Recent Developments in Corporate Finance

by Edited by Jeremy Edwards , Julian Franks , Colin Mayer , Stephen Schaefer

• ISBN13: 9780521329644
• ISBN10: 0521329647
• Format: Hardcover
• Copyright: 1986-10-31
• Publisher: Cambridge University Press

Summary

This book was originally published in 1986. During the decade preceding publication there were a number of significant developments in financial economics and major contributions made both by individuals who could be classified as conventional financial economists and by others who do not fit easily into this category - theoretical microeconomists, public and industrial economists. This volume contains a selection from the papers presented at a conference in Oxford in September 1985 which aimed to bring together a number of the leading participants in this field. The papers in the volume cover a wide range of topics - the efficiency of financial markets, new equity issues, asymmetric corporate taxation and investment, credit rationing, international investment, the foundations of banking theory - but they clearly reflect the main themes in financial economics at the time: the importance of informational asymmetries and of taxation.

Table of Contents

List of tables

List of figures

Preface

Introduction Jeremy Edwards, Julian Franks, Colin Mayer and Stephen Schaefer

Part I. Financial Markets: 1. Do we really know that financial markets are efficient? Lawrence H. Summers

Comment Richard A. Brealey

Part II. Issues in Corporate Finance: 2. Precommitment to equity financing choices in a world of asymmetric information Robert Heinkel and Eduardo Schwartz

Comment Steven M. Fries

3. Equity issues and offering dilution Paul Asquith and David Mullins Jr.

4. Effects of asymmetric taxation on the scale of corporate investment Richard C. Green and Eli Talmor

Part III. Banking: 5. Credit rationing and collateral Joseph Stiglitz and Andrew Weiss

Comment Oliver D. Hart

6. Competitive banking in a simple model Luca Anderlini

Comment David C. Webb

Part International Finance: 7. A cost of capital approach to the taxation of foreign direct investment income Julian Alworth

8. Costs to crossborder investment and international equity market equilibrium Ian Cooper and Evi Kaplanis.