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The trouble with Q

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  • Craig Medlen
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    Abstract

    Q 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 Info

    Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

    Volume (Year): 25 (2003)
    Issue (Month): 4 (July)
    Pages: 693-698

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    Handle: RePEc:mes:postke:v:25:y:2003:i:4:p:693-698

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    Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

    Related research

    Keywords: MERGERS AND ACQUISITIONS; TOBIN'S Q.;

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    Cited by:
    1. Eckhard Hein, 2008. "Financialisation in a comparative static, stock-flow consistent Post-Kaleckian distribution and growth model," IMK Working Paper 21-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    2. Greg Hannsgen, 2004. "The Transmission Mechanism of Monetary Policy: A Critical Review," Macroeconomics 0411004, EconWPA.
    3. Philip Arestis & Ana Rosa González & Oscar Dejuan, 2012. "Investment, Financial Markets, and Uncertainty," Economics Working Paper Archive wp_743, Levy Economics Institute.
    4. repec:hal:wpaper:hal-00435685 is not listed on IDEAS
    5. Eckhard Hein & Till van Treeck, 2008. "'Financialisation' in Post-Keynesian models of distribution and growth - a systematic review," IMK Working Paper 10-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    6. Eckhard Hein, 2009. "A (Post-) Keynesian perspective on "financialisation"," IMK Studies 01-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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