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    Tobin's Q, asymmetric Information and aggregate stock market valuations

    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: School of Business, Economics & Informatics > Economics, Mathematics and Statistics
    Depositing User: Sarah Hall
    Date Deposited: 19 May 2020 09:36
    Last Modified: 26 Jun 2021 13:58
    URI: https://eprints.bbk.ac.uk/id/eprint/31972

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