Noisy share prices and the Q model of investment.
We consider to what extent the empirical failings of the Q model of investment can be attributed to the use of share prices to measure average q. We show that the usual empirical formulation may fail to identify the Q model when stock market valuations deviate from the present value of expected net...
| Main Authors: | , |
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| Format: | Working paper |
| Language: | English |
| Published: |
Institute for Fiscal Studies
2001
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