We investigate the relation between inventive input (R&D), inventive output (the economic
value of patents, EVP), firm-level profitability and asset growth, and stock returns. Current …

Current R&D expenditures forecast cash-based operating profitability up to three years in
the future and sometimes as much as ten years, but do not forecast asset growth. High R&D …

This dissertation consists of the following essays organized into three chapters. In the first
chapter, I explore the cross-sectional asset pricing implications of firms' advertising policies …

I find strong evidence that the cross-sectional value factor's returns are impacted by fiscal
and monetary policy in the post-Bretton Woods era. Using a custom set of 768 value factors …

We study how process-focused intangible capital affects firm investment and compensation.
We document that, in the cross-section, investment and executive compensation are both …