The distribution and regulation of Tobin's q

被引：16
|
作者：
Scharfenaker, Ellis [1 ]
dos Santos, Paulo L. [2 ]
机构：
[1] Univ Missouri, Dept Econ, Kansas City, MO 64110 USA
[2] New Sch Social Res, Dept Econ, New York, NY 10011 USA
来源：
ECONOMICS LETTERS | 2015年 / 137卷
关键词：
Tobin's q; Statistical equilibrium; Asymmetric Laplace; Maximum entropy; FIRM GROWTH; INFORMATION; INVESTMENT; COMPANIES;
D O I：
10.1016/j.econlet.2015.11.008
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper reports on the empirical distribution of Tobin's q for over 20,000 US-listed corporations between 1962 and 2014. Contemporaneous frequency distributions are shown to conform consistently to the Asymmetric Laplace function. We draw on the Principle of Maximum Entropy to develop an account of this distribution, whose mathematical form constitutes an innovative criterion for judging the empirical success of theorizations of the determinants of Tobin's q. (C) 2015 Elsevier B.V. All rights reserved.
引用
收藏
页码：191 / 194
页数：4
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