Recent Developments in Corporate Finance
Jeremy Edwards, Julian Franks, Corporation of London Professor of Finance Julian Franks, Colin Mayer, Peter Moores Professor of Management Studies at the Sa Id Business School and Director Colin Mayer, Stephen Schaefer
Cambridge University Press, Sep 11, 1986 - Business & Economics - 240 pages
This book was originally published in 1986. During the decade preceding publication there were a number of significant developments in financial economics and major contributions made both by individuals who could be classified as conventional financial economists and by others who do not fit easily into this category - theoretical microeconomists, public and industrial economists. This volume contains a selection from the papers presented at a conference in Oxford in September 1985 which aimed to bring together a number of the leading participants in this field. The papers in the volume cover a wide range of topics - the efficiency of financial markets, new equity issues, asymmetric corporate taxation and investment, credit rationing, international investment, the foundations of banking theory - but they clearly reflect the main themes in financial economics at the time: the importance of informational asymmetries and of taxation.
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ISSUES IN CORPORATE FINANCE
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adverse selection afﬁliate analysis assets assume assumption asymmetric information average bank run bank’s barriers capital structure cash ﬂows collateral contract competitive constraint consumers covariance matrix credit rationing date zero debt ratio deductions deferral deﬁned deﬁnition depositors distribution dividends domestic equation equity ﬁnancing equity issues equity offerings estimates excess returns expected return ﬁnancial Financial Economics ﬁndings ﬁrm ﬁrm’s ﬁrst ﬁxed foreign investment function funds home country hypothesis implies incentive incentive-compatible income increase indifference curve interest rate investors Journal of Finance Lemma loan market efficiency maximizes Nash equilibrium optimal bank contract paper period policies portfolio holdings precommitment price effects price reduction primary issues Problem A.2 proﬁts rational expectations reﬂect regression retums risk risk aversion risky secondary shareholders signal signiﬁcant speciﬁc standby rights offer Stiglitz stock price tax rate tax systems Theorem underwriter underwritten offerings uninsured rights offer utility valuation variable Weiss withholding taxes