Tobin's q and corporate investment with a pandemic shock

DOI10.1016/J.ECONLET.2021.110141MaRDI QIDQ824017zbMATH OpenOpenAlexFDO

Authors Tongtong Li, Jinqiang Yang, Siqi Zhao, Shi-Lin Li

Publication date 14 December 2021

Published in Economics Letters (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.econlet.2021.110141

zbMATH Keywords

adjustment costscorporate investmentmitigation policypandemic risk

Mathematics Subject Classification ID

Corporate finance (dividends, real options, etc.) (91G50) Stochastic models in economics (91B70)

Recommendations

• Stochastic volatility and the \(q\) theory of investment
• Optimal capital structure and credit spreads under pandemic shocks
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Cites work

• A Stochastic Differential Equation SIS Epidemic Model
• Tobin's Marginal q and Average q: A Neoclassical Interpretation

Cited in

(6)

• Stochastic volatility and the \(q\) theory of investment
• The \(q\) theory of investment decision under partial information
• Optimal capital structure and credit spreads under pandemic shocks
• The value of firm flexibility under extreme positive demand shocks: COVID-19 and toilet paper panic purchases
• Measurement error in multiple equations: Tobin's \(q\) and corporate investment, saving, and debt
• How \(\mathcal Q\) and cash flow affect investment without frictions: an analytic explanation

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