Asymmetric Information, Corporate Finance, and Investment - ISBN:0226355853

Asymmetric Information, Corporate Finance, and Investment

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Asymmetric Information, Corporate Finance, and Investment (National Bureau of Economic Research Project Report)
By R. Glenn Hubbard
352 pages, 63 tables, 52 figures
* Publisher: University Of Chicago Press
* Number Of Pages: 352
* Publication Date: 1990-12-15
* ISBN-10 / ASIN: 0226355853
* ISBN-13 / EAN: 9780226355856
In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
Acknowledgments
Introduction
R. Glenn Hubbard
1. Macroeconomic Models with Equity and
Credit Rationing
Bruce C. Greenwald and Joseph E. Stiglitz
2. Collateral, Rationing, and Government Intervention in Credit Markets
William G. Gale
3. Do Firms Care Who Provides Their Financing?
Jeffrey K. MacKie-Mason
4. Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships
Takeo Hoshi, Anil Kashyap, and David Scharfstein
5. Sustaining Investment, Discretionary Investment, and Valuation: A Residual Funds Study of the Paper Industry
John S. Strong and John R. Meyer
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6. Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance
Richard J. Zeckhauser and John Pound
7. Economic and Financial Determinants of Oil and Gas Exploration Activity
Peter C. Reiss
8. AIL Theory and the Ailing Phillips Curve: A Contract-Based Approach to Aggregate Supply
Roger E. A. Farmer
9. Liquidity Constraints in Production-Based Asset-Pricing Models
William A. Brock and Blake LeBaron
10. Understanding Stock Price Behavior around the Time of Equity Issues
Robert A. Korajczyk, Deborah Lucas, and Robert L. McDonald
11. Investment, Financial Factors, and Cash Flow: Evidence from U.K. Panel Data
Michael Devereux and Fabio Schiantarelli
12. Financial Systems, Corporate Finance, and Economic Development
Colin Mayer
Contributors
Discussants and Other Participants
Author Index
Subject Index

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