WebbThe relationship between stock market and investment has been studied for a long time. q Theory is one of the most important theory explaining the investment and stock market which was proposed by Tobin in 1969. Webb2 Tobin’s Q Jim Tobin (1969) developed an intuitive and celebrated theory of investment. He reasoned that if the market value of physical capital of a rm exceeded its replacement cost, then capital has more value \in the rm" (the numerator) than outside the rm (the denominator). Formally, Tobin’s Q is de ned as: Q= Market Value of Firm Capital
Investment and Adjustment Costs - [PDF Document]
WebbIn his 1969 article, James Tobin argued that “the rate of investment—the speed at which investors wish to increase the capital stock—should be related, if to anything, to q, the value of capital relative to its replacement cost” (Tobin 1969, p. 21). Tobin also recognized, however, that q must depend on “expecta- WebbTobin™s q-theory of investment (after the American Nobel laureate James To-bin, 1918-2002) is an attempt to model these features. In this theory, (a) –rms makethe investment decisions andinstall thepurchasedcapitalgoods in their own businesses; (b) there are certain adjustment costs associated with this investment: in ad- leaf spring ankle foot orthosis
Investment, Tobin
http://douglas-hibbs.com/MacroLectures/Investment.pdf Webbsical models. Tobin’s Q theory determines the rate of investment by evaluating the ratio of market value over replacement costs for the same physical asset.3 Instead of incorporating rental costs as in previous models, Tobin’s Q speci cally accounts for adjustment costs by explicitly including adjustment costs when purchasing capital goods. WebbTobin q oranının hesaplanmasında varlıkların yerine koyma maliyetinin belirlenmesi en önemli konuyu oluşturmaktadır. Daha sonra Tobin q oranının finansal kararlarda kullanım alanlarına yer verilecektir. 1. GENEL OLARAK TOBIN Q ORANI Tobin (1969), daha sonra finans yazınında kendi adıyla anılan “q” oranını firma leaf spring arching