Self-tender offers: The effects of free cash flow, cash flow signalling, and the measurement of Tobin's q

Information Technology as an Enabler of Growth in Firms: An Empirical Assessment

“…Second, for some variables such as IT budget, it is important to use the average of a few years to capture investment cycles that firms may follow. Perfect et al [37] also discusses the importance of using an average Tobin's q value in the analysis. Finally, and most importantly, the model is valid for long-term values of the variables and not their short-term values.…”

“…The measure of q that we use in this research is based on the procedure described in Agrawal and Knoeber [1], Perfect and Wiles [36], and Perfect et al [37]. An alternative procedure is described in Lindenberg and Poulsen [30] that is more complex and requires data not available for many firms in our sample.…”

Corporate Investment: Accounting for Alternative Propensities

“…Regarding remedy (1), researchers have devised and examined alternative proxies for Q [9][10][11][12][13][14][15]. Erickson and Whited [15] conclude that most proxies for Q are poor.…”

“…The modified q models given in equation's (11) and (13) are also tested via OLS, and simply involve adding the opposing investment measure to the basic q model. Finally, we use propensity regressions to test our main modified q models, given in equation's (9) and (12). The results are shown in Table 3 Panels A and B for capital expenditures and R&D, respectively.…”

The Public Stock Buyback Tender Offer in France

“…The reduction of agency conflicts following the Public Stock Buyback Tender Offer can be one of the explanations for the positive price reaction to the announcement of such an operation (Howe et al, 1992;Perfect and al., 1995;Nohel and Tarhan, 1998).…”