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Marginal Q

GALA, VITO D., GOMES, JOAO F., LIU, TONG·2026·The Journal of Finance
DOI 10.1111/jofi.70074
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Abstract

We propose a new method to estimate the marginal value of capital under minimal assumptions. By combining asset prices with fundamentals, our method provides a quasi‐model‐free marginal q together with a simple correction for measurement error in (average) Tobin's Q using linear regressions. Marginal q yields plausible and robust estimates of adjustment costs and investment sensitivities to fundamentals. The widening gap between marginal q and Tobin's Q is driven primarily by market power and intangible capital. Our novel findings strongly support the neoclassical theory of investment and challenge the widespread use of Tobin's Q as proxy for investment opportunities.

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Metadata

Authors
GALA, V. D., GOMES, J. F., & LIU, T.
Venue
The Journal of Finance
Publisher
Wiley
Published
2026-08-19
Volume
81
Issue
5
Pages
2853-2886
ISSN
  • 0022-1082
  • 1540-6261
DOI
10.1111/jofi.70074
Cited by
1
References
1
Language
en
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CoChat. (2026). Citation check: Marginal Q. https://app.cochat.ai/papers/10.1111/jofi.70074
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GALA, V. D., GOMES, J. F., & LIU, T. (2026). Marginal Q. The Journal of Finance. https://doi.org/10.1111/jofi.70074

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.