Intellectual capital and the capital market – organisation and competence

Abstract

This paper explores the organisation of the information market and its ability to process intellectual capital information for capital markets. Discusses also incentives for market participants to create and use information on the role of intellectual capital (IC) in corporate value creation, and the capability of the market for information to process and use such information in the stock market valuation of companies. Particular attention is paid to corporate disclosure of, and fund manager use of, such information. The analysis also extends the idea of a knowledge‐intensive value creation process to fund managers and analysts. Problems within corporate, fund manager, and analysts knowledge‐intensive value creation chains are considered to be a source of barriers to the creation and use of corporate IC information in markets. Further research on these chains and barriers is required to improve the flow of IC information into stock prices.

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