The trouble with Q
AbstractQ theory predicts not just an absolute increase in new investment during stock market booms but a relative increase compared to buying companies on the stock market and a relative decline in new investment expenditures compared to buying companies on the stock market during a stock market decline. The facts concerning the ratio of new investment to mergers and acquisitions not only do not corroborate Q theory but would constitute strong evidence for any theory that would predict the exact opposite of what Q theory predicts.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.
Volume (Year): 25 (2003)
Issue (Month): 4 (July)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348
MERGERS AND ACQUISITIONS; TOBIN'S Q.;
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