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(searched for: doi:10.5171/2010.127497)
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Lecture Notes of the Institute for Computer Sciences, Social Informatics and Telecommunications Engineering pp 32-46; doi:10.1007/978-3-319-78816-6_3

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Yeslam Al-Saggaf, Oliver Burmeister, John Weckert
Journal of Information, Communication and Ethics in Society, Volume 13, pp 235-255; doi:10.1108/jices-12-2014-0060

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Corporate Ownership and Control, Volume 13, pp 241-253; doi:10.22495/cocv13i1c2p3

Abstract:
This paper shows how intangibles can create scalable value, levered by debt and serviced by intangible-driven incremental EBITDA and cash flows. Intangibles intrinsically incorporate information asymmetries and may so discourage debt, but are also a vital component of cash generating value, so representing a key factor for debt servicing, with paradoxical effects (more guarantees with less collateral?). Operating leverage is enhanced by scalability, an intrinsic characteristic of many intangibles, with a positive impact on cash generation and consequent debt servicing. Ability to improve cash flows emerges as a key feature of value enhancing intangibles, bypassing their lack of collateral value.
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