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By Shimshon Bichler & Jonathan Nitzan
It is often argued that the post-1980 rise in the value of Tobin’s Q is due, at least in part, to the increased importance of off-the-balance sheet ‘intangible assets’.
But then, the growth of knowledge tends to be cumulative, whereas the ups and downs of Tobin’s Q suggest that it zigzags widely – rising sharply during some periods while collapsing abruptly in others.
Does this make any sense?
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