Luminita Enache and Anup Srivastava, professors of accounting, developed a technique to measure intangible  investments.10 They separate reported operating expenses into two groups. The first is intangible investments  that include R&D and advertising. The second is selling, general, and administrative (SG&A) expenses  exclud... See more

The global economy has undergone a substantial change in the past few decades, with intangible investmentsnow dominating tangible ones. But our financial statements and traditional valuation techniques struggle tocapture these changes. Thoughtful investors go the extra step to understand what expectations are priced intoa stock and whether the comp... See more