For our study we focused on those industries where intangibles play in general a major or dominant role (general relevance of intangibles). As we want to focus on the value rele- vance of reporting on intangibles and as we want to examine in further studies the impact on stock market returns we concentrate on corporations quoted on the German capital market. Therefore, we selected the five sections „Media“, „Technology“, „Pharmaceuticals / Health Care“, „Software“ and „Telecommunications“ from the CDAX industry indices. For all of these five industries we assume an intensive use of intangibles like customer value, know.
