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SUMMARY:Intangible Capital and the Investment-q Relation
DTSTART:20150424T103000
DTEND:20150424T120000
DTSTAMP:20260921T014023Z
UID:06528803f81a6e64176d375ec4dca0993b586ed04dc96c5738e5d592
CATEGORIES:Conferences - Seminars
DESCRIPTION:Luke TAYLOR (Wharton School)\nIncluding intangible capital sig
 nificantly changes how we evaluate theories of investment. We show that in
 cluding intangible capital in measures of investment and Tobin’s q produ
 ces a stronger investment-q relation\, especially in macroeconomic data an
 d in firms that use more intangibles. These results lend support to the cl
 assic q theory of investment\, and they call for the inclusion of intangib
 le capital in proxies for firms’ investment opportunities. However\, inc
 luding intangible capital also makes the  investment-cash flow relation a
 lmost an order of magnitude stronger\, which supports newer investment the
 ories. The classic q theory performs better in settings with more intangib
 le capital.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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