IDEAS home Printed from https://ideas.repec.org/a/adr/anecst/y1994i36p133-167.html
   My bibliography  Save this article

q de Tobin marginal et transmission des chocs financiers

Author

Listed:
  • Laurence Bloch
  • Benoît Coeuré

Abstract

Empirical studies of physical investment usually rely on Tobin's average q (the market value of the firm divided by the replacement cost of capital), rather than marginal q (the present value of a stream of expected marginal profits) because the latter is unobservable. We build marginal q series in four OECD countries (France, USA, Germany and Japan) from V.A.R. models for financial returns and profit rates. We find that marginal q is the sum of two components: a permanent one related only to the current profit rate and a temporary one which summarizes expectations on future financial and real returns. At last we study the effects of financial or real shocks in the V.A.R., and their transmission through marginal q to investment.

Suggested Citation

  • Laurence Bloch & Benoît Coeuré, 1994. "q de Tobin marginal et transmission des chocs financiers," Annals of Economics and Statistics, GENES, issue 36, pages 133-167.
    • Handle: RePEc:adr:anecst:y:1994:i:36:p:133-167
    as

    Download full text from publisher

    File URL: http://www.jstor.org/stable/20075973
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Weinert, Gunter & Wohlers, Eckhardt & Bruck, Christiane & Fieber, Eva-Ulrike & Hinze, Jorg & Kirchesch, Kai & Matthies, Klaus & Schumacher, Christian, 2003. "Zwischen Hoffen und Bangen - Konjunktur 2003," Report Series 26082, Hamburg Institute of International Economics.
    2. Ngongang, Elie, 2012. "Econometric Analysis of the Impact of Financial Variables on Investment Behavior in Sub-Saharan African (SSA) Countries," Review of Applied Economics, Lincoln University, Department of Financial and Business Systems, vol. 8(1), pages 1-22, May.
    3. Weinert, Günter, 2003. "Zwischen Hoffen und Bangen - Konjunktur 2003," HWWA Reports 224, Hamburg Institute of International Economics (HWWA).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:adr:anecst:y:1994:i:36:p:133-167. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Secretariat General or Laurent Linnemer (email available below). General contact details of provider: https://edirc.repec.org/data/ensaefr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.