التفاصيل البيبلوغرافية
| العنوان: |
Why Does Equity Capital Flow out of High Tobin's q Industries? |
| المؤلفون: |
Lee, Dong Wook, Shin, Hyun-Han, Stulz, René M |
| المصدر: |
Review of Financial Studies; Apr2021, Vol. 34 Issue 4, p1867-1906, 40p |
| مصطلحات موضوعية: |
CAPITAL movements, CAPITAL market, STOCK repurchasing, TOBIN'S Q ratio, FINANCIAL performance, VALUATION of corporations |
| مستخلص: |
High Tobin's q industries receive more funding from capital markets than low Tobin's q industries from 1971 to 1996. Since then, the opposite is true. The key to understanding this shift is that large firms, for which q is more a proxy for rents than investment opportunities, have become more important within industries. For these firms, repurchases but not capital expenditures increase in the cross-section with q, so that q explains the variation of repurchases more than of capital expenditures. Consequently, equity capital flows out of high q industries because for these industries stock repurchases are high and issuances are low. [ABSTRACT FROM AUTHOR] |
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