Abstract
The paper combines Tobin'sQ 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.
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McDonald, J.F. TheQ theory of investment, the capital asset pricing model, and asset valuation: a synthesis. J. Zheijang Univ.-Sci. 5, 499–508 (2004). https://doi.org/10.1631/jzus.2004.0499
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DOI: https://doi.org/10.1631/jzus.2004.0499