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Q-Monetary Transmission
Jeenas, Priit; Lagos, Ricardo - National Bureau of Economic Research - 2022
develop a theory of the mechanism, provide empirical evidence, evaluate the ability of the quantitative theory to match the …
Persistent link: https://www.econbiz.de/10013210051
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Growth Options and Firm Valuation
Kraft, Holger - 2013
This paper studies the relation between firm value and a firm's growth options. We find strong empirical evidence that (average) Tobin's Q increases with firm-level volatility. The significance mainly comes from R&D firms, which have more growth options than non-R&D firms. By decomposing...
Persistent link: https://www.econbiz.de/10012459825
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Tobin's Q, Corporate Diversification and Firm Performance
Lang, Larry H.P. - 1993
In this paper, we show that Tobin's q and firm diversification are negatively related. This negative relation holds for different diversification measures and when we control for other known determinants of q. We show further that diversified firms have lower q's than equivalent portfolios of...
Persistent link: https://www.econbiz.de/10012474577
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Identifying Government Spending Shocks : It's All in the Timing
Ramey, Valerie A. - 2009
Do shocks to government spending raise or lower consumption and real wages? Standard VAR identification approaches show … difference in the approaches is the timing. Both professional forecasts and the narrative approach shocks Granger-cause the VAR … shocks, implying that the VAR shocks are missing the timing of the news. Simulations from a standard neoclassical model in …
Persistent link: https://www.econbiz.de/10012463185
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The Analytics of Investment, q, and Cash Flow
Abel, Andrew B. - 2015
In this paper I analyze the relationships among investment, q, and cash flow in a tractable stochastic model in which marginal q and average q are identically equal. After analyzing the impact of changes in the distribution of the marginal operating profit of capital, I extend the model to...
Persistent link: https://www.econbiz.de/10012457120
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How Can a Q-Theoretic Model Price Momentum?
Novy-Marx, Robert - 2015
prior year's performance, but for reasons outside of q-theory---it does so by including a fundamental momentum factor, i …
Persistent link: https://www.econbiz.de/10012457681
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Limited Managerial Attention and Corporate Aging
Loderer, Claudio - 2013
ability to generate new growth options. This simple theory predicts that Tobin's q falls with age. Further, competition in the …
Persistent link: https://www.econbiz.de/10012459232
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Investment, Tobin's q, and Interest Rates
Wang, Chong - 2013
rates, CIR (Cox, Ingersoll, and Ross (1985)), with the q theory of investment (Hayashi (1982) and Abel and Eberly (1994 …
Persistent link: https://www.econbiz.de/10012459334
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A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management
Bolton, Patrick - 2009
This paper proposes a simple homogeneous dynamic model of investment and corporate risk management for a financially constrained firm. Following Froot, Scharfstein, and Stein (1993), we define a corporation's risk management as the coordination of investment and financing decisions. In our...
Persistent link: https://www.econbiz.de/10012463803
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Physical Capital, Knowledge Capital and the Choice Between FDI and Outsourcing
Chen, Yongmin - 2008
There exist two approaches in the literature concerning the multinational firm's mode choice for foreign production between an owned subsidiary and a licensing contract. One approach considers environments where the firm is transferring primarily knowledge-based assets. An important assumption...
Persistent link: https://www.econbiz.de/10012464132