Microsoft Word 2007 ichrie conference Proceedings Final-Final 06-06-07. doc

 
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We also used other free cash flow measurements (operating income before depreciation minus interest expense, 
taxes, preferred dividend and common dividends by total assets, cash and short-term investments dividend by total 
assets). The results were similar. 
11
We also used the pseudo Q as the growth opportunities. It turned out insignificant. It may be due to inaccurate 
measurement of replacement value of assets in Tobin’s Q. 

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