Intangible Assets, Financial Performance, and Market Value -- An Integrative Research of Financial Services Industry

摘要

In the tendency of financial internationalization and liberalization, how to improve the company's value has become the important subject on the development of the bank industry. To a company in the financial service industry that focuses its core value on intangible assets, non-financial factors that are related to the company market value are even more important than financial performance. This study contributes to the prior research by clarifying how the approach can be extended to settings where value is created from abnormal earnings and intangible assets. Besides, this study also investigates the impact of systematic risk, firm size, and book-market ratios on the gap between risk-adjusted value minus stock price.