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Tobin’s q and Airline Performances
Public Works Management & Policy, 2004This article studies the performance of the global airline industry by applying Tobin’s q, a financial market-based measure of firm value, as the primary measure. With 27 airlines from Asia Pacific, Europe, and North America over the period of 1989 to 1999 we find that the industry on average is a low q ratio industry, and European carriers generally ...
Michael Z. F. Li +2 more
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Diversification, Ricardian rents, and Tobin’s q
The RAND Journal of Economics, 1988Abstract It is beyond dispute that multimarket firms play a dominant role in modern society. Despite this, economic analysis does not have a great deal to say about firm diversification, and the theory that does exist is largely untested.
Cynthia A. Montgomery, Birger Wernerfelt
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Journal of Economics and Business, 2010
Abstract A smaller than 1 Tobin's q has been frequently observed for the postwar U.S. economy. In theory, Tobin's q less than 1 would discourage investment. However, actual capital stock has grown during this period. This paper proposes inflation besides Schumpeterian innovation as an explanation for this apparent paradox.
João Ricardo Faria +1 more
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Abstract A smaller than 1 Tobin's q has been frequently observed for the postwar U.S. economy. In theory, Tobin's q less than 1 would discourage investment. However, actual capital stock has grown during this period. This paper proposes inflation besides Schumpeterian innovation as an explanation for this apparent paradox.
João Ricardo Faria +1 more
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Marginal q, Tobin's q, Cash Flow, and Investment
Southern Economic Journal, 2004Many studies of the determinants of investment use Tobin's q to control for the investment opportunities of a firm. Tobin's q roughly measures the average return on a firm's capital anticipated by the market. More relevant for investment decisions, however, is the marginal return on capital.
Klaus Gugler +2 more
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1994
In den letzten Jahren hat q als Variable in empirischen Untersuchungen der Finanzierungs- und Kapitalmarkttheorie an Bedeutung gewonnen.137 Dafur lassen sich drei Bereiche anfuhren:
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In den letzten Jahren hat q als Variable in empirischen Untersuchungen der Finanzierungs- und Kapitalmarkttheorie an Bedeutung gewonnen.137 Dafur lassen sich drei Bereiche anfuhren:
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Finding Tobin's Q in Neverland
SSRN Electronic Journal, 2005In Australia, the regulation of natural monopolies is a process where regulators set prices to emulate the prices that would be found under conditions of perfect competition. Australian regulators rely on the use of a Building Block approach that uses a formula driven approach.
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Tobin's Q and the Gains from Takeovers
The Journal of Finance, 1991ABSTRACTThis paper analyzes the relation between takeover gains and the q ratios of targets and bidders for a sample of 704 mergers and tender offers over the period 1972–1987. Target, bidder, and total returns are larger when targets have low q ratios and bidders have high q ratios.
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Franchise Value, Intangibles, and Tobin's Q
SSRN Electronic Journal, 2023Wan-Chien Chiu +2 more
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Firms' Accruals and Tobin’s q [PDF]
, 2012 According to the neoclassical theory of investment, if firms’ accruals are a form of short-term investment they should be greatly influenced by the shadow price of capital, namely Tobin’s q. In the presence of financial market imperfections, cash-flows should also impact accruals since they proxy for liquidity constraints.
Christian Calmès +3 more
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