Asymmetric Information, Corporate Finance, and Investment
Date: 28 April 2011, 07:24
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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 | 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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