- 1 Introduction
- 1.1 Related literature
- 2 The Model
- 2.1 The Problem of the Firm
- 2.2 Optimal Investment Policies
- 2.3 Optimal Financing Policies
- 3 Testing Q-theory on Corporate Policies
- 3.1 Empirical Approach
- 3.2 Testing Q-theory on Investment Policies
- 3.3 Testing Q-theory on Financing Policies
- 3.4 Robustness checks
- 4 Asset pricing implications
- 4.1 An extension of the basic model
- 4.2 Why has the model worked for stock returns?
- 5 Conclusions
- References
- 6 Appendix
- 6.1 Average Q and marginal q
- 6.2 Binding collateral constraints
- 6.3 The inaction region of investment
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