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Cross-Sectional Tobin's Q [PDF]
SSRN Electronic Journal, 2011 The neoclassical investment model matches cross-sectional asset prices both in first differences and in levels. With ten book-to-market deciles as the testing portfolios, the investment model largely matches the Tobin's Q spread and the average return spread across the extreme deciles.
Frederico Belo, Chen Xue, Lu Zhang
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Mobility Barriers and Tobin's $q$
The Journal of Business, 1987The cross-sectional relation of Tobin's q to structural features of firms depends on market conditions. Features such as industry concentration; advertising and research and development intensity; firm specialization; and proxies for the use of specialized resources can operate as barriers to entry or to exit, depending on the direction of expectations.
Lustgarten, Steven, Thomadakis, Stavros
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SSRN Electronic Journal, 2017
Since the early 1980s, equity Tobin's Q has experienced a secular increase in the US, as equity wealth and corporate physical capital have followed divergent trajectories. During the same period, labor productivity and wages have significantly decoupled, leading to a decline in the U.S. corporate labor share.
LLdia Brun, Ignacio Gonzzlez
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Since the early 1980s, equity Tobin's Q has experienced a secular increase in the US, as equity wealth and corporate physical capital have followed divergent trajectories. During the same period, labor productivity and wages have significantly decoupled, leading to a decline in the U.S. corporate labor share.
LLdia Brun, Ignacio Gonzzlez
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SSRN Electronic Journal, 2008
Slow execution of investment projects often means substantial revenue losses for companies. However, accelerating investments generally results in higher investment costs. Our paper integrates this investment speed tradeoff in a reduced-form model of project development to create an empirical proxy for firm speed.
Gonçalo Pacheco-de-Almeida +2 more
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Slow execution of investment projects often means substantial revenue losses for companies. However, accelerating investments generally results in higher investment costs. Our paper integrates this investment speed tradeoff in a reduced-form model of project development to create an empirical proxy for firm speed.
Gonçalo Pacheco-de-Almeida +2 more
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Expectations, Tobin's q, and Industry Investment
The Journal of Finance, 1979THE LITERATURE ON RATIONAL EXPECTATIONS (see [7]) has sensitized researchers to the need to model the expectations-forming mechanism of individuals free of systematic error. Expectations of future economic variables are particularly crucial to determining investment decisions where pay-offs extend far into the future.
Malkiel, Burton G +2 more
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Treating Measurement Error in Tobin’s Q
SSRN Electronic Journal, 2011We compare the ability of three measurement error remedies to deliver unbiased estimates of coefficients in investment regressions. We examine high-order moment estimators, dynamic panel estimators, and simple instrumental variables estimators that use lagged mismeasured regressors as instruments. We show that recent investigations of this question are
Timothy Erickson, Toni M. Whited
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The Dynamics of Tobin's Q [PDF]
SSRN Electronic Journal, 2012 Abstract In this article, I propose a general-equilibrium model with proportional adjustment costs and industry-specific capital to study the firm migration phenomenon across market-to-book ratio. In my model, investors’ desire to diversify their portfolios and investment frictions generate a mean-reverting dynamics of Tobin’s q ...
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SSRN Electronic Journal, 2018
We examine the common and growing misuse of Tobin’s q as a proxy for firm value within the law and finance literatures. We trace the history of Tobin’s q, beginning with its original role as a mean-reverting construct that macroeconomists used to model investment policy.
Robert P. Bartlett, Frank Partnoy
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We examine the common and growing misuse of Tobin’s q as a proxy for firm value within the law and finance literatures. We trace the history of Tobin’s q, beginning with its original role as a mean-reverting construct that macroeconomists used to model investment policy.
Robert P. Bartlett, Frank Partnoy
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