A Newspaper Morgue File is a file which contains paper records of old information of criminal investigations, article clippings, and past issues kept by newspaper reporters which can serve as reference information. Such records give newspaper firms a competitive advantage over their peers. Newspaper Morgue Files qualify as an intangible asset because they can be recognised, separated, and the associated economic benefits can be reliably measured. Intangible assets are a class of assets without physical form yet can offer significant economic value to the owners. Business valuation analysts apply several techniques under the income, market and asset methods in the process of estimating the fair market value of intangible assets such as Newspaper Morgue Files.