The stock market and investment: another look at the micro-foundations of q theory
区分了实际q与金融q，考察了三种金融q理论，并分析了管理者非利润最大化行为、预期差异对q理论的影响，以及股票市场作为资本积累调节者的效率假设。
This paper introduces a novel distinction between real q and financial q. The paper examines three versions of financial q developed by Brainard and Tobin, Minsky, and Hayashi. These theories differ regarding the nature of stock market price determination and their use of marginal productivity theory. It is shown that non-profit maximizing behavior by managers does not invalidate q theory. It is also shown that if managers and shareholders have different profit expectations, this leads to an equilibrium value of q that differs from unity. Lastly, the implicit claims in q theory regarding the efficient role of stock markets as regulators of capital accumulation are shown to depend on assumptions about stockholder behavior. JEL ref.: E2