Jovanovic, Boyan; Rousseau, Peter L. - In: Journal of Political Economy 122 (2014) 4, pp. 863-863
Investment of US firms responds asymmetrically to Tobin’s Q: investment of established firms—“intensive” investment—reacts negatively to Q whereas investment of new firms—“extensive” investment—responds positively and elastically to Q. This asymmetry, we argue, reflects a...