Recent Developments in Corporate Finance

doi:10.1017/CBO9780511628610

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.

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Contents

Frontmatter
pp i-iv
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Contents
pp v-vii
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List of tables
pp viii-ix
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List of figures
pp x-x
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Preface
pp xi-xii
- By Jeremy Edwards, Julian Franks, Colin Mayer, Stephen Schaefer
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List of contributors
pp xiii-xiv
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Introduction
pp 1-10
- By Jeremy Edwards, Julian Franks, Colin Mayer, Stephen Schaefer
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FINANCIAL MARKETS
pp 11-12
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1 - Do we really know that financial markets are efficient?
pp 13-24
- By Lawrence H. Summers
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Comment
pp 25-30
- By Richard A. Brealey
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ISSUES IN CORPORATE FINANCE
pp 31-32
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2 - Precommitment to equity financing choices in a world of asymmetric information
pp 33-45
- By Robert Heinkel, Eduardo Schwartz
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Comment
pp 46-50
- By Steven M. Fries
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3 - Equity issues and offering dilution
pp 51-82
- By Paul Asquith, David Mullins, Jr
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4 - Effects of asymmetric taxation on the scale of corporate investment
pp 83-98
- By Richard C. Green, Eli Talmor
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BANKING
pp 99-100
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5 - Credit rationing and collateral
pp 101-135
- By Joseph Stiglitz, Andrew Weiss
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COMMENT
pp 136-143
- By Oliver D. Hart
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6 - Competitive banking in a simple model
pp 144-177
- By Luca Anderlini
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Comment
pp 178-182
- By David C. Webb
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INTERNATIONAL FINANCE
pp 183-184
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7 - A cost of capital approach to the taxation of foreign direct investment income
pp 185-208
- By Julian Alworth
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8 - Costs to crossborder investment and international equity market equilibrium
pp 209-240
- By Ian Cooper, Evi Kaplanis
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Recent Developments in Corporate Finance

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Contents

Frontmatter
pp i-iv

Contents
pp v-vii

List of tables
pp viii-ix

List of figures
pp x-x

Preface
pp xi-xii

List of contributors
pp xiii-xiv

Introduction
pp 1-10

FINANCIAL MARKETS
pp 11-12

1 - Do we really know that financial markets are efficient?
pp 13-24

Comment
pp 25-30

ISSUES IN CORPORATE FINANCE
pp 31-32

2 - Precommitment to equity financing choices in a world of asymmetric information
pp 33-45

Comment
pp 46-50

3 - Equity issues and offering dilution
pp 51-82

4 - Effects of asymmetric taxation on the scale of corporate investment
pp 83-98

BANKING
pp 99-100

5 - Credit rationing and collateral
pp 101-135

COMMENT
pp 136-143

6 - Competitive banking in a simple model
pp 144-177

Comment
pp 178-182

INTERNATIONAL FINANCE
pp 183-184

7 - A cost of capital approach to the taxation of foreign direct investment income
pp 185-208

8 - Costs to crossborder investment and international equity market equilibrium
pp 209-240

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