Asymmetric Information, Corporate Finance, and Investment [NOOK Book]

Overview

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 ...

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Asymmetric Information, Corporate Finance, and Investment

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Overview

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.

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Product Details

  • ISBN-13: 9780226355948
  • Publisher: University of Chicago Press
  • Publication date: 5/15/2009
  • Series: NBER-Project Report
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 352
  • File size: 6 MB

Table of Contents



Contents

Acknowledgments


Introduction


Hubbard
R. Glenn




1.
Macroeconomic Models with Equity and Credit Rationing


Greenwald
Bruce C.


Stiglitz
Joseph E.




2.
Collateral, Rationing, and Government Intervention in Credit Markets


Gale
William G.




3.
Do Firms Care Who Provides Their Financing?


MacKie-Mason
Jeffrey K.




4.
Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships


Hoshi
Takeo


Kashyap
Anil


Scharfstein
David




5.
Sustaining Investment, Discretionary Investment, and Valuation: A Residual Funds Study of the Paper Industry


Strong
John S.


Meyer
John R




6.
Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance


Zeckhauser
Richard J.


Pound
John




7.
Economic and Financial Determinants of Oil and Gas Exploration Activity


Reiss
Peter C.




8.
AIL Theory and the Ailing Phillips Curve: A Contract-Based Approach to Aggregate Supply


Farmer
Roger E. A.




9.
Liquidity Constraints in Production-Based Asset-Pricing Models


Brock
William A.


LeBaron
Blake




10.
Understanding Stock Price Behavior around the Time of Equity Issues


Korajczyk
Robert A.


Lucas
Deborah


McDonald
Robert L.




11.
Investment, Financial Factors, and Cash Flow: Evidence from U.K. Panel Data


Devereux
Michael


Schiantarelli
Fabio




12.
Financial Systems, Corporate Finance, and Economic Development


Mayer
Colin




Contributors


Discussants and Other Participants


Author Index


Subject Index

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