Wright, Stephen and Robertson, D. (2005) Tobin's Q, asymmetric Information and aggregate stock market valuations. Working Paper. Birkbeck, University of London, London, UK.
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Abstract
Estimates of Tobin’s Q for the United States using publicly available data present an apparent puzzle: it is systematically less than unity. This paper sets out a simple model consistent with rational stock market valuation under conditions of asymmetric information that provides a possible explanation of this puzzle.
Metadata
| Item Type: | Monograph (Working Paper) |
|---|---|
| School: | Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School |
| Depositing User: | Sarah Hall |
| Date Deposited: | 19 May 2020 09:36 |
| Last Modified: | 02 Aug 2023 17:59 |
| URI: | https://eprints.bbk.ac.uk/id/eprint/31972 |
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