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Marginal q revisited
Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO). Ratio Inst, Stockholm, Sweden.;Jonkoping Int Business Sch, Jonkoping, Sweden..ORCID-id: 0000-0002-0519-2617
2016 (Engelska)Ingår i: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 48, nr 1, s. 52-58Artikel i tidskrift (Refereegranskat) Published
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Text
Abstract [en]

Two measures of firm investment behaviour used in the empirical research are Tobin's q (average q) and marginal q. The marginal q is a more recently introduced measure than Tobin's q and is not as well known. This article aims to demonstrate the advantages of using marginal q as a performance measure and is a response to an earlier critical article (Berglund, 2011) claiming an elusiveness bias. The pro arguments made in response are that the claimed elusiveness is not a problem. Furthermore, many of the evaluation problems inherent in the empirical use of Tobin's q, like estimation of replacement cost of assets, can be avoided. From a pure theoretical standpoint, it has long been recognized that marginal q is superior to an average measure of investment behaviour such as Tobin's q.

Ort, förlag, år, upplaga, sidor
2016. Vol. 48, nr 1, s. 52-58
Nyckelord [en]
Tobin's q, marginal q, investment, assets in place
Nationell ämneskategori
Nationalekonomi
Identifikatorer
URN: urn:nbn:se:hj:diva-29997DOI: 10.1080/00036846.2015.1073842ISI: 000364836400006Scopus ID: 2-s2.0-84947027837OAI: oai:DiVA.org:hj-29997DiVA, id: diva2:930160
Tillgänglig från: 2016-05-23 Skapad: 2016-05-23 Senast uppdaterad: 2017-11-30Bibliografiskt granskad

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Bjuggren, Per-Olof

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IHH, NationalekonomiIHH, Center for Family Enterprise and Ownership (CeFEO)
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Applied Economics
Nationalekonomi

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