This book investigates how intangible assets have replaced physical and financial capital as the primary drivers of corporate wealth and sustainable competitive advantage in modern economies. Baruch Lev and John Hand, both distinguished scholars in accounting and finance, synthesize academic research and practical management frameworks to explain why traditional accounting metrics often fail to capture the true value of modern enterprises. They argue that abnormal profits and market dominance are increasingly dependent on the strategic deployment of non-physical assets rather than tangible infrastructure.

Experts recognize this work as a foundational text for understanding the valuation challenges inherent in the modern knowledge economy. Readers frequently note the academic rigor of the prose, making it a standard reference for finance professionals and management students alike.