{"title":"A useful interpretation of firm level Tobin's q","authors":"Peter A. Zaleski","doi":"10.1002/mde.4332","DOIUrl":null,"url":null,"abstract":"<p>Industrial organization economists and financial analysts often employ firm level Tobin's <i>q</i>, typically interpreted as the firm's market value divided by its book value. The measurements, applications, and interpretations vary considerably enough to warrant the questioning of its usefulness. This paper develops a conceptual framework for Tobin's <i>q</i> and, in doing so, offers some useful interpretations that hopefully clear up some of the past misunderstandings regarding this useful metric.</p>","PeriodicalId":2,"journal":{"name":"ACS Applied Bio Materials","volume":null,"pages":null},"PeriodicalIF":4.6000,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"ACS Applied Bio Materials","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/mde.4332","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"MATERIALS SCIENCE, BIOMATERIALS","Score":null,"Total":0}
引用次数: 0
Abstract
Industrial organization economists and financial analysts often employ firm level Tobin's q, typically interpreted as the firm's market value divided by its book value. The measurements, applications, and interpretations vary considerably enough to warrant the questioning of its usefulness. This paper develops a conceptual framework for Tobin's q and, in doing so, offers some useful interpretations that hopefully clear up some of the past misunderstandings regarding this useful metric.
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