Accounting and Financial Management Research Seminar – Professor Stuart Price

Title: Tobin’s q: Measuring Market Madness

Date: 19 November 2025

Time: 13:00-14:00

Venue: FDC.2.14

If you would like to attend, please register using the following link

Tobin’s q: Measuring Market Madness

Speaker:   Professor Stuart Price

Professor Stuart Price is our Professor of Practice. He is a managing director at J.P. Morgan Asset Management, investing in global consumer goods companies and a co-portfolio manager on a Sustainable Nutrition fund. He has also worked for Pioneer Investments in Dublin and as an equities analyst for Credit Suisse and WestLB.

Profile website: https://www.ncl.ac.uk/business/people/profile/stuartprice.html

Abstract:

Stuart’s talk will unpack the limitations of popular valuation models in finance and explore how Tobin’s q ratio, the link between market value and replacement cost, can help explain today’s unusually high market valuations. He will explain historical patterns, compare q with other valuation metrics, and discuss what current levels may signal for future returns.