Lee, Dong Wook; Shin, Han; Stulz, René M. - 2020
High Tobin's q industries receive more funding from capital markets than low Tobin's q industries from 1971 to 1996 …. Since then, the opposite is true. The key to understanding this shift is that large firms for which q is more a proxy for … with q but capital expenditures do not, so that q explains more the variation of repurchases than of capital expenditures …