Technological Change and the Stock Market: A Comment


In a recent paper Laitner & Stolyarov (2003) assert that measured Tobin’s q has usually been well above 1, and use this as supporting evidence for their empirical ...nding that there are signi...cant quantities of unrecorded intangible assets. This key feature of q turns out however to be due primarily to the omission of important elements of tangible… (More)


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