Publications

Publications

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  • winter 1988
  • Article

Diversification, Ricardian rents, and Tobin's q

By: Cynthia A. Montgomery and Birger Wernerfelt
Keywords: Diversification; Strategy
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  • March 1988
  • Article

Tobin's q and the Importance of Focus in Firm Performance

By: Cynthia A. Montgomery and Birger Wernerfelt
Keywords: Business Ventures; Performance
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  • Winter 2021
  • Article

Can Staggered Boards Improve Value? Causal Evidence from Massachusetts

By: Robert Daines, Shelley Xin Li and Charles C.Y. Wang
We study the effect of staggered boards (SBs) using a quasi-experiment: a 1990 law that imposed an SB on all Massachusetts-incorporated firms. The law led to an increase in Tobin's Q, investment in CAPEX and R&D, patents, higher-quality patented innovations, and... View Details
Keywords: Staggered Board; Entrenchment; Life-cycle; Tobin's Q; Innovation; Profitability; Investor Composition; Governing and Advisory Boards; Investment; Innovation and Invention; Institutional Investing; Value
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  • July 2016
  • Article

Under New Management: Equity Issues and the Attribution of Past Returns

By: Malcolm Baker and Yuhai Xuan
There is a strong link between measures of stock market performance, such as changes in Tobin's Q or past stock returns, and equity issues. Typically, this performance is thought to be a characteristic of the firm, not the CEO who happens to run the firm. In contrast... View Details
Keywords: Performance; Management Teams; Equity
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  • October 2009
  • Article

Influence and Inefficiency in the Internal Capital Market

By: Julie Wulf
I model inefficient resource allocations in M-form organizations due to influence activities by division managers that skew capital budgets in their favor. Corporate headquarters receives two types of signals about investment opportunities: private signals that can be... View Details
Keywords: Capital Markets; Resource Allocation; Business Processes; Capital Budgeting; Business Headquarters; Investment; Opportunities; Cost; Value; Motivation and Incentives; Equity
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  • Research Summary

Investigating the Economic Role of Mergers (with Erik Stafford)

What is the economic role of mergers? We investigate this issue by performing a comparative study of mergers and other forms of corporate investment, at the industry and firm levels. In our framework, merger activity is motivated by both firm- and industry-level... View Details
  • 01 Dec 1998
  • News

Short Takes

stock-price measure known as Tobin's Q , Kang found that three types of shareholders owning large blocks of a company's stock had a positive impact on the firm's performance: outside-director owners... View Details
Keywords: Judith A. Ross
  • 10 Nov 2015
  • First Look

November 10, 2015

forthcoming Journal of Financial Economics Under New Management: Equity Issues and the Attribution of Past Returns By: Baker, Malcolm, and Yuhai Xuan Abstract—There is a strong link between measures of stock market performance, such as changes in View Details
Keywords: Sean Silverthorne
  • 12 Apr 2004
  • Research & Ideas

What Great American Leaders Teach Us

complete financial information across the twentieth century (especially pre-1925), a multi-tiered financial analysis approach was utilized: (1) Tobin's Q Performance (market to book value); (2) Return on... View Details
Keywords: by Sean Silverthorne
  • 20 Sep 2016
  • First Look

September 20, 2016

Abstract—We study the effect of staggered boards on long-run firm value, using a natural experiment: a 1990 law that imposed a staggered board on all firms incorporated in Massachusetts. We find a significant and positive average increase in View Details
Keywords: Sean Silverthorne