant Finance & Accounting, 38, 257–274.CrossRefGoogle Scholar
  13. Australian Taxation Office (Australian Government). (2011, March). International Transfer Pricing—Marketing Intangibles. http://www.ato.gov.au/corporate/content.aspx?doc=/content/68495.htm.
  14. Avraham, R., & Liu, Z. (2012). Private Information and the Option to Not Sue: A Reevaluation of Contract Remedies. Journal of Economics & Organization, 28(1), 77–102.CrossRefGoogle Scholar
  15. Axtle-Ortiz, M. A. (2013). Perceiving the Value of Intangible Assets in Context. Journal of Business Research, 66(3), 417–424.CrossRefGoogle Scholar
  16. Ayres, B., Lefanowicz, C., & Robinson, J. (2002). Do Firms Purchase the Pooling Method? Review of Accounting Studies, 7, 5–32.CrossRefGoogle Scholar
  17. Badia, F., Dicuonzo, G., et al. (2019). Integrated Reporting in Action: Mobilizing Intellectual Capital to Improve Management and Governance Practices. Journal of Management and Governance, 23(2), 299–320.CrossRefGoogle Scholar
  18. Baker, S., & Mezzetti, C. (2001). Prosecutorial Resources, Plea Bargaining, and the Decision to Go to Trial. Journal of Economics & Organization, 17(1), 149–167.CrossRefGoogle Scholar
  19. Balke, T., De Vos, M., & Padget, J. (2013). I-ABM: Combining Institutional Frameworks and Agent-Based Modeling for the Design of Enforcement Policies. Artificial Intelligence & Law, 21(4), 371–398.CrossRefGoogle Scholar
  20. Ballow, J., Thomas R., & Roos, G. (Accenture) (2004). Future Value: The $7 Trillion Challenge. http://www.accenture.com/SiteCollectionDocuments/PDF/manage.pdf.
  21. Banegil, P., & Galvan, R. (2007). Intangible Measurement Guidelines: A Comparative Study in Europe. Journal of Intellectual Capital, 8(2), 92–204.Google Scholar
  22. Bar-Gill, O. (2006). The Evolution and Persistence of Optimism in Litigation. Journal of Economics & Organization, 22(2), 490–507.CrossRefGoogle Scholar
  23. Barnett, T. (2011). Obtaining a Fair Arbitration Outcome. Law, Probability and Risk, 10(2), 123–131.CrossRefGoogle Scholar
  24. Bar-Yosef, S., & Prencipe, A. (2013). The Impact of Corporate Governance and Earnings Management on Stock Market Liquidity in a Highly Concentrated Ownership Capital Market. Journal of Accounting, Auditing and Finance, 28(3), 292–316.CrossRefGoogle Scholar
  25. Beatty, A., & Weber, J. (2006). Accounting Discretion in Fair Value Estimates: An Examination of SFAS 142 Goodwill Impairments. Journal of Accounting Research, 41, 257–288.CrossRefGoogle Scholar
  26. Bednar, J. (2006). Is Full Compliance Possible?: Conditions for Shirking with Imperfect Monitoring and Continuous Action Spaces. Journal of Theoretical Politics, 18, 347–375.CrossRefGoogle Scholar
  27. Bell, T., Landsman, W., Miller, B., & Yeh, S. (2002). The Valuation Implications of Employee Stock Option Accounting for Profitable Computer Software Firms. The Accounting Review, 77(4), 971–996.CrossRefGoogle Scholar
  28. Belo, F., Gala, V., et al. (2019). Decomposing Firm Value. Available at SSRN https://ssrn.com/abstract=3104993 or http://dx.doi.org/10.2139/ssrn.3104993.
  29. Belo, F., Li, J., et. al. (2017). Labor-Force Heterogeneity and Asset Prices: The Importance of Skilled Labor. The Review of Financial Studies, 30(10), 3669–3709.CrossRefGoogle Scholar
  30. Berk, J.B., Stanton, R., & Zechner, J. (2010). Human Capital, Bankruptcy, and Capital Structure. The Journal of Finance, 65(3), 891–926.Google Scholar
  31. Berzkalne, I., & Zelgalve, E. (2013). Innovation and Company Value: Evidence from the Baltic Countries. Regional Formation and Innovation Studies, 11(3).Google Scholar
  32. Bex, F., & Walton, D. (2012). Burdens and Standards of Proof for Inference to the Best Explanation: Three Case Studies. Law, Probability and Risk, 11(2–3), 113–133.CrossRefGoogle Scholar
  33. Bischoff, S., Vladova, G., & Jeschke, S. (2011). Measuring Intellectual Capital. In Enabling Innovation: Innovative Capability—German and International Views. Berlin: Springer-Verlag.Google Scholar
  34. Black, F. (1976). Studies of Stock Price Volatility Changes. Proceedings of the Business and Economics Section of the American Statistical Association, 177–181.Google Scholar
  35. Blaug, R., & Lekhi, R. (2009). Accounting for Intangibles: Financial Reporting and Value Creation în the Knowledge Economy—A Research Report for the Work Foundation’s Knowledge Economy Programme. The Work Foundation.Google Scholar
  36. Bodenhausen, G., Macrae, C., & Hugenberg, K. (2003). Social Cognition. In I. Weiner, T. Million, & M. J. Lerner (Eds.), Handbook of Psychology: Personality and Social Psychology (Vol. 5). New York: Wiley.Google Scholar
  37. Bond, S., Cummins, J. G., et al. (2000). The Stock Market and Investment in the New Economy: Some Tangible Facts and Intangible Fictions. Brookings Papers on Economic Activity, 1, 61–124.CrossRefGoogle Scholar
  38. Bontis, N. (2003). Intellectual Capital Disclosure in Canadian Corporations. Journal of Human Resource Costing & Accounting, 7(1), 9–20.CrossRefGoogle Scholar
  39. Boyd, C., & Hoffman, D. (2013). Litigating Toward Settlement. Journal of Law, Economic & Organization, 29(4), 898–929.CrossRefGoogle Scholar
  40. Brännström, D., & Giuliani, M. (2009). Intellectual Capital and IFRS3: A New Disclosure Opportunity. Journal in Knowledge Management, 7(1), 21–23.Google Scholar
  41. Braun, G., Haynes, C., Lewis, T., & Taylor, M. (2015). Principles-Based vs. Rules-Based Accounting Standards: The Effects of Auditee Proposed Accounting Treatment and Regulatory Enforcement on Auditor Judgments and Confidence. Research in Accounting Regulation, 27(1), 45–50.Google Scholar
  42. Brown, P., Preiato, J., & Tarca, A. (2014). Measuring Country Differences in Enforcement of Accounting Standards: An Audit and Enforcement Proxy. Journal of Business Finance & Accounting, 41(1/2), 1–52.CrossRefGoogle Scholar
  43. Burgemeestre, B., Hulstijn, J., & Tan, Y. (2011). Value-Based Argumentation for Justifying Compliance. Artificial Intelligence and Law, 19(2–3), 149–186.CrossRefGoogle Scholar
  44. Byrne, D., & Callaghan, G. (2014). Complexity Theory and the Social Sciences: The State of the Art. Routledge.Google Scholar
  45. Caballero, R., & Pindyck, R. (1996). Uncertainty, Investment and Industry Evolution. International Economic Review, 37(3), 641–662.Google Scholar
  46. Cain, M. D., Denis, D. J., & Denis, D. K. (2011). Earnouts: A Study of Financial Contracting in Acquisition Agreements. Journal of Accounting and Economics, 51(2011), 151–170.CrossRefGoogle Scholar
  47. Campbell, J., & Hentschel, L. (1992). No News Is Good News: An Asymmetric Model of Changing Volatility in Stock Returns. Journal of Financial Economics, 31(3), 281–318.CrossRefGoogle Scholar
  48. Cárdenas, E. (2012). Globalization of Securities Enforcement: A Shift Toward Enhanced Regulatory Intensity in Brazil’s Capital Market? Brooklyn Journal of International Law, 37(3), 803–813.Google Scholar
  49. Carpenter, J. P., & Matthews, P. H. (2012). Norm Enforcement: Anger, Indignation or Reciprocity. Journal of the European Economic Association, 10, 555–572.CrossRefGoogle Scholar
  50. Cenciarelli, V., Greco, G., & Allegrini, M. (2018). Does Intellectual Capital Help Predict Bankruptcy? Journal of Intellectual Capital, 19(2), 321–337.Google Scholar
  51. Chan, L., Lakonishok, J., & Sougiannis, T. (2001). The Stock Market Valuation of Research and Development Expenditures. The Journal of Finance, 56(6), 2431–2456.Google Scholar
  52. Chapman, B. (2013). Incommensurability, Proportionality, and Defeasibility. Law, Probability & Risk, 12(3–4), 259–274.CrossRefGoogle Scholar
  53. Chau, K., Leung, A., Yiu, C., & Wong, S. (2003). Estimating the Value of Enhancement Effects of Refurbishment. Facilities, 21(1/2), 13–19.Google Scholar
  54. Chen, D., Jiang, D., et al. (2011). Selective Enforcement of Regulation. China Journal of Accounting Research, 4(1–2), 9–27.CrossRefGoogle Scholar
  55. Chen, H., & Jorgensen, B. (2018). Market Exit Through Divestment—The Effect of Accounting Bias on Competition. Management Science, 64(1), 1–493.CrossRefGoogle Scholar
  56. Chen, C., Kohlbeck, M., & Warfield, T. (2008). Timeliness of Impairment Recognition: Evidence from the Initial Adoption of SFAS 142. Advances in Accounting, 24(1), 72–81.CrossRefGoogle Scholar
  57. Chen, K., & Wang, J. (2007). Fee-Shifting Rules in Litigation with Contingency Fees. Journal of Law, Economic & Organization, 23(3), 519–546.CrossRefGoogle Scholar
  58. Chen, J., Zhu, Z., & Xie, H. Y. (2004). Measuring Intellectual Capital: A New Model and Empirical Study. Journal of Intellectual Capital, 5(1), 105–212.CrossRefGoogle Scholar
  59. Choi, S. (2007). Do the Merits Matter Less After the Private Securities Litigation Reform Act? Journal of Economics & Organization, 23(3), 598–626.CrossRefGoogle Scholar
  60. Choi, S. J., & Pritchard, A. C. (2012). The Supreme Court’s Impact on Securities Class Actions: An Empirical Assessment of Tellabs. Journal of Economics & Organization, 28(4), 850–881.CrossRefGoogle Scholar
  61. Chopard, B., Cortade, T., & Langlais, E. (2010). Trial and Settlement Negotiations Between Asymmetrically Skilled Parties. International Review of Law & Economics, 30(1), 18–27.CrossRefGoogle Scholar
  62. Christensen, H. B., Hail, L., & Leuz, C. (2013). Mandatory IFRS Reporting and Changes in Enforcement. Journal of Accounting and Economics, 56, 147–177.CrossRefGoogle Scholar
  63. Churyk, N. (2005). Reporting Goodwill: Are The New Accounting Standards Consistent with Market Valuations? Journal of Business Research, 58(10), 1353–1363.CrossRefGoogle Scholar
  64. Cleaver, K., & Ormrod, P. (1994). The Economic Circumstances Surrounding the Decision to Capitalize Brands—A Comment. British Journal of Management, 5, 303–306.CrossRefGoogle Scholar
  65. Coffee, J. (2007). Law and the Market: The Impact of Enforcement. University of Pennsylvania Law Review, 156(2), 229–256. https://www.law.upenn.edu/journals/lawreview/articles/volume156/issue2/Coffee156U.Pa.L.Rev.229%282007%29.pdf.
  66. Comiskey, E., & Mulford, C. (2008). Negative Goodwill: Issues of Financial Reporting and Analysis Under Current and Proposed Guidelines. Journal of Applied Research in Accounting and Finance (JARAF), 3(1), 33–42. Available at http://smartech.gatech.edu/bitstream/1853/19231/1/fal_ga_tech_neg_goodwill_2007.pdf.
  67. Cornell, B. (1990). The Incentive to Sue: An Option-Pricing Approach. The Journal of Legal Studies, 19, 173–187.CrossRefGoogle Scholar
  68. Corrado, C., Haskel, J., et al. (2012). Intangible Capital and Growth in Advanced Economies: Measurement Methods and Comparative Results (IZA DP No. 6733). Bonn, Germany: Institute for the Study of Labor. http://repec.iza.org/dp6733.pdf.
  69. Corrado, C., Haskel, J., et al. (2018). Intangible Investment in the EU and US Before and Since the Great Recession and its Contribution to Productivity Growth. Journal of Infrastructure, Policy & Development, forthcoming.Google Scholar
  70. Corrado, C., & Hulten, C. (2010). How do you Measure a Technological Revolution? American Economic Review, 100(2), 99–104.Google Scholar
  71. Corrado, C., Hulten, C., & Sichel, D. (2006, April). Intangible Capital and Economic Growth. US Federal Reserve Board; Finance and Economics Discussion Series: 2006–24. Available at http://www.federalreserve.gov/Pubs/feds/2006/200624/index.html.
  72. Corrado, C., Hulten, C., & Sichel, D. (2009). Intangible Capital and US Economic Growth. Review of Income and Wealth, 55, 661–685.Google Scholar
  73. Cuny, C., & Talmore, E. (2007). A Theory of Private Equity Turnarounds. Journal of Corporate Finance, 13, 629–646.CrossRefGoogle Scholar
  74. Damodaran A. (2009, September). Valuing Companies with Intangible Assets. Working Paper, NYU Stern School of Business, New York, USA. http://pages.stern.nyu.edu/~adamodar/pdfiles/papers/intangibles.pdf.
  75. Daughety, A., & Reinganum, J. (2000). On the Economics of Trials: Adversarial Process, Evidence, and Equilibrium Bias. Journal Of Economics & Organization, 16(2), 365–394.CrossRefGoogle Scholar
  76. Daughety, A., & Reinganum, J. (2010). Population-Based Liability Determination, Mass Torts, and the Incentives for Suit, Settlement, and Trial. Journal of Economics & Organization, 26(3), 460–492.CrossRefGoogle Scholar
  77. DeAngelo, H., DeAngelo, L., & Wruck, K. (2002). Asset Liquidity, Debt Covenants and Managerial Discretion in Financial Distress: The Collapse of L.A. Gear. Journal of Financial Economics, 64, 3–34.CrossRefGoogle Scholar
  78. De Dreu, C., Beersma, B., Stroebe, K., & Euwema, M. (2006). Motivated Information Processing, Strategic Choice and the Quality of Negotiated Agreement. Journal of Personality and Social Psychology, 90, 927–943.CrossRefGoogle Scholar
  79. DeLong, J. (2002). The Stock Options Controversy and the New Economy. Competitive Enterprise Institute, Washington DC, USA.Google Scholar
  80. De MEsquita, E., & Stephenson, M. (2006). Legal Institutions and Informal Networks. Journal of Theoretical Politics, 18, 40–67.Google Scholar
  81. Demolombe, R. (2011). Relationships Between Obligations and Actions in the Context of Institutional Agents, Human Agents or Software Agents. Artificial Intelligence & Law, 19(2–3), 99–115.CrossRefGoogle Scholar
  82. Denant-Boemont, L., Masclet, D., & Noussair, C. (2007). Punishment, Counter-Punishment and Sanction Enforcement in a Social Dilemma Experiment. Economic Theory, 33, 145–167.CrossRefGoogle Scholar
  83. Desai, C., & Savickas, R. (2010). On the Causes of Volatility Effects of Conglomerate Breakups. Journal of Corporate Finance, 16, 554–571.CrossRefGoogle Scholar
  84. Detzen, D., & Zuelch, H. (2012). Executive Compensation and Goodwill Recognition Under IFRS: Evidence from European Mergers. Journal of International Accounting, Auditing and Taxation, 21(2), 106–126.CrossRefGoogle Scholar
  85. Dischinger, M., & Riedel, N. (2011). Corporate Taxes and the Location of Intangible Assets Within Multinational Firms. Journal of Public Economics, 95(7–8), 691–707.CrossRefGoogle Scholar
  86. Dominiak, P., Mercik, J., & Szymańska, A. (2013). Comparative Analysis of Methods of Measuring Company’s Intellectual Capital. Working paper.Google Scholar
  87. Duangploy, O., Shelton, M., & Omer, K. (2005). The Value Relevance of Goodwill Impairment Loss. Bank Accounting & Finance, 18(5), 23–28.Google Scholar
  88. Dunse, N. A., Hutchison, N., & Goodacre, A. (2004). Trade-Related Valuations and the Treatment of Goodwill. Journal of Property Investment & Finance, 22(3), 236–258.CrossRefGoogle Scholar
  89. Dženopoljac, V., Janoševic, S., & Bontis, N. (2016). Intellectual Capital and Financial Performance in the Serbian ICT Industry. Journal of Intellectual Capital, 17(2), 373–396.Google Scholar
  90. Eisfeldt, A., & Papanikolaou, D. (2013). Organization Capital and the Cross-Section of Expected Returns. The Journal of Finance, 68(4), 1365–1406.Google Scholar
  91. Eng, L., & Lin, Y. (2012). Accounting Quality, Earnings Management and Cross-Listings: Evidence from China. Review of Pacific Basin Financial Markets, 15, 1–25.Google Scholar
  92. Falato, A., Kadyrzhanova, D., & Sim, J. (2014). Rising Intangible Capital, Shrinking Debt Capacity, and the U.S. Corporate Savings Glut (Working Paper). Federal Reserve Board of Governors, USA.Google Scholar
  93. Farmera, A., & Pecorino, P. (2002). Pretrial Bargaining with Self-Serving Bias and Asymmetric Information. Journal of Economic Behavior & Organization, 48(2), 163–176.CrossRefGoogle Scholar
  94. FASB (USA) (2014, January). Intangibles—Goodwill and Other (Topic 350)—Accounting for Goodwill—A Consensus of the Private Company Council. FASB Accounting Standards Update No. 214-02.Google Scholar
  95. Fehr, E., Fischbacher, U., & Gächter, S. (2002). Strong Reciprocity, Human Cooperation, and the Enforcement of Social Norms. Human Nature, 13(1), 1–25.CrossRefGoogle Scholar
  96. Fellner, G., Sausgruber, R., & Traxler, C. (2013). Testing Enforcement Strategies in the Field: Threat, Moral Appeal and Social Information. Journal of the European Economic Association, 3, 634–660.CrossRefGoogle Scholar
  97. Files, R. (2012). SEC Enforcement: Does Forthright Disclosure and Cooperation Really Matter? Journal of Accounting & Economics, 53, 353–374.Google Scholar
  98. Finch, N. (2006). Intangible Assets and Creative Impairment—An Analysis of Current Disclosure Practices by Top Australian Firms. Journal of Law and Financial Management, 5(2), 16–23.Google Scholar
  99. Fotras, M. H., & Touradj Beigi, A. (2009). Patterns of Measuring Intellectual Capital with a Glimpse at Services Section. Tadbir Monthly Journal, 203, 27–33.Google Scholar
  100. Francis, W., Hasan, I., & Li, L. (2014). Abnormal Real Operations, Real Earnings Management, and Subsequent Crashes in Stock Prices. Bank of Finland Research Discussion Papers #19; 2014.Google Scholar
  101. Frankel, R., Seethamraju, C., & Zach, T. (2008). GAAP Goodwill and Debt Contracting Efficiency: Evidence from Net Worth Covenants. Review of Accounting Studies, 13(1), 87–118.CrossRefGoogle Scholar
  102. Friedman, E., & Wickelgren, A. L. (2010). Chilling, Settlement, and the Accuracy of the Legal Process. Journal of Economics & Organization, 26(1), 144–157.CrossRefGoogle Scholar
  103. Friedman, D., & Wittman, D. (2007). Litigation with Symmetric Bargaining and Two-Sided Incomplete Information. Journal of Law, Economic & Organization, 23(1), 98–126.CrossRefGoogle Scholar
  104. Garcia-Meca, E., & Martinez, I. (2007). The Use of Intellectual Capital Information in Investment Decisions: An Empirical Study Using Analyst Reports. The International Journal of Accounting, 42(1), 57–81.CrossRefGoogle Scholar
  105. Garoupa, N. (1997). The Theory of Optimal Law Enforcement. Journal of Economic Surveys, 11, 267–295.CrossRefGoogle Scholar
  106. Gastwirth, J. (2011). Case Comment: The Need for Careful Analysis of the Statistical Summary in the Response to the Complaint in the SEC v. Goldman Sachs Case. Law, Probability & Risk, 10, 77–87.Google Scholar
  107. Gibbins, M., McCracken, S., & Salterio, S. (2008). Auditor-Client Relationships and Roles in Negotiating Financial Reporting. Accounting, Organizations and Society, 33(4/5), 362–383.Google Scholar
  108. Glaum, M., Schmidt, P., Street, D. L., & Vogel, S. (2013). Compliance with IFRS 3- and IAS 36-required disclosures across 17 European countries: company- and country-level Determinants. Accounting and Business Research, 43(3), 163–204.CrossRefGoogle Scholar
  109. Goodwin, J., & Ahmed, K. (2006). Longitudinal Value Relevance of Earnings and Intangible Assets: Evidence from Australian Firms. Journal of International Accounting, Auditing and Taxation, 15(1), 72–91.CrossRefGoogle Scholar
  110. Gourio, F., & Rudanko, L. (2014). Customer Capital. The Review of Economic Studies, 81(3), 1102–1136.Google Scholar
  111. Grubert, H. (2003). Intangible Income, Intercompany Transactions, Income Shifting, and the Choice of Location. National Tax Journal, 56(1), 221–242.CrossRefGoogle Scholar
  112. Gu, Z., & Hao, X. (2011). Wealth Effects of the Creditor in Mergers: Evidence from Chinese Listed Companies. In D. D. Wu (Ed.), Quantitative Financial Risk Management, Computational Risk Management.  https://doi.org/10.1007/978-3-642-19339-2_16, # Springer-Verlag Berlin Heidelberg 2011.CrossRefGoogle Scholar
  113. Guo, S., Hotchkiss, E. S., & Song, W. (2011a). Do Buyouts (Still) Create Value? The Journal of Finance, 66(2), 479–517.CrossRefGoogle Scholar
  114. Guo, W., Wang, F., & Wu, H. (2011b). Financial Leverage and Market Volatility with Diverse Beliefs. Economic Theory, 47(2–3), 337–364.CrossRefGoogle Scholar
  115. Guojonsdottir, G., Kristjansson, M., & Olafsson, O. (2011). Immediate Surge in Female Visits to the Cardiac Emergency Department Following the Economic Collapse in Iceland: An Observational Study. Emergency Medicine Journal, 29, 694–698.Google Scholar
  116. Hake, E. (2004). The Appearance of Impairment: Verbelen and Goodwill-Financed Mergers. Journal of Economic Issues, 38(2), 389–396.CrossRefGoogle Scholar
  117. Hand, J. (2003). Increasing Returns-to-Scale of Intangibles. In J. R. M. Hand & B. Lev (Eds.), Intangible Assets: Values, Measures, and Risks. Oxford: Oxford Management Readers.Google Scholar
  118. Hand, J., & Lev, B., eds. (2003). Intangible Assets: Values, Measures and Risks. Oxford Management Readers.Google Scholar
  119. Haskel, J., & Westlake, S. (2017). Capitalism without Capital the Rise of the Intangible Economy. Princeton, NJ: Princeton University Press.Google Scholar
  120. Haskel, J., & Westlake, S. (2018, May). Productivity and Secular Stagnation in the Intangible Economy. VOX. https://voxeu.org/article/productivity-and-secular-stagnation-intangible-economy.
  121. Hassett, K., & Shapiro, R. (2012). What Ideas Are Worth: The Value of Intellectual Capital And Intangible Assets in the American Economy. Available at http://www.sonecon.com/docs/studies/Value_of_Intellectual_Capital_in_American_Economy.pdf.
  122. Hayn, C., & Hughes, P. (2006). Leading Indicators of Goodwill Impairment. Journal of Accounting, Auditing & Finance, 21(3), 223–265.Google Scholar
  123. Hegarty, J., Gielen, F., & Barros, A. (2004, September). Implementation Of International Accounting and Auditing Standards—Lessons Learned from the World Bank’s Accounting and Auditing ROSC Program.Google Scholar
  124. Helbing, D. & Johansson, A. (2010a). Evolutionary Dynamics of Populations with Conflicting Interactions: Classification and Analytical Treatment Considering Asymmetry and Power. Physical Review E, 81, 016112.Google Scholar
  125. Helbing, D., & Johansson, A. (2010b). Cooperation, Norms, and Revolutions: A Unified Game-Theoretical Approach. PLoS ONE, 5(10), e12530.Google Scholar
  126. Helbing, D., Szolnoki, A., Perc, M., & Szabó, G. (2010a). Defector-Accelerated Cooperativeness and Punishment in Public Goods Games with Mutations. Physical Review E, 81(5), 057104.Google Scholar
  127. Helbing, D., Szolnoki, A., Perc, M., & Szabó, G. (2010b). Punish, but Not Too Hard: How Costly Punishment Spreads in the Spatial Public Goods Game. New Journal of Physics, 12, 083005.Google Scholar
  128. Hellman, N., Andersson, P., & Froberg, E. (2016). The Impact of IFRS Goodwill Reporting on Financial Analysts’ Equity Valuation Judgments: Some Experimental Evidence. Accounting & Finance, 56(1), 113–157.CrossRefGoogle Scholar
  129. Henning, S., & Shaw, W. (2003). Is the Selection of the Amortization Period for Goodwill a Strategic Choice? Review of Quantitative Finance and Accounting, 20(4), 315–333.CrossRefGoogle Scholar
  130. Henning, S., Shaw, W., & Stock, T. (2011). The Amount and Timing of Goodwill Write-Offs and Revaluations: Evidence from U.S. and U.K. Firms. Review of Quantitative Finance & Accounting, 23(2), 99–121.Google Scholar
  131. Henrich, J., & Boyd, R. (2001). Why People Punish Defectors: Weak Conformist Transmission Can Stabilize Costly Enforcement of Norms in Cooperative Dilemmas. Journal of Theoretical Biology, 208, 79–89.CrossRefGoogle Scholar
  132. Heyes, A., Rickman, N., & Tzavara, D. (2004). Legal Expenses Insurance, Risk Aversion and Litigation. International Review of Law & Economics, 24, 107–119.CrossRefGoogle Scholar
  133. Hibbert, A., Daigler, R., & Dupoyet, B. (2008). A Behavioral Explanation for the Negative Assymetric Return-Volatility Relation. Journal of Banking & Finance, 32, 2254–2266.CrossRefGoogle Scholar
  134. Hirschey, M., & Richardson, V. (2002). Information Content of Accounting Goodwill Numbers. Journal of Accounting and Public Policy, 21(3), 173–191.CrossRefGoogle Scholar
  135. Hölzl, W. (2005). Tangible and Intangible Sunk Costs and the Entry and Exit of Firms in a Small Open Economy: The Case of Austria, 37(21), 2429–2443.Google Scholar
  136. Hope, O. (2003). Disclosure Practices, Enforcement of Accounting Standards, and Analysts’ Forecast Accuracy: An International Study. Journal of Accounting Research, 41(2), 235–272.CrossRefGoogle Scholar
  137. Howson, N. C. (2012). Enforcement Without Foundation? Insider Trading and China’s Administrative Law Crisis. American Journal of Comparative Law, 60(4), 955–1002.CrossRefGoogle Scholar
  138. Hsu, L. T., & Jang, S. C. (2008). Advertising Expenditure, Intangible Value and Risk: A Study of Restaurant Companies. International Journal of Hospitality Management, 27(2), 259–267.CrossRefGoogle Scholar
  139. Huefner, R. J., & Largay III, J. A. (2004). The Effect of the New Goodwill Accounting Rule on Financial Statements. A Publication of the New York State Society of CPAs.Google Scholar
  140. Hulten, C. (2008). Intangible Capital and the “Market to Book Value” Puzzle. The conference Board—Economics Program Working Paper Series. https://www.conference-board.org/pdf_free/workingpapers/E-0029-08-WP.pdf.
  141. Hutton, A., Marcus, A., & Tehranian, H. (2009). Opaque Financial Reports, R Square, and Crash Risk. Journal of Financial Economics, 94, 67–86.CrossRefGoogle Scholar
  142. Hylton, K. (2002). An Assymetric-Information Model of Litigation. International Review of Law & Economics, 22, 153–175.CrossRefGoogle Scholar
  143. Hylton, K. (2008). When Should a Case Be Dismissed? The Economics of Pleading and Summary Judgment Standards. Supreme Court Economic Review, 16, 39–49.CrossRefGoogle Scholar
  144. Hylton, K. N., & Lin, H. (2009). Trial Selection Theory and Evidence: A Review. In C. Sanchirico (Ed.), Encyclopedia of Law and Economics: Procedural Law and Economics (Vol. X). Edward Elgar; Boston University School of Law Working Paper No. 09-27. Available at SSRN http://ssrn.com/abstract=1407557.
  145. Iazzolino, G., & Laise, D. (2013). Value Added Intellectual Coefficient (VAIC). A Methodological and Critical Review. Journal of Intellectual Capital, 14(4), 547–563.Google Scholar
  146. Jackson, H., & Roe, M. (2009). Public and Private enforcement of Securities Laws: Resource Based Evidence. Journal of Financial Economics, 93, 207–238.CrossRefGoogle Scholar
  147. Jacobsen, K., Hofman-Bang, P., & Nordby, R. (2001). The IC Rating™ Model by Intellectual Capital Sweden. Journal of Intellectual Capital, 6(4), 570–587.CrossRefGoogle Scholar
  148. Jayaraman, S. (2012). The Effect of Enforcement on Timely Loss Recognition: Evidence from Insider Trading Laws. Journal of Accounting & Economics, 53, 77–97.CrossRefGoogle Scholar
  149. Jeny-Cazavan, A., & Stolowy, H. (2001). International Accounting Disharmony: The Case of Intangibles. Accounting, Auditing & Accountability Journal, 14(4), 477–496.CrossRefGoogle Scholar
  150. Jona-Lasinio, C., Manzocchi, S., & Meliciani, V. (2016). Intangible Assets and Participation in Global Value Chains: An Analysis on a Sample of European Countries. Rivista di Politica Economica, 7(9), 65–95.Google Scholar
  151. Jona-Lasinio, C., & Meliciani, V. (2018). Productivity Growth and International Competitiveness: Does Intangible Capital Matter? Intereconomics: Review of European Economic Policy, 53(2), 58–62.Google Scholar
  152. Jones, S. (2011). Does the Capitalization of Intangible Assets Increase the Predictability of Corporate Failure? Accounting Horizons, 25(1), 41–70.CrossRefGoogle Scholar
  153. Jones Day (USA). (2016, February). SEC Enforcement in Financial Reporting and Disclosures—2015 Update. http://www.jonesday.com/sec-enforcement-in-financial-reporting-and-disclosures2015-update-02-23-2016/.
  154. Jordan, C., Clark, S., & Vann, C. (2008). Goodwill Impairment to Effect Earnings Management During SFAS 142’s Year of Adoption and Later. Journal of Business & Economic Research, 5(1), 23–30.Google Scholar
  155. Jorgenson, D., Landefeld, J., & Schreyer, P. (Eds.). (2014). Measuring Economic Sustainability and Progress. Chicago: University of Chicago Press.Google Scholar
  156. Jurczak, J. (2008). Intellectual Capital Measurement Methods. Economics and Organization of Enterprise, 1(1), 37–45.CrossRefGoogle Scholar
  157. Kacsuk, Z. (2011). The Mathematics of Patent Claim Analysis. Artificial Intelligence and Law, 19(4), 263–289.CrossRefGoogle Scholar
  158. Kaplan, R., & Norton, D. (1992, January/February). The Balanced Scorecard—Measures That Drive Performance. Harvard Business Review, pp. 71–79.Google Scholar
  159. Kedia, S., & Rajgopal, S. (2011). Do the SEC’s Enforcement Preferences Affect Corporate Misconduct? Journal of Accounting and Economics, 51(3), 259–278.CrossRefGoogle Scholar
  160. Ketz, E. (2004). Negative Goodwill: An M&A “Fix” That Doesn’t Work”. Journal of Corporate Accounting & Finance, 16(2), 47–50.CrossRefGoogle Scholar
  161. Khan, U., & Lo, A. (2018). Bank Lending Standards and Borrower Accounting Conservatism. Management Science, in press.Google Scholar
  162. Kim, C. (2014). Adversarial and Inquisitorial Procedures with Information Acquisition. Journal of Economics & Organization, 30(4), 767–803.CrossRefGoogle Scholar
  163. Kim, J., Li, Y., & Zhang, L. (2011a). Corporate Tax Avoidance and Stock Price Crash Risk: Firm-Level Analysis. Journal of Financial Economics, 100, 639–662.CrossRefGoogle Scholar
  164. Kim, J., Li, Y., & Zhang, L. (2011b). CFOs Versus CEOs: Equity Incentives and Crashes. Journal of Financial Economics, 101, 713–730.CrossRefGoogle Scholar
  165. Kim, J. B., & Zhang, L. (2013). Accounting Conservatism and Stock Price Crash Risk: Firm-Level Evidence. Contemporary Accounting Research, 22, 759–789.Google Scholar
  166. Kim, J. B., & Zhang, L. (2014). Financial Reporting Opacity and Expected Crash Risk: Evidence from Implied Volatility Smirks. Contemporary Accounting Research, 31(3), 851–875.CrossRefGoogle Scholar
  167. Klement, A., & Neeman, Z. (2005). Against Compromise: A Mechanism Design Approach. Journal of Economics & Organization, 21(2), 285–314.CrossRefGoogle Scholar
  168. Kosaka, H. (2004). Japanese Managerial Behavior In Strategic Planning Case Analyses in Global Business Contexts. Journal of Business Research, 57, 291–296.CrossRefGoogle Scholar
  169. Kothari, S., Leone, A., & Wasley, C. (2005). Performance Matched Discretionary Accrual Measures. Journal of Accounting and Economics, 39(1), 163–197.CrossRefGoogle Scholar
  170. Kramer, J., Marinelli, E., Iammarino, S., & Diez, J. (2011). Intangible Assets as Drivers of Innovation: Empirical Evidence on Multinational Enterprises in German and Uk Regional Systems of Innovation. Technovation, 31(9), 447–458.CrossRefGoogle Scholar
  171. Kuhlman, C., & Mortveit, H. (2014). Attractor Stability in Non-uniform Boolean Networks. Theoretical Computer Science, 559, 20–33.CrossRefGoogle Scholar
  172. Kwon, Y. (2005). Accounting Conservatism and Managerial Incentives. Management Science, 51(11), 1593–1732.CrossRefGoogle Scholar
  173. Lander, H., & Reinstein, A. (2003). Models to Measure Goodwill Impairment. International Advances in Economic Research, 9(3), 227–232.CrossRefGoogle Scholar
  174. Lang, M., & Wambach, A. (2013). The Fog of Fraud—Mitigating Fraud by Strategic Ambiguity. Games & Economic Behavior, 8(1), 255–275.CrossRefGoogle Scholar
  175. Lemos, M., & Minzner, M. (2014). For-profit Public Enforcement. Harvard Law Review, 127, 854–913.Google Scholar
  176. Leshem, S., & Tabbach, A. (2012). Commitment Versus Flexibility in Enforcement Games. The B.E. Journal of Theoretical Economics, 12(1), 1–42.Google Scholar
  177. Leung, P., & Cooper, B. J. (2003). The Mad Hatter’s Corporate Tea Party. Managerial Auditing Journal, 18(6/7), 505–516.CrossRefGoogle Scholar
  178. Lev, B. (1999). Research and Development and Capital Markets. Journal of Applied Corporate Finance, 11(4), 21–35. CrossRefGoogle Scholar
  179. Lev, B., & Gu, F. (2016). The End of Accounting and the Path Forward for Investors and Managers. Hoboken, NJ: John Wiley & Sons.Google Scholar
  180. Li, E., & Liu, L. (2012). Intangible Assets and Cross-Sectional Stock Returns: Evidence from Structural Estimation. https://pdfs.semanticscholar.org/d069/ae2fcf9d6947fb5b2d869bd8f05c9a4cefa0.pdf.
  181. Lim, L., & Dallimore, P. (2004). Intellectual Capital: Management Attitudes in Service Industries. Journal of Intellectual Capital, 5(1), 181–194.CrossRefGoogle Scholar
  182. Lin, X. (2012). Endogenous Technological Progress and the Cross-Section of Stock Returns. Journal of Financial Economics, 103(2), 411–427.CrossRefGoogle Scholar
  183. Lipsey, R. (2010, June). Measuring the Location of production in a world of Intangible Productive Assets, FDI, and Intra-Firm Trade. Review of Income and Wealth, 56(1), S99–S110.CrossRefGoogle Scholar
  184. Lopes, A., & Alencar, R. (2010). Disclosure and Cost of Equity Capital in Emerging Markets: The Brazilian Case. The International Journal of Accounting, 45(4), 443–464.CrossRefGoogle Scholar
  185. LoPucki, L. M. (1997). The Systems Approach to Law. Cornell Law Review, 82, 479–483.Google Scholar
  186. Ma, W., Chen, H., Jiang, L., et al. (2011). Stock Volatility as a Risk Factor for Coronary Heart Disease Death. European Heart Journal, 32(8), 1006–1011.CrossRefGoogle Scholar
  187. Marchal, S., & Sauve, A. (2004, June). Goodwill, Balance Sheet Structures and Accounting Standard Recent Developments and Issues for French Groups. Banque de France—Financial Stability Review, 4, 127–132. https://core.ac.uk/download/pdf/6612256.pdf?repositoryId=153.
  188. Marco, T. (2005). The Option Value of Patent Litigation: Theory and Evidence. Review of Financial Economics, 14, 323–351.CrossRefGoogle Scholar
  189. Marquardt, C., & Zur, E. (2015). The Role of Accounting Quality in the M&A Market. Management Science, 61(3), 487–705.CrossRefGoogle Scholar
  190. Marrocu, E., Paci, R., & Pontis, M. (2012). Intangible Capital and Firms’ Productivity. Industrial & Corporate Change, 21, 377–402.Google Scholar
  191. Marston, C. (2004). Corporate Intangibles: Value Relevance and Disclosure Content. Accounting & Business Research, 34(4), 415–454.Google Scholar
  192. Martins, A. (2011). Impairment of Goodwill and Its Fiscal Treatment: More Trouble for the Portuguese Firms and Tax Courts? European Journal of Management, 11(1).Google Scholar
  193. Massaro, M., Dumay, J., & Bagnoli, C. (2015). Where There is a Will There is a Way: IC, Strategic Intent, Diversification and Firm Performance. Journal of Intellectual Capital, 16(34), 90–517.Google Scholar
  194. Massoud, M., & Viscolani, B. (2002). Accounting for Goodwill: Are We Better Off? Review of Business, 24(2), 26–33.Google Scholar
  195. McGrattan, E. (2017). Intangible Capital and Measured Productivity. NBER Working Paper No. 23233. https://www.nber.org/papers/w23233.
  196. Melnik, S., Ward, J., Gleeson, J., & Porter, M. (2013). Multi-stage Complex Contagions. Chaos, 23, 013124. http://dx.doi.org/10.1063/1.4790836.
  197. Miklashevich, I. (2003). Mathematical Representation of Social Systems: Uncertainty and Optimization of Social System Evolution. Non Linear Phenomena in Complex Systems, 6(2), 678–686.Google Scholar
  198. Miller, C. (2012). A Comment on Saks and Neufeld: ‘Convergent Evolution in Law and Science: The Structure of Decision Making Under Uncertainty’. Law, Probability & Risk, 11(1), 101–104.CrossRefGoogle Scholar
  199. Miller, D., & Watson, J. (2013). A Theory of Disagreement in Repeated Games with Bargaining. Econometrica, 81(6), 2303–2350.CrossRefGoogle Scholar
  200. Moehrle, S. R., Reynolds-Moehrle, J. A., & Wallace, J. S. (2001). How Informative Are Earnings Numbers That Exclude Goodwill Amortisation? Accounting Horizons, 15, 243–255.CrossRefGoogle Scholar
  201. Mogy, R., & Pruitt, D. (1974). Effects of a Threatener’s Enforcement Costs on Threat Credibility and Compliance. Journal of Personality and Social Psychology, 29(2), 173–180.CrossRefGoogle Scholar
  202. Montero, J. (2001). Prices Versus Quantities with Incomplete Enforcement. Journal of Public Economics, 85(3), 435–454.CrossRefGoogle Scholar
  203. Morady, M. (2013). Intellectual Capital Measuring Methods. European Online Journal of Natural and Social Sciences, 2(3), 755–762.Google Scholar
  204. Mosca, S., & Viscolani, B. (2004). Optimal Goodwill Path to Introduce a New Product. Journal of Optimization Theory and Applications, 123(1), 149–162.CrossRefGoogle Scholar
  205. Nakamura, L. (1999, July/August). Intangibles: What Put the New in the New Economy? Federal Reserve Bank of Philadephia Business Review, pp. 3—16.Google Scholar
  206. Nakamura, L. (2010). Intangible Assets and National Income Accounting. Review of Income and Wealth, 56(1), S135–S155. Also available at http://www.philadelphiafed.org/research-and-data/publications/working-papers/2008/wp08-23.pdf.CrossRefGoogle Scholar
  207. Nan, L., & Wen, X. (2014). Financing and Investment Efficiency, Information Quality, and Accounting Biases. Operations Research, 60(9), 2111–2380.Google Scholar
  208. Nandi, A., Marta, R., et al. (2012). Economic Conditions and Suicide Rates in New York City. American Journal of Epidemiology, 175, 527–535.CrossRefGoogle Scholar
  209. Nikiforakis, N., Noussair, C., & Wilkening, T. (2012). Normative Conflict and Feuds: The Limits of Self-Enforcement. Journal of Public Economics, 96, 797–807.CrossRefGoogle Scholar
  210. Nimtrakoon, S. (2015). The Relationship Between Intellectual Capital, Firms’ Market Value and Financial Performance: Empirical Evidence from the ASEAN. Journal of Intellectual Capital, 16(3), 587–618.CrossRefGoogle Scholar
  211. Noussair, C. N., & Tan, F. (2011). Voting on Punishment Systems Within a Heterogeneous Group. Journal of Public Economic Theory, 13, 661–693.CrossRefGoogle Scholar
  212. Nurnberg, H. (2006). The Distorting Effects of Acquisitions and Dispositions on Net Operating Cash Flow. Accounting Forum, 30(3), 209–226.CrossRefGoogle Scholar
  213. Nwogugu, M. (2003a). Corporate Governance, Legal Reasoning and Credit Risk: The Case of Encompass Services Inc. Managerial Auditing Journal, 19(9).Google Scholar
  214. Nwogugu, M. (2003b). Corporate Governance, Legal Reasoning and Credit Risk: The Case of Encompass Services Inc. Managerial Auditing Journal, 18(4), 270–291.Google Scholar
  215. Nwogugu, M. (2003c). Decision-Making Under Uncertainty: A Critique of Options Pricing Models. Journal of Derivatives & Hedge Funds, 9(2), 164–178.Google Scholar
  216. Nwogugu, M. (2006). Decision-Making, Risk and Corporate Governance: New Dynamic Models/Algorithms and Optimization for Bankruptcy Decisions. Applied Mathematics & Computation, 179(1), 386–401.CrossRefGoogle Scholar
  217. Nwogugu, M. (2007a). Decision-Making, Risk and Corporate Governance: A Critique of Bankruptcy/Recovery Prediction Models. Applied Mathematics & Computation, 185(1), 178–196.CrossRefGoogle Scholar
  218. Nwogugu, M. (2007b). Some Game Theory and Financial Contracting Issues in Large Corporate Transactions. Applied Mathematics & Computation, 186(2), 1018–1030.Google Scholar
  219. Nwogugu, M. (2008). Some Litigation Decisions in Commercial Real Estate Leasing. Corporate Ownership & Control, 5(4), 240–242.Google Scholar
  220. Nwogugu, M. (2010). Real Options, Enforcement of Goodwill/Intangibles Rules and Associated Behavioral Issues. Working Paper.Google Scholar
  221. Nwogugu, M. (2013). Decision-Making, Sub-Additive Recursive “Matching” Noise and Biases in Risk-Weighted Index Calculation Methods in In-Complete Markets with Partially Observable Multi-Attribute Preferences. Discrete Mathematics, Algorithms & Applications, 05, 1350020.Google Scholar
  222. Nwogugu, M. (2015a). Real Options, Enforcement of Goodwill/Intangibles Rules and Associated Behavioral Issues. Journal of Money Laundering Control, 18(3), 330–351.CrossRefGoogle Scholar
  223. Nwogugu, M. (2015b). Goodwill/Intangibles Rules and Earnings Management, and Competition. European Journal of Law Reform, 17(1), 117.Google Scholar
  224. Nwogugu, M. (2016). Economic Psychology Issues Inherent in Illegal Online Filesharing by Individuals and Institutions and Illegal Online FileSharing as Production Systems. In M. Nwogugu (Ed.), Illegal Online Filesharing, Decision Analysis, and the Pricing of Digital Goods. CRC Press.Google Scholar
  225. Nwogugu, M. (2017a). The Historical and Current Concepts of “Plain” Interest Rates, Forward Rates and Discount Rates are or can be Misleading. In M. Nwogugu (Ed.), Anomalies in Net Present Value, Returns and Polynomials, and Regret Theory in Decision Making (Chapter 6). Palgrave Macmillan.Google Scholar
  226. Nwogugu, M. (2017b). Some Biases and Evolutionary Homomorphisms Implicit in the Calculation of Returns. In M. Nwogugu (Ed.), Anomalies in Net Present Value, Returns and Polynomials, and Regret Theory in Decision Making (Chapter 8). Palgrave Macmillan.Google Scholar
  227. Nwogugu, M. (2017c). Regret Theory and Asset Pricing Anomalies in Incomplete Markets with Dynamic Unaggregated Preferences. In M. Nwogugu (Ed.), Anomalies in Net Present Value, Returns and Polynomials, and Regret Theory in Decision Making (Chapter 3). Palgrave Macmillan.Google Scholar
  228. Nwogugu, M. (2017d). Spatio-Temporal Framing Anomalies in the NPV-IRR Model and Related Approaches, and Regret Theory. In M. Nwogugu (Ed.), Anomalies in Net Present Value, Returns and Polynomials, and Regret Theory in Decision Making (Chapter 2). Palgrave Macmillan.Google Scholar
  229. OECD. (2013). Supporting Investment in Knowledge Capital, Growth and Innovation. Paris: OECD Publishing.Google Scholar
  230. Ohtsubo, Y., Masuda, F., Watanabe, E., & Masuchi, A. (2010). Dishonesty Invites Costly Third-Party Punishment. Evolution & Human Behavior, 31(4), 259–262.CrossRefGoogle Scholar
  231. Osinski, M., Selig, P., et al. (2017). Methods of Evaluation of Intangible Assets and Intellectual Capital. Journal of Intellectual Capital, 18, 470–485.CrossRefGoogle Scholar
  232. Parisi, F., et al. (2004). The Value of Waiting in Lawmaking. European Journal of Law and Economics, 18, 131–148.CrossRefGoogle Scholar
  233. Pastor, D., Glova, J., Lipták, F., & Kováč, W. (2017). Intangibles and Methods for Their Valuation in Financial Terms: Literature Review. Intangible Capital, 13(2), 387–392.CrossRefGoogle Scholar
  234. Perc, M., Donnay, K., & Helbing, D. (2013). Understanding Recurrent Crime as System-Immanent Collective Behavior. PLoS ONE, 8(10), e76063.CrossRefGoogle Scholar
  235. Petty, R., & Guthrie, J. (2000). Intellectual Capital Literature Review: Measurement, Reporting and Management. Journal of Intellectual Capital, 1(2), 155–176.CrossRefGoogle Scholar
  236. Piercey, M. D. (2009). Motivated Reasoning Versus Numerical Probability Assessment: Evidence from an Accounting Context. Organizational Behavior and Human Decision Processes, 108(2), 330–341.CrossRefGoogle Scholar
  237. Pinegar, J., & Ravichandran, R. (2010). Raising Capital in Emerging Markets with Restricted Global Depositary Receipts. Journal of Corporate Finance, 16(5), 622–636.CrossRefGoogle Scholar
  238. Pogarsky, G., Piquero, A. R., & Paternoster, R. (2004). Modeling Change in Perceptions About Sanction Threats: The Neglected Linkage in Deterrence Theory. Journal of Quantitative Criminology, 20, 343–369.CrossRefGoogle Scholar
  239. Pomerot, B. (2010, March). The Impact of Regulatory Scrutiny on the Resolution of Material Accounting Issues. Paper Presented at the CAAA Annual Conference 2010. Available at SSRN http://ssrn.com/abstract=1534349 or  https://doi.org/10.2139/ssrn.1534349.
  240. Post, D. G., & Eisen, M. (2000). How Long Is the Coastline of the Law? Thoughts on the Fractal Nature of Legal Systems. Journal of Legal Studies, 29, 545–555.CrossRefGoogle Scholar
  241. Poterba, J., & Summers, L. (1986). The Persistence of Volatility and Stock Market Fluctuations. American Economic Review, 76(5), 1142–1151.Google Scholar
  242. Prakken, H. (2008). Formalizing Ordinary Legal Disputes: A Case Study. Artificial Intelligence & Law, 16(4), 333–359.CrossRefGoogle Scholar
  243. Preiato, J., Brown, P., & Tarca, A. (2015). A Comparison of Between-Country Measures of Legal Setting and Enforcement of Accounting Standards. Journal of Business Finance & Accounting, 42(1/2), 1–50.CrossRefGoogle Scholar
  244. Ptok, A., Jindal, R., & Reinartz, W. (2018). Selling, General, and Administrative expense (SGA)-Based Metrics in Marketing: Conceptual and Measurement Challenges. Journal of the Academy of Marketing Science, 46(6), 987–1011.Google Scholar
  245. Ramanna, K. (2008). The Implications of Unverifiable Fair-Value Accounting: Evidence from the Political Economy of Goodwill Accounting. Journal of Accounting and Economics, 45(2–3), 253–281.CrossRefGoogle Scholar
  246. Rauh, J., & Sufi, A. (2010). Capital Structure and Debt Structure. The Review of Financial Studies, 23(12), 4242–4280.Google Scholar
  247. Renneboog, R., & Szilagyi, P. (2008). Corporate Restructuring and Bondholder Wealth. European Financial Management, 14(4), 792–819.CrossRefGoogle Scholar
  248. Rincke, J., & Traxler, C. (2011). Enforcement Spillovers. Review of Economics and Statistics, 93(4), 1224–1234.CrossRefGoogle Scholar
  249. Robinson, L., & Sansing, R. (2008). The Effect of “Invisible” Tax Preferences on Investment and Tax Preference Measures. Journal of Accounting and Economics, 46(2–3), 389–404.CrossRefGoogle Scholar
  250. Rodov, I., & Leliaert, P. (2002). FiMIAM: Financial Method of Intangible Assets Measurement. Journal of Intellectual Capital, 3(3), 323–336.CrossRefGoogle Scholar
  251. Room, G. (2011). Complexity, Institutions and Public Policy. Edward Elgar.Google Scholar
  252. Root, H. (2013). Dynamics Among Nations. MIT Press.Google Scholar
  253. Ruhl, J. B., & Ruhl, H. (1996). The Arrow of the Law in Modern Administrative States: Using Complexity Theory to Reveal the Diminishing Returns and Increasing Risks the Burgeoning of Law Poses to Society. University of California Davis Law Review, 30, 405–426 (explaining the various kinds of attractors).Google Scholar
  254. Salinas, G. (2009). The International Brand Valuation Manual (1st ed.). New York, UK: Wiley.Google Scholar
  255. Samuelson, W. F. (1998). Settlements Out of Court: Efficiency and Equity. Group Decision and Negotiation, 7(2), 157–177.CrossRefGoogle Scholar
  256. Schmidt, M. (2005). Whistle Blowing Regulation and Accounting Standards Enforcement in Germany and Europe—An Economic Perspective. International Review of Law and Economics, 25(2), 143–168.CrossRefGoogle Scholar
  257. Schmidt, R., Sutherland, P., Van Schalkwyk, C., Lowe, T., & Bockmann, R. (2011). Monitoring and Enforcement of Financial Reporting Standards in South Africa and Germany: A Comparative Assessment. Namibia Law Journal, 3(1), 55–60.Google Scholar
  258. Scholz, J. (1991). Cooperative Regulatory Enforcement and the Politics of Administrative Effectiveness. American Political Science Review, 85(1), 115–136.CrossRefGoogle Scholar
  259. Schultze, W. (2005b). The Information Content of Goodwill-Impairments Under FAS 142: Implications for External Analysis and Internal Control. Schmalenbach Business Review, 57, 276–297.CrossRefGoogle Scholar
  260. Seetharaman, A., Balachandran, M., & Saravanan, A. (2004). Accounting Treatment of Goodwill: Yesterday, Today and Tomorrow: Problems and Prospects in the International Perspective. Journal of Intellectual Capital, 5(1), 131–143.CrossRefGoogle Scholar
  261. Seetharaman, A., Sreenivasan, J., Sudha, R., & Yee, T. (2006). Managing Impairment of Goodwill. Journal of Intellectual Capital, 7(3), 338–353.CrossRefGoogle Scholar
  262. Segovia, J., Arnold, V., & Sutton, S. (2009). Do Principles- vs. Rules-Based Standards Have a Differential Impact on US Auditors’ Decisions? Advances in Accounting Behavioral Research, 12, 61–84.CrossRefGoogle Scholar
  263. Setayesh, M. H., & Kazemnejad, M. (2009). Methods of Measuring and External Reporting of Intellectual Capital. Accountant Journal, 207, 58–63.Google Scholar
  264. Sevin, S., & Schroeder, R. (2005). Earnings Management: Evidence from SFAS #142 Accounting. Managerial Auditing Journal, 20(1), 47–55.CrossRefGoogle Scholar
  265. Sevin, S., Schroeder, R., & Bhamornsiri, S. (2007). Transparent Financial Disclosure and SFAS No. 142. Managerial Auditing Journal, 22(7), 674–687.Google Scholar
  266. Shoaf, V., & Zaldiva, I. (2005). Goodwill Impairment: Convergence Not Yet Achieved. Review of Business, 26(2), 31–35.Google Scholar
  267. Short, M., Brantingham, J., Bertozzi, A., & Tita, G. (2010). Dissipation and Displacement of Hotspots in Reaction-Diffusion Models of Crime. Proceedings of the National Academy of Sciences (USA), 107, 3961–3965.Google Scholar
  268. Spatt, C. (2010). Regulatory Conflict: Market Integrity vs. Financial Stability. University of Pittsburg Law Review, 71, 625, 630–632.Google Scholar
  269. Spatt, C. S. (2012). Complexity of Regulation. Harvard Business Law Review Online, 3, 1. http://www.hblr.org/?p=2299.
  270. Stan, S., Dumitrascu, D., & Pele, A. (2017). Recognizing and Valuating Intangible Resources—Major Difficulties in Organisational Management. Working Paper.Google Scholar
  271. Stigler, G. (1970). The Optimum Enforcement of Laws. Journal of Political Economy, 78, 526–536.CrossRefGoogle Scholar
  272. Sullivan, P., & Sullivan, P. (2000). Valuing Intangibles Companies—An Intellectual Capital Approach. Journal of Intellectual Capital, 1(4), 328–340.CrossRefGoogle Scholar
  273. Suriñach, J., & Moreno, R. (2011). The Role of Intangible Assets in the Regional Economic Growth.Google Scholar
  274. Svanadze, S., & Kowalewska, M. (2015). The Measurement of Intellectual Capital by VAIC Method–Example of WIG20. Online Journal of Applied Knowledge Management, 3(2), 36–44.Google Scholar
  275. Sveiby, K. (2010). Methods for Measuring Intangible Assets. Working Paper. Available at http://www.sveiby.com/articles/IntangibleMethods.htm.
  276. Sydler, R., Haefliger, S., & Pruksa, R. (2014). Measuring Intellectual Capital with Financial Figures: Can We Predict Firm Profitability? European Management Journal, 32(2), 244–259.CrossRefGoogle Scholar
  277. Taleb, N. (2009). Finiteness of Variance is Irrelevant in the Practice of Quantitative Finance. Complexity, 14(3), 66–76.CrossRefGoogle Scholar
  278. Tetlock, P. (2002). Social Functionalist Frameworks for Judgment and Choice: Intuitive Politicians, Theologians and Prosecutors. Psychological Review, 109(3), 451–471.CrossRefGoogle Scholar
  279. Tjio, H. (2009). Enforcing Corporate Disclosure. Singapore Journal of Legal Studies, 332–364.Google Scholar
  280. Tollington, T. (1998a). Separating the Brand Asset from the Goodwill Asset. Journal of product & Brand management, 4, 291–304.CrossRefGoogle Scholar
  281. Tollington, T. (1998b). What Are Assets Anyway? Some Practical Realities. Management Decision, 36(7), 448–455.CrossRefGoogle Scholar
  282. Tollington, T. (2006). UK Goodwill and Intangible Asset Structuration: The FRS10 Rule Creation Cycle. Critical Perspectives in Accounting, 17(6), 703–844.CrossRefGoogle Scholar
  283. Tollington, T., & Liu, J. (1998). When Is an Asset Not an Asset? Management Decision, 36(5), 346–349.CrossRefGoogle Scholar
  284. Trotman, K. (2005). Discussion of Judgment and Decision Making Research in Auditing: A Task, Person and Interpersonal Interaction Perspective. Auditing: A Journal of Practice and Theory, 24, 73–87.CrossRefGoogle Scholar
  285. Tsebelis, G. (1993). Penalty and Crime: Further Theoretical Considerations and Empirical Evidence. Journal of Theoretical Politics, 5, 349–374.CrossRefGoogle Scholar
  286. UKCES (UK). (2011). Skills and Economic Performance: The Impact of Intangible Assets on UK Productivity—Evidence Report October 2011. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/303075/evidence-report-39-skills-and-economic-performance.pdf.
  287. United Nations (New York & Geneva). (2008). United Nations Conference on Trade and Development: Practical Implementation of International Financial Reporting Standards: Lessons Learned. Available at http://www.unctad.org/en/docs/diaeed20081_en.pdf.
  288. Urpelainen, J. (2011). The Enforcement–Exploitation Trade-Off in International Cooperation Between Weak and Powerful States. European Journal of International Relations, 17(4), 631–653.CrossRefGoogle Scholar
  289. Van Gennip, Y., Hunter, B., et al. (2013). Community Detection Using Spectral Clustering on Sparse Geosocial Data. SIAM Journal of Applied Mathematics, 73(1), 67–83.CrossRefGoogle Scholar
  290. Vitorino, M. (2014). Understanding the Effect of Advertising on Stock Returns and Firm Value: Theory and Evidence from a Structural Model. Management Science, 60(1). https://doi.org/10.1287/mnsc.2013.1748.CrossRefGoogle Scholar
  291. Waldfogel, J. (1998). Reconciling Asymmetric Information and Divergent Expectations Theories of Litigation. Journal of Law and Economics, 41(2), 451–476.CrossRefGoogle Scholar
  292. Wang, G., Kim, J., & Yi, J. (1994). Litigation and Pretrial Negotiation Under Incomplete Information. Journal of Law Economics and Organization, 10, 187–200.CrossRefGoogle Scholar
  293. Weiss, L., & Wruck, K. (1998). Information Problems, Conflicts of Interest, and Asset Stripping: Chapter 11’s Failure in the Case of Eastern Airlines. Journal of Financial Economics, 48, 55–97.Google Scholar
  294. Weissing, F., & Ostrom, E. (1991). Crime and Punishment: Further Reflections on the Counterintuitive Results of Mixed Equilibria Games. Journal of Theoretical Politics, 3, 343–350.CrossRefGoogle Scholar
  295. Wen, H., & Moerhle, S. R. (2016). Accounting for Goodwill: An Academic Literature Review and Analysis to Inform the Debate. Research in Accounting Regulation, 28, 11–21.CrossRefGoogle Scholar
  296. Williams, G. (2012). Capturing Time in Financial Statements. Harvard Business Law Review Online, 2, 150. http://www.hblr.org/?p=2140.
  297. Williams, C., & Arrigo, B. A. (2002). Law, Psychology and Justice: Chaos Theory and New (Dis)Order. Albany: State University of New York Press.Google Scholar
  298. Wong, N., & Wong, J. (2001). The Investment Opportunity Set and Acquired Goodwill. Contemporary Accounting Research, 18(1), 173–183.CrossRefGoogle Scholar
  299. Wruck, K. (1989). Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings. Journal of Financial Economics, 23, 3–28.CrossRefGoogle Scholar
  300. Wruck, K. (1990). Financial Distress, Reorganization, and Organizational Efficiency. Journal of Financial Economics, 27, 419–444. Reprinted in Altman, E. (Ed). (1992), Bankruptcy and Distressed Restructurings: Analytical Issues and Investment Opportunities. Homewood: Business One Irwin.Google Scholar
  301. Wruck, K. (1991). What Really Went Wrong At Revco? Journal of Applied Corporate Finance, 4, 79–92. Reprinted in Chew, D. (Ed.). (1993). The New Corporate Finance: Where Theory Meets Practice New York: McGraw Hill.Google Scholar
  302. Wruck, K., & Baker, G. (1991). Lessons from a Middle Market LBO: The Case of O.M. Scott. Journal of Applied Corporate Finance, 4, 46–58. Reprinted in Chew, D. (Ed.). (1993). The New Corporate Finance: Where Theory Meets Practice. New York: McGraw Hill.Google Scholar
  303. Wruck, K., Kaplan, S., & Mitchell, M. (2000). A Clinical Exploration of Value Creation and Destruction in Acquisitions: Organization Design, Incentives and Internal Capital Markets. In S. Kaplan (Ed.), Productivity of Mergers and Acquisitions (National Bureau of Economic Research, Conference Volume). Downloadable at http://papers.ssrn.com/sol3/paper.taf?ABSTRACT_ID=10995.
  304. Wruck, K., Warner, J., & Watts, R. (1988). Stock Prices and Top Management Changes. Journal of Financial Economics, 20, 461–492.CrossRefGoogle Scholar
  305. Wyatt, A. (2005). Accounting Recognition of Intangible Assets: Theory and Evidence on Economic Determinants. The Accounting Review, 80(3), 967–1003.CrossRefGoogle Scholar
  306. Yeung, D., Zhang, Y., Yeung, P., & Mak, D. (2010). Dynamic Game of Offending and Law Enforcement: A Stochastic Extension. International Game Theory Review, 12(4), 471–481.CrossRefGoogle Scholar
  307. Young, T. (1997). The ABCs of Crime: Attractors, Bifurcations and Chaotic Dynamics. In D. Milanovic (Ed.), Chaos, Criminology and Social Justice: The New Orderly (Dis)Order. Westport, USA: Praeger Publishers.Google Scholar
  308. Zambon, S., Marasca, S., & Chiucchi, M. (2019). Special Issue on “The role of Intellectual Capital and Integrated Reporting in Management and Governance: A Performative Perspective”. Journal of Management and Governance, 23(2), 291–297.Google Scholar
  309. Zang, Y. (2008). Discretionary Behavior with Respect to the Adoption of SFAS No. 142 and the Behavior of Security Prices. Review of Accounting and Finance, 7(1), 38–68.CrossRefGoogle Scholar
  310. Zéghal, D., & Maaloul, A. (2011). The Accounting Treatment of Intangibles—A Critical Review of the Literature. Accounting Forum, 35, 262–274.CrossRefGoogle Scholar
  311. Zeitun, R., & Tian, G. (2007). Does Ownership Affect a Firm’s Performance and Default Risk in Jordan? Corporate Governance, 7(1), 66–82.CrossRefGoogle Scholar
  312. Zhang, N. (2017). Relationship between Intangible Assets and Financial Performance of Listed Telecommunication Firms in China, Based on Empirical Analysis. African Journal of Business Management, 11(24), 751–757.Google Scholar
  313. Zhang, N., & Walton, D. (2010). Recent Trends in Evidence Law in China and the New Evidence Scholarship. Law, Probability & Risk, 9(2), 103–129.CrossRefGoogle Scholar
  314. Zhang, J., Wang, P., & Qyu, B. (2012). Bank Risk taking, Efficiency and Law Enforcement: Evidence from Chinese City Commercial Banks. China Economic Review, 23(2), 284–295.CrossRefGoogle Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Michael I. C. Nwogugu
    • 1
  1. 1.EnuguNigeria

Personalised recommendations