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The Q Theory of Investment Under Unit Root Tests

Author

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  • de la Croix, David

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES) ; Belgian National Fund for Scientific Research (FNRS))

  • Licandro, Omar

    (Universidad Carlos III, Madrid)

Abstract

We test a q investment model for Belgium using a multivariate cointegration approach. The introduction of the degree of capacity utilization duc, in addition to investment and average q, is necessary to determine the cointegration space. This supports the idea that marginal q differs from average q by a factor which is a function of duc, as suggested by Licandro (1992).

Suggested Citation

  • de la Croix, David & Licandro, Omar, 1992. "The Q Theory of Investment Under Unit Root Tests," LIDAM Discussion Papers IRES 1992005, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvir:1992005
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    2. Verschueren, Frederic, 2000. "Co-integration inference in the value-profit relation and investment models," Economics Letters, Elsevier, vol. 69(3), pages 289-297, December.

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