Elsevier S & T

Handbook of the Economics of Finance: Corporate Finance

Constantinides, George M.; Harris, M.; Stulz, Rene M.

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Table of contents
  • Cover
  • Corporate Financeiii
  • Copyright Pageiv
  • Contents of Volume 1Axvii
  • Introduction to the Seriesv
  • Contents of the Handbookvii
  • Prefaceix
  • Corporate Financex
  • Chapter 1. Corporate Governance and Control1
  • Abstract3
  • Keywords3
  • 1. Introduction4
  • 2. Historical origins: a brief sketch5
  • 3. Why corporate governance is currently such a prominent issue7
  • 4. Conceptual framework13
  • 5. Models19
  • 6. Comparative perspectives and debates41
  • 7. Empirical evidence and practice49
  • 8. Conclusion82
  • References86
  • Chapter 2. Agency, Information and Corporate Investment111
  • Abstract113
  • Keywords113
  • 1. Introduction114
  • Part A. Investment at the firm level116
  • 2. Theoretical building blocks: investment at the firm level116
  • 3. Evidence on investment at the firm level127
  • 4. Macroeconomic implications133
  • Part B. Investment inside firms136
  • 5. Theoretical work on internal capital allocation136
  • 6. Empirical work on internal capital allocation145
  • 7. Conclusions: implications for the boundaries of the firm152
  • References155
  • Chapter 3. Corporate Investment Policy167
  • Abstract168
  • Keywords168
  • 1. Introduction169
  • 2. The objective of the firm and the net-present-value rule171
  • 3. Valuation by discounting175
  • 4. Practical approaches to estimating discount rates180
  • 5. The certainty equivalent approach to valuation194
  • 6. Summary208
  • References209
  • Chapter 4. Financing of Corporations215
  • Abstract216
  • Keywords216
  • 1. Introduction217
  • 2. The Modigliani–Miller value-irrelevance propositions218
  • 3. The trade-off theory221
  • 4. The pecking-order theory233
  • 5. Agency theories of capital structure239
  • 6. What next?243
  • References247
  • Chapter 5. Investment Banking and Securities Issuance255
  • Abstract256
  • Keywords256
  • 1. Introduction257
  • 2. Seasoned equity offerings (SEOs)263
  • 3. Short-run and long-run reactions to corporate financing activities274
  • 4. Initial public offerings (IPOs)279
  • 5. Summary299
  • References300
  • Chapter 6. Financial Innovation307
  • Abstract308
  • Keywords308
  • 1. Introduction309
  • 2. What is financial innovation?310
  • 3. Why do financial innovations arise? What functions do they serve?313
  • 4. Who innovates? The identities of and private returns to innovators324
  • 5. The impact of financial innovation on society327
  • 6. Issues on the horizon: patenting and intellectual property329
  • 7. Summary331
  • References331
  • Chapter 7. Payout Policy337
  • Abstract339
  • Keywords339
  • 1. Introduction340
  • 2. Some empirical observations on payout policies342
  • 3. The Miller–Modigliani dividend irrelevance proposition351
  • 4. How should we measure payout?354
  • 5. Taxes358
  • 6. Asymmetric information and incomplete contracts – theory377
  • 7. Empirical evidence386
  • 8. Transaction costs and other explanations399
  • 9. Repurchases404
  • 10. Concluding remarks420
  • References422
  • Chapter 8. Financial Intermediation431
  • Abstract432
  • Keywords432
  • 1. Introduction433
  • 2. The existence of financial intermediaries437
  • 3. Interactions between banks and borrowers462
  • 4. Banking panics and the stability of banking systems494
  • 5. Bank regulation, deposit insurance, capital requirements518
  • 6. Conclusion532
  • References534
  • Chapter 9. Market Microstructure553
  • Abstract555
  • Keywords555
  • 1. Introduction556
  • 2. Markets, traders and the trading process557
  • 3. Microstructure theory – determinants of the bid–ask spread562
  • 4. Short-run price behavior and market microstructure567
  • 5. Evidence on the bid–ask spread and its sources572
  • 6. Price effects of trading577
  • 7. Market design579
  • 8. The market for markets: centralization versus fragmentation of trading589
  • 9. Other markets595
  • 10. Asset pricing and market microstructure598
  • 11. Conclusions598
  • References600
  • Subject IndexI-1
Book details
  • Vendor Elsevier S & T
  • SKU 9780444513625
  • ISBN-13 9780080495071
  • Author Constantinides, George M.; Harris, M.; Stulz, Rene M.
  • Category Business & Economics
  • Subject Finance

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Volume 1A covers corporate finance: how businesses allocate capital - the capital budgeting decision - and how they obtain capital - the financing decision. Though managers play no independent role in the work of Miller and Modigliani, major contributions in finance since then have shown that managers maximize their own objectives. To understand the firm's decisions, it is therefore necessary to understand the forces that lead managers to maximize the wealth of shareholders.