Expectations, Tobin's q, and Industry Investment

Authors

  • BURTON G. MALKIEL,

  • GEORGE M. VON FURSTENBERG,

  • HARRY S. WATSON

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    • Princeton University (first author) and Indiana University, Bloomington. The authors are indebted to the American Council of Life Insurance for the use of data estimated for [5], to the John Weinberg Foundation for financial support of the first author, and to Walter J. Reinhart for comments.

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