{"title":"托宾Q和股票市场表现","authors":"V. Sum","doi":"10.2139/ssrn.2293527","DOIUrl":null,"url":null,"abstract":"This study examines if the change in aggregate Tobin’s q ratio (∆TBQ) can dynamically forecast return on the SP the reverse causality is not evident. The variance decomposition results reveal that ∆TBQ forecasts about 70% of SP at the two-quarter to eight-quarter horizons.","PeriodicalId":11800,"journal":{"name":"ERN: Stock Market Risk (Topic)","volume":"1 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2013-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"4","resultStr":"{\"title\":\"Tobin's Q and Stock Market Performance\",\"authors\":\"V. Sum\",\"doi\":\"10.2139/ssrn.2293527\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study examines if the change in aggregate Tobin’s q ratio (∆TBQ) can dynamically forecast return on the SP the reverse causality is not evident. The variance decomposition results reveal that ∆TBQ forecasts about 70% of SP at the two-quarter to eight-quarter horizons.\",\"PeriodicalId\":11800,\"journal\":{\"name\":\"ERN: Stock Market Risk (Topic)\",\"volume\":\"1 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2013-07-14\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"4\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Stock Market Risk (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2293527\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Stock Market Risk (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2293527","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
This study examines if the change in aggregate Tobin’s q ratio (∆TBQ) can dynamically forecast return on the SP the reverse causality is not evident. The variance decomposition results reveal that ∆TBQ forecasts about 70% of SP at the two-quarter to eight-quarter horizons.
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