Functional Form in Regression Models of Tobin's q
用Box-Cox变换比较市场价值方程的不同函数形式，基于480家美国制造业公司面板数据发现半对数形式优于常用的线性形式，并举例说明函数形式选择会影响推断结论。
The Box-Cox transformation is used to compare alternative functional forms of market value equations. Based on evidence from a panel of 480 publicly-traded U.S. manufacturing companies and two additional data sets used previously in the literature, the semilog form of a Tobin’s q equation is found to be strongly preferred to the commonly estimated linear form. We provide illustrations in which inferences can be affected by the choice of functional form.