Extensive and Intensive Investment over the Business Cycle

• 成果类型: Article
• 署名作者: Jovanovic, Boyan; Rousseau, Peter L.
• 署名单位: New York University; Vanderbilt University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/676405
• 发表日期: 2014
• 页码: 863-908
• 关键词: Measurement error; stock-market; life-cycle; TECHNOLOGY; INNOVATION; GROWTH; persistence; returns; prices; matter

摘要

Investment of US firms responds asymmetrically to Tobin's Q: investment of established firms-intensive investment-reacts negatively to Q whereas investment of new firms-extensive investment-responds positively and elastically to Q. This asymmetry, we argue, reflects a difference between established and new firms in the cost of adopting new technologies. A fall in the compatibility of new capital with old capital raises measured Q and reduces the incentive of established firms to invest. New firms do not face such compatibility costs and step up their investment in response to the rise in Q.