{"id":"https://openalex.org/W3123769795","doi":"https://doi.org/10.2139/ssrn.3118020","title":"The Misuse of Tobin's Q","display_name":"The Misuse of Tobin's Q","publication_year":2018,"publication_date":"2018-01-01","ids":{"openalex":"https://openalex.org/W3123769795","doi":"https://doi.org/10.2139/ssrn.3118020","mag":"3123769795"},"language":"en","primary_location":{"id":"doi:10.2139/ssrn.3118020","doi":"https://doi.org/10.2139/ssrn.3118020","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.3118020","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"SSRN Electronic Journal","raw_type":"journal-article"},"volume":null,"type":"preprint","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.3118020","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5089618885","display_name":"Robert P. Bartlett","orcid":"https://orcid.org/0000-0002-7667-6141","observed_orcids":["https://orcid.org/0000-0002-7667-6141"]},"institutions":[{"id":"https://openalex.org/I95457486","display_name":"University of California, Berkeley","ror":"https://ror.org/01an7q238","country_code":"US","type":"education","lineage":["https://openalex.org/I95457486"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Robert P. Bartlett","raw_affiliation_strings":["University of California, Berkeley - Berkeley Center for Law, Business and the Economy, UC Berkeley School of Law, Berkeley, CA 94720","University of California, Berkeley - School of Law, 215 Boalt Hall, Berkeley, CA 94720-7200, United States"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of California, Berkeley - Berkeley Center for Law, Business and the Economy, UC Berkeley School of Law, Berkeley, CA 94720","institution_ids":["https://openalex.org/I95457486"]},{"raw_affiliation_string":"University of California, Berkeley - School of Law, 215 Boalt Hall, Berkeley, CA 94720-7200, United States","institution_ids":["https://openalex.org/I95457486"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5058035057","display_name":"Frank Partnoy C","orcid":"https://orcid.org/0000-0002-9187-5966","observed_orcids":["https://orcid.org/0000-0002-9187-5966"]},"institutions":[{"id":"https://openalex.org/I95457486","display_name":"University of California, Berkeley","ror":"https://ror.org/01an7q238","country_code":"US","type":"education","lineage":["https://openalex.org/I95457486"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Frank Partnoy","raw_affiliation_strings":["University of California, Berkeley - School of Law, 215 Boalt Hall, Berkeley, CA 94720-7200, United States"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of California, Berkeley - School of Law, 215 Boalt Hall, Berkeley, CA 94720-7200, United States","institution_ids":["https://openalex.org/I95457486"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5089618885"],"corresponding_institution_ids":["https://openalex.org/I95457486"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":49,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":"73","issue":"2","first_page":"353","last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9315999746322632,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9315999746322632,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.04050000011920929,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.016499999910593033,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/tobin-s-q","display_name":"Tobin's Q","score":0.9990000128746033},{"id":"https://openalex.org/keywords/market-to-book-ratio","display_name":"market-to-book ratio","score":0.9150000214576721},{"id":"https://openalex.org/keywords/measurement-error","display_name":"measurement error","score":0.75},{"id":"https://openalex.org/keywords/mean-reversion","display_name":"mean reversion","score":0.7570000290870667},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.675000011920929},{"id":"https://openalex.org/keywords/regulatory-policy","display_name":"regulatory policy","score":0.6340000033378601},{"id":"https://openalex.org/keywords/investment-policy","display_name":"investment policy","score":0.597000002861023},{"id":"https://openalex.org/keywords/stock-returns","display_name":"stock returns","score":0.5049999952316284},{"id":"https://openalex.org/keywords/fixed-effects-estimator","display_name":"fixed effects estimator","score":0.7720000147819519},{"id":"https://openalex.org/keywords/replication","display_name":"replication","score":0.38199999928474426}],"concepts":[{"id":"https://openalex.org/C2780148112","wikidata":"https://www.wikidata.org/wiki/Q1432581","display_name":"Proxy (statistics)","level":2,"score":0.7427263259887695},{"id":"https://openalex.org/C8901936","wikidata":"https://www.wikidata.org/wiki/Q1050524","display_name":"Tobin's q","level":2,"score":0.7272823452949524},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6185426115989685},{"id":"https://openalex.org/C135205223","wikidata":"https://www.wikidata.org/wiki/Q367137","display_name":"Mean reversion","level":2,"score":0.5871991515159607},{"id":"https://openalex.org/C23032112","wikidata":"https://www.wikidata.org/wiki/Q1344727","display_name":"Enterprise value","level":2,"score":0.5669066309928894},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.544098436832428},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.5360078811645508},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.5015945434570312},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.46753212809562683},{"id":"https://openalex.org/C2779093199","wikidata":"https://www.wikidata.org/wiki/Q338010","display_name":"Shareholder value","level":4,"score":0.456922322511673},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4489096403121948},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.4152834415435791},{"id":"https://openalex.org/C202552767","wikidata":"https://www.wikidata.org/wiki/Q1901350","display_name":"Market value","level":2,"score":0.41017472743988037},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.2817752957344055},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.21724975109100342},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.1659488081932068},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.14700818061828613},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.13026216626167297}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.2139/ssrn.3118020","doi":"https://doi.org/10.2139/ssrn.3118020","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.3118020","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"SSRN Electronic Journal","raw_type":"journal-article"},{"id":"pmh:oai:works.bepress.com:robert_bartlett-10039","doi":null,"is_oa":false,"landing_page_url":"https://works.bepress.com/robert_bartlett/52","pdf_url":null,"source":{"id":"https://openalex.org/S4377196581","display_name":"Berkley Law Scholarship Repository (University of California, Berkeley)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I95457486","host_organization_name":"University of California, Berkeley","host_organization_lineage":["https://openalex.org/I95457486"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Robert Bartlett","raw_type":"text"},{"id":"mag:3123769795","doi":null,"is_oa":false,"landing_page_url":"https://scholarship.law.vanderbilt.edu/cgi/viewcontent.cgi?article=2917&context=vlr","pdf_url":null,"source":{"id":"https://openalex.org/S120000808","display_name":"Vanderbilt law review","issn_l":"0042-2533","issn":["0042-2533"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","jufo-2","norway-1","poland-140","russia-white-list-1"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Vanderbilt law review","raw_type":null}],"best_oa_location":{"id":"doi:10.2139/ssrn.3118020","doi":"https://doi.org/10.2139/ssrn.3118020","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.3118020","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"SSRN Electronic Journal","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W4386301806","https://openalex.org/W1971641600","https://openalex.org/W4400960662","https://openalex.org/W96102670","https://openalex.org/W113023772","https://openalex.org/W1553014080","https://openalex.org/W4301030146","https://openalex.org/W2056535734","https://openalex.org/W2917763730","https://openalex.org/W2093636029"],"abstract_inverted_index":null,"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":6},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":6},{"year":2021,"cited_by_count":15},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":7},{"year":2018,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-11-01T11:40:01.658920","created_date":"2021-02-01T00:00:00"}