In today’s financial markets, earnings account for barely more than 50% of a company’s market value. The other 50% comes from the firm’s “intangibles,” a catch-all category of factors not directly related to physical assets. Little wonder that CEOs and CFOs are increasingly frustrated. Under constant pressure to increase their company’s market value, they find themselves grappling with a set of variables whose very name—intangibles—suggests they can’t be defined, much less managed.