Handbook of the Economics of Finance

Table of contents

1. Cover image
2. Title page
3. Table of Contents
4. Copyright page
5. Introduction to the series
6. Preface
   1. 1 Corporate finance
   2. 2 Financial markets and asset pricing
7. Chapter 1: Corporate Governance and Control
   1. Abstract
   2. 1 Introduction
   3. 2 Historical origins: a brief sketch
   4. 3 Why corporate governance is currently such a prominent issue
   5. 4 Conceptual framework
   6. 5 Models
   7. 6 Comparative perspectives and debates
   8. 7 Empirical evidence and practice
   9. 8 Conclusion
8. Chapter 2: Agency, Information and Corporate Investment
   1. Part A. Investment at the firm level
   2. Part B. Investment inside firms
9. Chapter 3: Corporate Investment Policy
   1. Abstract
   2. 1 Introduction
   3. 2 The objective of the firm and the net-present-value rule
   4. 3 Valuation by discounting
   5. 4 Practical approaches to estimating discount rates
   6. 5 The certainty equivalent approach to valuation
   7. 6 Summary
10. Chapter 4: Financing of Corporations
    1. Abstract
    2. 1 Introduction
    3. 2 The Modigliani–Miller value-irrelevance propositions
    4. 3 The trade-off theory
    5. 4 The pecking-order theory
    6. 5 Agency theories of capital structure
    7. 6 What next?
11. Chapter 5: Investment Banking and Securities Issuance
    1. Abstract
    2. 1 Introduction
    3. 2 Seasoned equity offerings (SEOs)
    4. 3 Short-run and long-run reactions to corporate financing activities
    5. 4 Initial public offerings (IPOs)
    6. 5 Summary
12. Chapter 6: Financial Innovation
    1. Abstract
    2. 1 Introduction
    3. 2 What is financial innovation?
    4. 3 Why do financial innovations arise? What functions do they serve?
    5. 4 Who innovates? The identities of and private returns to innovators
    6. 5 The impact of financial innovation on society
    7. 6 Issues on the horizon: patenting and intellectual property
    8. 7 Summary
13. Chapter 7: Payout Policy
    1. Abstract
    2. 1 Introduction
    3. 2 Some empirical observations on payout policies
    4. 3 The Miller–Modigliani dividend irrelevance proposition
    5. 4 How should we measure payout?
    6. 5 Taxes
    7. 6 Asymmetric information and incomplete contracts – theory
    8. 7 Empirical evidence
    9. 8 Transaction costs and other explanations
    10. 9 Repurchases
    11. 10 Concluding remarks
14. Chapter 8: Financial Intermediation
    1. Abstract
    2. 1 Introduction
    3. 2 The existence of financial intermediaries
    4. 3 Interactions between banks and borrowers
    5. 4 Banking panics and the stability of banking systems
    6. 5 Bank regulation, deposit insurance, capital requirements
    7. 6 Conclusion
15. Chapter 9: Market Microstructure
    1. Abstract
    2. 1 Introduction
    3. 2 Markets, traders and the trading process
    4. 3 Microstructure theory – determinants of the bid–ask spread
    5. 4 Short-run price behavior and market microstructure
    6. 5 Evidence on the bid–ask spread and its sources
    7. 6 Price effects of trading
    8. 7 Market design
    9. 8 The market for markets: centralization versus fragmentation of trading
    10. 9 Other markets
    11. 10 Asset pricing and market microstructure
    12. 11 Conclusions
16. Subject index
17. Contents of Volume