As part of an effort to examine the value of intangible assets in the firm, our study is the first to create IT-related intangible asset stocks from firm-level survey data. We also use data on ITrelated business practices in order to understand the distribution of IT-related intangibles, and we create asset stocks to value research and development (R&D) and brand. Using a panel of 130 firms over the period 2003-2006, we find that intangible assets are correlated with significantly higher market values beyond their cost-based measures. Moreover, we estimate that there is a 30- 55% premium in market value for the firms with the highest organizational IT capabilities (based on a measure of HR practices, management practices, internal IT use, external IT use, and Internet use) as compared to those with the lowest organizational IT capabilities.