Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/121862 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
FinMaP-Working Paper No. 49
Verlag: 
Kiel University, FinMaP - Financial Distortions and Macroeconomic Performance, Kiel
Zusammenfassung: 
This note considers Tobin's average Q in a framework where firms finance investment by equities and debt. The determination of its long-run equilibrium value Qo is based on positing equality of the loan rate and, adjusted for a risk premium, the return on equities. Qo can thus be characterized as a ratio of two rates representing the somewhat modified interest costs and profits of the firms. The familiar benchmark value Qo=1 obtains if another condition on the risk premium holds true, which may or may not be the case. An elementary numerical check demonstrates that possible deviations of Qo from unity are not overly dramatic.
Schlagwörter: 
Tobin's average Q
debt and equity financing
no-arbitrage condition
fundamentalist traders
JEL: 
C02
D84
E12
E30
Dokumentart: 
Working Paper

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