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

Table of Contents

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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