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On " q."

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Listed:
  • Howe, Keith M
  • Vogt, Stephen

Abstract

The introduction of Tobin's q ratio in the literature has prompted noteworthy advances in economic model building and empirical analysis. A major shortcoming has been the lack of a convincing measure of marginal q. Herein an alternative approach for measuring marginal q is presented, one based on an event study of capital expenditure announcements. The measures of marginal q are shown to yield reasonable and consistent estimates. The marginal q variables perform well against the hypothesized relationships developed from q theory. A key result is that classifying firms according to their average q measures as a proxy for marginal q is likely to lead to classification problems. Copyright 1996 by MIT Press.

Suggested Citation

  • Howe, Keith M & Vogt, Stephen, 1996. "On " q."," The Financial Review, Eastern Finance Association, vol. 31(2), pages 265-286, May.
    • Handle: RePEc:bla:finrev:v:31:y:1996:i:2:p:265-86
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