These find that, when the ratio (suitably adjusted to take care of accounting discrepancies) moves far above one, equilibrium is indeed eventually restored not, however, by a surge in the replacementvalueof companies' assets but by a correspondingly dramatic fall in the value that Wall Street places on them.
And there is Tobin's q, a ratio of the stockmarket value to the replacement cost of its tangible assets an attempt to measure what it would cost to recreate a company from scratch.