This paper models the investment behaviour of a multi-asset firm with market power that
accumulates valuable intangible assets to complement the IT capital. The investment model
is estimated using data from Spanish banks on assets of different nature: material (branches,
financial), immaterial (advertising and IT) and intangible (training of workers). The paper
estimates that the representative bank spends five additional Euros per Euro invested in
IT-related assets in complementary intangible assets or, equivalently, intangibles amount
to approximately 10% of the economic value of the representative bank. The remaining
economic value is distributed between 28% from rents attributed to market power, and 62%
to the cost of market-purchased assets.