http://www.energiaycambioclimatico.com Innovation, Tangible and Intangible Investments and the Value of Spanish Firms * by Aitor Lacuesta ** , Omar Licandro *** , Teresa Molina **** and Luis A. Puch ***** Documento de Trabajo 2009-19 June 2009 * We thank Juan Ramón García and Massimiliano Marinucci for excellent research assistance through different stages of this project. We also thank Jorge Durán, Elena Huergo, Juan Francisco Jimeno, Pedro Mendi, Teodosio Pérez, Dirk Pilat, José Antonio Moreno and Adelaida Sacristán for very helpful comments, as well as seminar audiences at Granada SAE 2007, Toulouse Knowledge Conference, and Barcelona Zvi Griliches Summer School. Part of this research was done while Puch was visiting the European University Institute under the Fernand Braudel fellowship programme which is gratefully acknowledged. Financial support from Fundación COTEC and the Fundación Focus- Abengoa, as well as the Dirección General de Investigación, project SEJ2007-65552, are gratefully acknowledged. ** Bank of Spain. *** European University Institute. **** World Bank and FEDEA. ***** Universidad Complutense and FEDEA. Los Documentos de Trabajo se distribuyen gratuitamente a las Universidades e Instituciones de Investigación que lo solicitan. No obstante están disponibles en texto completo a través de Internet: http://www.fedea.es. These Working Paper are distributed free of charge to University Department and other Research Centres. They are also available through Internet: http://www.fedea.es. ISSN:1696-750X