Why Does Equity Capital Flow out of High Tobin’s $\boldsymbol{q}$ Industries?
研究发现1971-1996年间高托宾q行业从资本市场获得更多资金，但此后相反，因为大企业（q更多反映租金而非投资机会）在行业内变得更重要，其回购随q增加而增加，导致高q行业回购高、发行低，权益资本净流出。
Abstract 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 rents than investment opportunities, have become more important within industries. For these firms, repurchases but not capital expenditures increase in the cross-section with $q$, so that $q$ explains the variation of repurchases more than of capital expenditures. Consequently, equity capital flows out of high $q$ industries because for these industries stock repurchases are high and issuances are low.