Intangible Capital and the Investment-q Relation

@inproceedings{Peters2017IntangibleCA,
  title={Intangible Capital and the Investment-q Relation},
  author={Ryan Peters and Lucian A. Taylor},
  year={2017}
}
Including intangible capital in measures of investment and Tobin’s q produces a stronger investment-q relation. Specifically, regressions of investment on q produce higher R2 values and larger slope coefficients, both in firm-level and macroeconomic data. Including intangible capital also produces a stronger investment-cash flow relation. These results hold across a variety of firms and periods, but some results are even stronger where intangible capital is more important. These findings change… CONTINUE READING
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