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Handbook of Empirical Corporate Finance

Book Description

In collaboration with the first volume, this Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work.

* Nine original chapters summarize research advances and future topics in the classical issues of capital structure choice, corporate investment behavior, and firm value.
* Multinational comparisons underline the volume's empirical perspectives
* Complements the presentation of econometric issues, banking, and capital acquisition research covered by Volume 1

Table of Contents

  1. Cover image
  2. Title page
  3. Table of Contents
  4. Copyright
  5. INTRODUCTION TO THE SERIES
  6. CONTENTS OF THE HANDBOOK
  7. PREFACE: EMPIRICAL CORPORATE FINANCE
  8. VOLUME 2
    1. PART 3: DIVIDENDS, CAPITAL STRUCTURE, AND FINANCIAL DISTRESS
      1. Chapter 10: PAYOUT POLICY
        1. Abstract
        2. Keywords
        3. 1. Introduction
        4. 2. The Miller and Modigliani irrelevance propositions
        5. 3. Dividends and taxes
        6. 4. Agency relationships and dividend policy
        7. 5. Asymmetric information and payout policy
        8. 6. Share repurchases
        9. 7. Alternative theories and new stylized facts
        10. 8. Conclusion
      2. Chapter 11: TAXES AND CORPORATE FINANCE
        1. Abstract
        2. Keywords
        3. 1. Introduction
        4. 2. Taxes and capital structure—the U.S. tax system
        5. 3. Taxes and capital structure—international tax issues
        6. 4. Taxes, LBOs, corporate restructuring, and organizational form
        7. 5. Taxes and payout policy
        8. 6. Taxes and compensation policy
        9. 7. Taxes, corporate risk management, and earnings management
        10. 8. Tax shelters
        11. 9. Summary and suggestions for future research
      3. Chapter 12: TRADE-OFF AND PECKING ORDER THEORIES OF DEBT
        1. Abstract
        2. Keywords
        3. 1. Introduction
        4. 2. Theory
        5. 3. Evidence
        6. 4. Conclusion
        7. 5. Appendix: the stylized facts
      4. Chapter 13: CAPITAL STRUCTURE AND CORPORATE STRATEGY
        1. Abstract
      5. Chapter 14: BANKRUPTCY AND THE RESOLUTION OF FINANCIAL DISTRESS
        1. Abstract
        2. Keywords
        3. 1. Introduction
        4. 2. Theoretical framework
        5. 3. Asset restructuring
        6. 4. Debt workouts
        7. 5. Governance of distressed firms
        8. 6. Bankruptcy costs
        9. 7. The success of chapter 11 reorganization
        10. 8. International evidence
        11. 9. Conclusion
    2. PART 4: TAKEOVERS, RESTRUCTURINGS, AND MANAGERIAL INCENTIVES
      1. Chapter 15: CORPORATE TAKEOVERS
        1. Abstract
        2. Keywords
        3. 1. Introduction
        4. 2. Takeover activity
        5. 3. Bidding strategies
        6. 4. Takeover gains
        7. 5. Bondholders, executives, and arbitrageurs
        8. 6. Takeovers, competition and antitrust
        9. 7. Summary and conclusions
      2. Chapter 16: CORPORATE RESTRUCTURING: BREAKUPS AND LBOs
        1. Abstract
        2. Keywords
        3. 1. Introduction
        4. 2. Restructurings and the boundaries of the firm
        5. 3. Divestitures
        6. 4. Spinoffs
        7. 5. Equity carveouts
        8. 6. Tracking stocks
        9. 7. Leveraged recapitalizations
        10. 8. Leveraged buyouts (LBO)
        11. 9. Conclusions
      3. Chapter 17: EXECUTIVE COMPENSATION AND INCENTIVES
        1. Abstract
        2. Keywords
        3. 1. Introduction
        4. 2. Trends in executive compensation
        5. 3. Incentives and agency
        6. 4. Relative performance evaluation
        7. 5. Do incentives influence firm performance?
        8. 6. Alternatives to the agency view
        9. 7. Conclusion
      4. Chapter 18: MANAGING CORPORATE RISK
        1. Abstract
        2. Keywords
        3. 1. Introduction
        4. 2. Risk exposures and hedging
        5. 3. Benefits of risk management
        6. 4. The costs of risk management
        7. 5. Evidence on corporate hedging
        8. 6. Conclusion
  9. AUTHOR INDEX
  10. SUBJECT INDEX