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Abstract
Q theory predicts not just an absolute increase in new investment during stock market booms but a <I>relative</I> increase compared to buying companies on the stock market and a <I>relative</I> decline in new investment expenditures compared to buying companies on the stock market during a stock market decline. The facts concerning the ratio of new investment to mergers and acquisitions not only do not corroborate Q theory but would constitute strong evidence for any theory that would predict the exact opposite of what Q theory predicts.
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