Handbook of the Economics of Finance : Volume 1, Part A: Corporate Finance

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Handbooks in economics. - Amsterdam [u.a.] : Elsevier, ZDB-ID 2685869-1. - Vol. 21

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Cover; Corporate Finance; Copyright Page; Introduction to the Series; Contents of the Handbook; Preface; Corporate Finance; Contents of Volume 1A; Chapter 1. Corporate Governance and Control; Abstract; Keywords; 1. Introduction; 2. Historical origins: a brief sketch; 3. Why corporate governance is currently such a prominent issue; 4. Conceptual framework; 5. Models; 6. Comparative perspectives and debates; 7. Empirical evidence and practice; 8. Conclusion; References; Chapter 2. Agency, Information and Corporate Investment; Abstract; Keywords; 1. Introduction

Part A. Investment at the firm level2. Theoretical building blocks: investment at the firm level; 3. Evidence on investment at the firm level; 4. Macroeconomic implications; Part B. Investment inside firms; 5. Theoretical work on internal capital allocation; 6. Empirical work on internal capital allocation; 7. Conclusions: implications for the boundaries of the firm; References; Chapter 3. Corporate Investment Policy; Abstract; Keywords; 1. Introduction; 2. The objective of the firm and the net-present-value rule; 3. Valuation by discounting

4. Practical approaches to estimating discount rates5. The certainty equivalent approach to valuation; 6. Summary; References; Chapter 4. Financing of Corporations; Abstract; Keywords; 1. Introduction; 2. The Modigliani-Miller value-irrelevance propositions; 3. The trade-off theory; 4. The pecking-order theory; 5. Agency theories of capital structure; 6. What next?; References; Chapter 5. Investment Banking and Securities Issuance; Abstract; Keywords; 1. Introduction; 2. Seasoned equity offerings (SEOs); 3. Short-run and long-run reactions to corporate financing activities

4. Initial public offerings (IPOs)5. Summary; References; Chapter 6. Financial Innovation; Abstract; Keywords; 1. Introduction; 2. What is financial innovation?; 3. Why do financial innovations arise? What functions do they serve?; 4. Who innovates? The identities of and private returns to innovators; 5. The impact of financial innovation on society; 6. Issues on the horizon: patenting and intellectual property; 7. Summary; References; Chapter 7. Payout Policy; Abstract; Keywords; 1. Introduction; 2. Some empirical observations on payout policies

3. The Miller-Modigliani dividend irrelevance proposition4. How should we measure payout?; 5. Taxes; 6. Asymmetric information and incomplete contracts - theory; 7. Empirical evidence; 8. Transaction costs and other explanations; 9. Repurchases; 10. Concluding remarks; References; Chapter 8. Financial Intermediation; Abstract; Keywords; 1. Introduction; 2. The existence of financial intermediaries; 3. Interactions between banks and borrowers; 4. Banking panics and the stability of banking systems; 5. Bank regulation, deposit insurance, capital requirements; 6. Conclusion; References

Chapter 9. Market Microstructure

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