In a related study and using a portfolio performance approach, Hansson
(1997) investigates the pricing or market valuation aspects of Swedish knowledge-
based firms in comparison with less knowledge-intensive firms in a twoyear
period time frame. He finds that knowledge-based firms enjoy higher
abnormal returns (i.e., return in excess of the market risk) thus indicating that
a greater reliance on human resources (or capital) is associated with increased
abnormal returns.