The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
The Bond Market's q*
Abstract
I propose an implementation of the q-theory of investment using bond prices instead of equity prices. Credit risk makes corporate bond prices sensitive to future asset values, and q can be inferred from bond prices. With aggregate U.S. data, the bond market's q fits the investment equation six times better than the usual measure of q, it drives out cash flows, and it reduces the implied adjustment costs by more than an order of magnitude. Theoretical interpretations for these results are discussed. (c) 2009 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology..
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Cites
The pricing of options and corporate liabilities
Black, F., & Scholes, M. (1973) · Journal of Political Economy · doi:10.1086/260062 · Cited by 29,074
MYERS, S. C. (1984) · The Journal of Finance · doi:10.1111/j.1540-6261.1984.tb03646.x · Cited by 7,526
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Cited by
Credit spreads and business cycle fluctuations
Gilchrist, S., & Zakrajšek, E. (2012) · American Economic Review · doi:10.1257/aer.102.4.1692 · Cited by 2,213
Uncertainty, Financial Frictions, and Investment Dynamics
Gilchrist, S., Sim, J., & Zakrajšek, E. (2014) · National Bureau of Economic Research · doi:10.3386/w20038 · Cited by 828
A century of capital structure: The leveraging of corporate America
Graham, J. R., Leary, M. T., & Roberts, M. R. (2015) · Journal of Financial Economics · doi:10.1016/j.jfineco.2014.08.005 · Cited by 431
Have financial markets become more informative?
Bai, J., Philippon, T., & Savov, A. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.08.005 · Cited by 394
Self-citationGennaioli, N., Ma, Y., & Shleifer, A. (2016) · NBER Macroeconomics Annual · doi:10.1086/685965 · Cited by 332
Metadata
- Authors
- Philippon, T.
- Venue
- Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2009-08
- Volume
- 124
- Issue
- 3
- Pages
- 1011-1056
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W1976690099
- Cited by
- 250
- References
- 3
- FWCI
- 49.06
- Type
- journal article
- Language
- en
- Open access
- closed
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