La q de Tobin como herramienta de valuación
Date
2018-11
Authors
Kerst, Nicolás Federico
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Warnes, Ignacio
Journal Title
Journal ISSN
Volume Title
Publisher
Universidad de San Andrés. Escuela de Negocios
Abstract
En este trabajo se presenta y evalúa un método de valuación poco convencional, basado en la q de Tobin. El atractivo de este método radica en que integra los fundamentos microeconómicos y financieros de la firma en un marco teórico de equilibrio macroeconómico, dando lugar a un múltiplo de valuación que permite obtener una valuación en forma rápida, con relativamente poca información y cuya interpretación guarda una relación directa con el concepto de creación de valor. Aún cuando dichas características derivan de un desarrollo analítico consistente con la teoría económica y financiera, cabe preguntarse si en la práctica las valuaciones que se obtienen a partir del método arrojan una estimación adecuada del valor de una compañía. En función de ello, se procede a testear empíricamente el desempeño del multiplicador, para luego proponer un modelo complementario que busca integrar los fundamentos económicos del valor y la dinámica de ajuste del mercado, basado en el concepto de equilibrio de largo plazo entre valor intrínseco de un activo y su valor de mercado.
This paper presents and evaluates an unconventional valuation method based on Tobin’s q. The attractiveness of this method lies in the fact that it integrates the microeconomic and financial foundations of the firm within a theoretical framework of macroeconomic equilibrium, giving rise to a valuation multiple that allows to obtain a quick valuation with relatively little information and whose interpretation holds a direct relationship with the concept of value creation. Even if these characteristics derive from an analytical framework which is consistent with economic and financial theory, it is worth to pose the question if in practice the valuations resulting from this method provide an adequate estimate of a company’s value. Therefore, the predictive performance of the valuation multiple is empirically tested. In addition, a complementary model is proposed, which seeks to integrate the economic fundamentals of value with the adjustment dynamics of the financial market, based on the concept of long-term equilibrium between the intrinsic value of an asset and its market value.
This paper presents and evaluates an unconventional valuation method based on Tobin’s q. The attractiveness of this method lies in the fact that it integrates the microeconomic and financial foundations of the firm within a theoretical framework of macroeconomic equilibrium, giving rise to a valuation multiple that allows to obtain a quick valuation with relatively little information and whose interpretation holds a direct relationship with the concept of value creation. Even if these characteristics derive from an analytical framework which is consistent with economic and financial theory, it is worth to pose the question if in practice the valuations resulting from this method provide an adequate estimate of a company’s value. Therefore, the predictive performance of the valuation multiple is empirically tested. In addition, a complementary model is proposed, which seeks to integrate the economic fundamentals of value with the adjustment dynamics of the financial market, based on the concept of long-term equilibrium between the intrinsic value of an asset and its market value.
Description
Fil: Kerst, Nicolás Federico. Universidad de San Andrés. Escuela de Negocios; Argentina.
Keywords
Citation
Kerst, N. F. (2018). La q de Tobin como herramienta de valuación. [Tesis de maestría, Universidad de San Andrés. Escuela de Negocios]. Repositorio Digital San Andrés. http://hdl.handle.net/10908/17175