Rents and Intangible Capital: A Q plus Framework

• 成果类型: Article
• 署名作者: Crouzet, Nicolas; Eberly, Janice
• 署名单位: Northwestern University; Northwestern University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13231
• 发表日期: 2023
• 页码: 1873-1916
• 关键词: CORPORATE-INVESTMENT; market power; US; GROWTH; constraints; frictions; returns; TRENDS; taxes; MODEL

摘要

In recent years, U.S. investment has been lackluster, despite rising valuations. Key explanations include growing rents and growing intangibles. We propose and estimate a framework to quantify their roles. The gap between valuations-reflected in average Q-and investment-reflected in marginal q-can be decomposed into three terms: the value of installed intangibles; rents generated by physical capital; and an interaction term, measuring rents generated by intangibles. The intangible related terms contribute significantly to the gap, particularly in fast-growing sectors. Our findings suggest care in a pure-rents interpretation, given the rising role of intangibles.