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SUMMARY:Tobin's q Does Not Measure Firm Performance: Theory\, Empirics\, a
 nd Alternatives
DTSTART:20141120T161500
DTEND:20141120T174500
DTSTAMP:20260511T050353Z
UID:3a4fabf54e2909e57555c67c9db7e7673eef15cb5acde1bb4046f591
CATEGORIES:Conferences - Seminars
DESCRIPTION:Phil DYBVIG (Washington University in St. Louis)\nTobin's q is
  often used to proxy for firm performance when studying the relation betwe
 en corporate governance and firm performance. However\, our theoretical an
 d empirical analysis demonstrate that Tobin's q does not measure firm perf
 ormance since underinvestment increases rather than decreases Tobin's q. A
 s an alternative to Tobin's q\, our theoretical framework provides two new
  operating efficiency measures: the first assesses scale efficiency and th
 e second assesses cost discipline. These proxies\, which are justified by 
 the ideal of maximizing firm value net of invested capital\, decompose Tob
 in's q and can be computed for a wide cross-section of firms using the sam
 e data. In a canonical governance-performance regression specification\, t
 hese operating efficiency measures lead to a different conclusion than Tob
 in's q.
LOCATION:UNIL\, Extranef\, room 109 https://planete.unil.ch/plan/?local=EX
 T-109
STATUS:CONFIRMED
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