Motivated by the rising prominence of intangibles, this paper explores whether there are common forces that drive intangible investments in the U.S. and the Euro area, in tandem with firm-specific characteristics. If such forces exist, there should be groups of firms (convergent clubs) for which the time-varying cross-sectional variance of intangible investments (scaled by total assets) declines over time. The empirical results indicate that there is a big convergent club in both economic areas, the sectoral composition of which is similar to that of the entire sample, an indication that the common forces are economy-wide and not sector-specific. Moreover, the country composition of the big club in the Euro area is also similar to that of the entire sample, an indication that they are not country-specific either. More puzzling, the evidence of common forces is stronger for the Euro area countries, despite their differing overall economic and financial-market conditions, and that their bank-based financial systems are less likely to finance intangible assets than the U.S. market-based one. The paper also used probit analysis to identify the common forces; but this analysis did not yield any firm results. Nevertheless, the main finding of the paper, itself a novel contribution to the rapidly growing literature on intangibles, suggests another angle to re-examine the existing empirical literature and identifies potential misspecification problems of related microeconomic studies. As such, it should be of interest to researchers, market participants, and to standard-setters and policymakers who base their decisions on empirical studies.