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A Supply Approach to Valuation

Frederico Belo - Nama Orang; Chen Xue - Nama Orang; Lu Zhang - Nama Orang;

A new methodology for equity valuation arises from the perspective of managers’ supply
of capital assets. Under q-theory, managers optimally adjust the supply of assets to changes
in their market value. The first-order condition of investment then provides a valuation
equation that infers asset prices from managers’ costs of supplying the assets. This equation
fits well the Tobin’s q levels across many testing assets, including portfolios formed on q.
With current investment-to-capital as the only input, the supply approach does not require
cash flow forecasts or discount rate estimates, both of which are notoriously difficult to
obtain in practice.

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Judul Seri: The Review of Financial Studies
No. Panggil: -
Penerbit: : Oxford University Press on behalf of The Society for Financial Studies., 2013
Deskripsi Fisik: The Review of Financial Studies / v 26 n 12 2013
Bahasa: English
ISBN/ISSN: -
Klasifikasi: -
Tipe Isi: -
Tipe Media: -
Tipe Pembawa: -
Edisi: -
Subjek: EKONOMI
Info Detail Spesifik: -
Pernyataan Tanggungjawab: agus

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A Supply Approach to Valuation

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