Full Text:
<3316>
CLC number: F832.48
On-line Access: 2024-08-27
Received: 2023-10-17
Revision Accepted: 2024-05-08
Crosschecked: 0000-00-00
Cited: 0
Clicked: 6150
The Q theory of investment, the capital asset pricing model, and asset valuation: a synthesis
| |||||||||||||
MCDONALD John F.. The Q theory of investment, the capital asset pricing model, and asset valuation: a synthesis[J]. Journal of Zhejiang University Science A, 2004, 5(5): 499-508.
@article{title="The Q theory of investment, the capital asset pricing model, and asset valuation: a synthesis",
author="MCDONALD John F.",
journal="Journal of Zhejiang University Science A",
volume="5",
number="5",
pages="499-508",
year="2004",
publisher="Zhejiang University Press & Springer",
doi="10.1631/jzus.2004.0499"
}
%0 Journal Article
%T The Q theory of investment, the capital asset pricing model, and asset valuation: a synthesis
%A MCDONALD John F.
%J Journal of Zhejiang University SCIENCE A
%V 5
%N 5
%P 499-508
%@ 1869-1951
%D 2004
%I Zhejiang University Press & Springer
%DOI 10.1631/jzus.2004.0499
TY - JOUR
T1 - The Q theory of investment, the capital asset pricing model, and asset valuation: a synthesis
A1 - MCDONALD John F.
J0 - Journal of Zhejiang University Science A
VL - 5
IS - 5
SP - 499
EP - 508
%@ 1869-1951
Y1 - 2004
PB - Zhejiang University Press & Springer
ER -
DOI - 10.1631/jzus.2004.0499
Abstract: 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.
[1] Bond, S., Patel, A., 2003. The conditional distribution of real estate returns: Are higher moments time varyingJournal of Real Estate Finance and Economics,26:319-339.
[2] Bossaerts, P., 2002. The Paradox of Asset Pricing. Princeton University Press, Princeton, p.2-21.
[3] Campbell, J., Lo, A., MacKinlay, A., 1997. The Econometrics of Financial Markets. Princeton University Press, Princeton.
[4] Corgel, J., Ling, D., Smith, H., 2001. Real Estate Perspectives. McGraw-Hill, Irwin, New York, p.73, 326, 332, 334, 161-165.
[5] Craine, R., 1989. Risky business: the allocation of capital.Journal of Monetary Economics,23:201-218.
[6] Fama, E., 1965. Portfolio analysis is a stable Paretian market.Management Science,11(4):404-419.
[7] Gyrouko, J., Nelling, E., 1996. Systematic risk and diversification in the equity REIT market.Real Estate Economics,24:493-515.
[8] Hamada, R., 1969. Portfolio analysis, market equilibrium, and corporation finance.Journal of Finance,24(1):13-31.
[9] Lusht, K., 1997. Real Estate Valuation. Irwin, Chicago, p.19, 177.
[10] McDonald, J., 2002. Property taxation and optimal capital structure in real estate investment.Review of Accounting and Finance,1(2):5-22.
[11] Rajan, G., Zingales, L., 2003. Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity. Crown Business, New York.
[12] Ring, A., Boykin, J., 1986. The Valuation of Real Estate. Prentice-Hall, Englewood Cliffs, NJ, p.206.
[13] Romer, D., 1996. Advanced Macroeconomics. McGraw-Hill, New York.
[14] Rubenstein, M., 1973. A mean-variance synthesis of corporate financial theory.Journal of Finance,28:167-181.
[15] Tobin, J., 1952. Asset holdings and spending decisions.American Economic Review,42(May):109-123.
[16] Tobin, J., 1969. A general equilibrium approach to monetary theory.Journal of Money, Credit, and Banking,1(Feb.):15-29.
[17] Tobin, J., Golub, S., 1998. Money, Credit, and Capital. Irwin McGraw-Hill, New York, p.159-160.
[18] Young, M., Graff, R., 1995. Real estate is not normal: a fresh look at real estate return distributions.Journal of Real Estate Finance and Economics,10(3):225-259.
Open peer comments: Debate/Discuss/Question/Opinion
<1>
Emma@AAUA<ekoledoye@yahoo.com>
2010-11-02 19:54:38
I NEED YOUR WORK