TOBIN Q AND MEASUREMENT ERROR - CAVEAT INVESTIGATOR

被引：7

作者：

KLOCK, M ^{[1
]}

THIES, CF ^{[1
]}

BAUM, CF ^{[1
]}

机构：

[1] UNIV BALTIMORE, ROBERT G MERRICK SCH BUSINESS, DEPT ECON & FINANCE, BALTIMORE, MD 21201 USA

来源：

JOURNAL OF ECONOMICS AND BUSINESS | 1991年 / 43卷 / 03期

关键词：

D O I：

10.1016/0148-6195(91)90022-O

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Alternative measures of Tobin's q ratio based on book, imputed market, and market values of debt are investigated with a detailed sample of 100 large U.S. manufacturing corporations. While the imputations of market value based on the methodology proposed by Brainard, Shoven and Weiss (Brookings Papers in Economic Activity, 1980 (2): 453-511) are a considerable improvement over book value, q ratios based on book and on imputed market value are shown to suffer measurement error. Furthermore, this measurement error is shown to be significantly correlated with firms' use of financial leverage. © 1991.

引用

页码：241 / 252

页数：12

共 26 条

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