Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
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.