Tobin's q and overinvestment

Lawrance Gordon and Mary Myers

Applied Economics Letters, 1998, vol. 5, issue 1, 1-4

Abstract: The objective of the research reported in this paper is to examine the claim that, for purposes of identifying overinvesting firms, an average q of less than unity is a valid proxy for a marginal q of less than unity. The empirical evidence provided supports, although does not prove, this claim. Hence, studies which utilize an average q of less than unity to identify overinvesting firms appear to operating on solid ground.

Date: 1998
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DOI: 10.1080/758540116

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