Tobin's q and intangible assets

Wright, Stephen (2006) Tobin's q and intangible assets. Working Paper. Birkbeck, University of London, London, UK.

Abstract

In a recent paper Laitner & Stolyarov (2003) assert that measured Tobin’s q has usually been well above 1, and use this to back up their conclusion that there are significant quantities of unrecorded intangible assets. This key feature of q turns out however to be entirely due to errors and omissions in the authors’ calculations. The corrected q series turns out to be usually well below unity.

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