The Q theory of investment, the capital asset pricing model, and asset valuation: a synthesis.
The paper combines Tobin's Q theory of real investment with the capital asset pricing model to produce a new and relatively simple procedure for the valuation of real assets using the income approach. Applications of the new method are provided.
McDonald
John F
JF
College of Business Administration, University of Illinois at Chicago, Chicago, USA. mcdonald@uic.edu