Shane, Hilary; Klock, Mark - In: Review of Quantitative Finance and Accounting 9 (1997) 2, pp. 131-46
The market value of a firm is largely determined by the expected returns to the firm's tangible and intangible assets. However, accounting data generally excludes intangible assets. Financial variables which are constructed in part from accounting data, such as Tobin's Q, are thus biased. If...