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Handbook of Empirical Corporate Finance SET

Book Description

This two-volume set summarizes recent research on corporate decision-making. The first volume covers measurement and theoretical subjects as well as sources of capital, including banks, public offerings, and private investors. In the second volume, contributors focus on the ways corporations are structured and the practices through which they can be bought and sold. Thus, its major subjects include dividends, capital structure, financial distress, takeovers, restructurings, and managerial incentives.

Table of Contents

  1. Cover image
  2. Title page
  3. Table of Contents
  4. Copyright page
  5. Introduction to the Series
  6. Preface: Empirical Corporate Finance
    1. Part 1 (Volume 1): Econometric Issues and Methodological Trends
    2. Part 2 (Volume 1): Banking, Public Offerings, and Private Sources of Capital
    3. Part 3 (Volume 2): Dividends, Capital Structure, and Financial Distress
    4. Part 4 (Volume 2): Takeovers, Restructurings, and Managerial Incentives
  7. Part 1: Econometric Issues and Methodological Trends
    1. Chapter 1: Econometrics of Event Studies
      1. Abstract
      2. 1 Introduction and background
      3. 2 The event study literature: basic facts
      4. 3 Characterizing event study methods
      5. 4 Long-horizon event studies
    2. Chapter 2: Self-Selection Models in Corporate Finance
      1. Abstract
      2. Introduction
      3. I MODELING SELF-SELECTION
      4. II EMPIRICAL APPLICATIONS
    3. Chapter 3: Auctions in Corporate Finance
      1. Abstract
      2. 1 Introduction
      3. 2 The most basic theory: Independent private values
      4. 3 Common-value auctions
      5. 4 Applications of auction theory to corporate finance
      6. 5 Conclusion
    4. Chapter 4: Behavioral Corporate Finance
      1. Abstract
      2. 1 Introduction
      3. 2 The irrational investors approach
      4. 3 The irrational managers approach
      5. 4 Conclusion
  8. Part 2: Banking, Public Offerings, and Private Sources of Capital
    1. Chapter 5: Banks in Capital Markets
      1. Abstract
      2. 1 Introduction
      3. 2 Commercial banks as underwriters: Theoretical literature
      4. 3 Empirical evidence on conflicts of interest
      5. 4 Empirical evidence on competition between commercial and investment banks
      6. 5 International evidence
      7. 6 The indirect role of commercial banks on capital markets
      8. 7 Extensions
      9. 8 Concluding remarks
    2. Chapter 6: Security Offerings
      1. Abstract
      2. 1 Introduction
      3. 2 The security offering process
      4. 3 Flotation costs
      5. 4 The flotation method choice
      6. 5 Security offerings and market timing
      7. 6 Conclusions and issues for future research
    3. Chapter 7: IPO Underpricing
      1. Abstract
      2. 1 Introduction
      3. 2 Evidence of underpricing
      4. 3 Asymmetric information models
      5. 4 Institutional explanations
      6. 5 Ownership and control
      7. 6 Behavioral explanations
      8. 7 Concluding remarks
    4. Chapter 8: Conglomerate Firms and Internal Capital Markets
      1. Abstract
      2. 1 Introduction
      3. 2 The conglomerate discount
      4. 3 Theory explaining the conglomerate discount and organizational form
      5. 4 Investment decisions of conglomerate firms
      6. 5 Conclusions: What have we learned?
      7. Appendix A Neoclassical model of resource allocation across industries
    5. Chapter 9: Venture Capital
      1. Abstract
      2. 1 Introduction
      3. 2 The development of the venture capital industry
      4. 3 The venture capital investment process
      5. 4 Venture investing and innovation
      6. 5 What we don’t know about venture capital
  9. Part 3: Dividends, Capital Structure, and Financial Distress
    1. Chapter 10: Payout Policy
      1. Abstract
      2. 1 Introduction
      3. 2 The Miller and Modigliani irrelevance propositions
      4. 3 Dividends and taxes
      5. 4 Agency relationships and dividend policy
      6. 5 Asymmetric information and payout policy
      7. 6 Share repurchases
      8. 7 Alternative theories and new stylized facts
      9. 8 Conclusion
    2. Chapter 11: Taxes and Corporate Finance
      1. Abstract
      2. 1 Introduction
      3. 2 Taxes and capital structure—the U.S. tax system
      4. 3 Taxes and capital structure—international tax issues
      5. 4 Taxes, LBOs, corporate restructuring, and organizational form
      6. 5 Taxes and payout policy
      7. 6 Taxes and compensation policy
      8. 7 Taxes, corporate risk management, and earnings management
      9. 8 Tax shelters
      10. 9 Summary and suggestions for future research
    3. Chapter 12: Trade-Off and Pecking Order Theories of Debt
      1. Abstract
      2. 1 Introduction
      3. 2 Theory
      4. 3 Evidence
      5. 4 Conclusion
      6. 5 Appendix: the stylized facts
    4. Chapter 13: Capital Structure and Corporate Strategy
      1. Abstract
      2. 1 Introduction
      3. 2 Endogeneity
      4. 3 The determinants of capital structure choice
      5. 4 Conclusion
    5. Chapter 14: Bankruptcy and the Resolution of Financial Distress
      1. Abstract
      2. 1 Introduction
      3. 2 Theoretical framework
      4. 3 Asset restructuring
      5. 4 Debt workouts
      6. 5 Governance of distressed firms
      7. 6 Bankruptcy costs
      8. 7 The success of chapter 11 reorganization
      9. 8 International evidence
      10. 9 Conclusion
  10. Part 4: Takeovers, Restructurings, and Managerial Incentives
    1. Chapter 15: Corporate Takeovers
      1. Abstract
      2. 1 Introduction
      3. 2 Takeover activity
      4. 3 Bidding strategies
      5. 4 Takeover gains
      6. 5 Bondholders, executives, and arbitrageurs
      7. 6 Takeovers, competition and antitrust
      8. 7 Summary and conclusions
    2. Chapter 16: Corporate Restructuring: Breakups and LBOs
      1. Abstract
      2. 1 Introduction
      3. 2 Restructurings and the boundaries of the firm
      4. 3 Divestitures
      5. 4 Spinoffs
      6. 5 Equity carveouts
      7. 6 Tracking stocks
      8. 7 Leveraged recapitalizations
      9. 8 Leveraged buyouts (LBO)
      10. 9 Conclusions
    3. Chapter 17: Executive Compensation and Incentives
      1. Abstract
      2. 1 Introduction
      3. 2 Trends in executive compensation
      4. 3 Incentives and agency
      5. 4 Relative performance evaluation
      6. 5 Do incentives influence firm performance?
      7. 6 Alternatives to the agency view
      8. 7 Conclusion
    4. Chapter 18: Managing Corporate Risk
      1. Abstract
      2. 1 Introduction
      3. 2 Risk exposures and hedging
      4. 3 Benefits of risk management
      5. 4 The costs of risk management
      6. 5 Evidence on corporate hedging
      7. 6 Conclusion
    5. Volume 1: Author Index
    6. Volume 1: Subject Index
    7. Volume 2: Author Index
    8. Volume 2: Subject Index