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Handbook of the Economics of Finance SET:Volumes 2A & 2B

Name: Handbook of the Economics of Finance SET:Volumes 2A & 2B
ISBN: 9780444594655

by George M. Constantinides, Milton Harris, Rene M. Stulz

January 2013

Beginner

2074 pages

62h 34m

English

North Holland

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Cover
Table of Contents
Handbook of the Economics of Finance SET
Cover image
Title page
Table of Contents
Copyright
Introduction to the Series
Preface
VOLUME2A Corporate Finance
Chapter 1. Securitization
1 Introduction2 Securitization: Some Institutional Details3 Overview of the Performance of Asset-Backed Securities4 A Simple Model of the Securitization Decision5 The Origins of Securitization6 Security Design and the Cost of Capital: Theory7 Security Design and the Cost of Capital: Evidence8 Securitization, Regulation, and Public Policy9 Final Comments and Open QuestionsReferences

Chapter 2. Dynamic Security Design and Corporate Financing
1 Introduction2 Informational Problems in Static Models3 Simple Securities in Dynamic Models4 Optimal Dynamic Security Design under Moral Hazard5 Asymmetric Information in Dynamic SettingsReferences
Chapter 3. Do Taxes Affect Corporate Decisions? A Review
1 Introduction2 Taxes and Capital Structure—The US Tax System
3 Taxes and Capital Structure—Multinational Tax Issues
4 Taxes, LBOs, Corporate Restructuring, and Organizational Form5 Taxes and Payout Policy6 Taxes and Compensation Policy7 Taxes, Corporate Risk Management, and Earnings Management8 Tax Shelters9 Summary and Suggestions for Future ResearchReferences
Chapter 4. Executive Compensation: Where We Are, and How We Got There
1 Introduction2 Where We are: A Primer on Executive Compensation3 How We Got There: A Brief History of CEO Pay
4 International Comparisons: Are US CEOs Still Paid More?
5 Towards a General Theory of Executive CompensationReferences
Chapter 5. Behavioral Corporate Finance: An Updated Survey
1 Introduction2 Market Timing and Catering3 Managerial Biases4 Behavioral Signaling5 Some Open QuestionsReferences
Chapter 6. Law and Finance After a Decade of Research
1 Introduction2 Background on Legal Origins3 Some Evidence4 Explaining the Facts5 Legal Origins and Culture6. Legal Origins and Politics7 Legal Origins and History8 ConclusionReferences
Chapter 7. Endogeneity in Empirical Corporate Finance
1 Introduction2 The Causes and Consequences of Endogeneity3 Instrumental Variables4 Difference-in-Differences Estimators
5 Regression Discontinuity Design
6 Matching Methods7 Panel Data Methods8 Econometric Solutions to Measurement Error9 ConclusionReferences
Chapter 8. A Survey of Venture Capital Research
1 Introduction2 Data Sources and Methodology for Empirical Research3 Venture Capital Investments in Entrepreneurial Companies4 The Analysis of Venture Capital Firms5 Returns to Venture Capital Investments6 Venture Capital and the Economy7 ConclusionReferences
Chapter 9. Entrepreneurship and the Family Firm
1 Creative Destruction and the Family Firm2 The Succession Decision3 Economic Development and the Family Firm4 The Importance of Oligarchs5 Schumpeter and Chandler, Reconciled?References
Chapter 10. Financing in Developing Countries
1 Introduction2 Stylized Facts About Firms in Developing Countries3 Firms in Developing Countries—Theories and Empirical Research Issues4 Institutions and Access to Finance in Developing Countries5 Firm Financing in Developing Countries6 Bank-based Versus Market-based Systems7 Formal and Informal Systems8 ConclusionReferences
Chapter 11. Financial Intermediation, Markets, and Alternative Financial Sectors
1 Introduction2 State of the Financial System and Firms’ Financing Channels3 Firms’ Financing Channels: The Role of Alternative Finance4 Comparing Traditional and Alternative Financial Sectors5 Concluding RemarksReferences
Index
Handbook of the Economics of Finance SET
Cover image
Title page
Table of Contents
Copyright
Introduction to the Series
Preface
VOLUME 2B Financial Markets and Asset Pricing
Chapter 12. Advances in Consumption-Based Asset Pricing: Empirical Tests
1 Introduction2 Consumption-Based Models: Notation and Background3 GMM and Consumption-Based Models4 Euler Equation Errors and Consumption-Based Models5 Scaled Consumption-Based Models
6 Asset Pricing with Recursive Preferences
7 Stochastic Consumption Volatility8 Asset Pricing with Habits9 Asset Pricing with Heterogeneous Consumers and Limited Stock Market Participation10 ConclusionReferences
Chapter 13. Bond Pricing and the Macroeconomy
1 Introduction2 A Factor Model3 No-Arbitrage Restrictions4 The Variation of Yields with the Macroeconomy: US Evidence5 Modeling Risk Premia6 New Keynesian Models7 Concluding CommentsReferences
Chapter 14. Investment Performance: A Review and Synthesis
1 Introduction2 The Stochastic Discount Factor (SDF) Framework3 Performance Measures4 Implementation Issues and Empirical Examples5 Fund Managers’ Incentives and Investor Behavior6 ConclusionsReferences
Chapter 15. Mutual Funds
1 Introduction2 Issues with Open-End Funds3 Closed-End Funds4 Exchange-Traded Funds (ETFs)5 ConclusionReferences
Chapter 16. Hedge Funds
1 The Hedge Fund Business Model—A Historical Perspective2 Empirical Evidence of Hedge Fund Performance3 The Risk in Hedge Fund Strategies4 Where Do Investors Go From Here?4.2 Risk Management and a Tale of Two RisksReferences
Chapter 17. Financial Risk Measurement for Financial Risk Management
1 Introduction2 Conditional Portfolio-Level Risk Analysis
3 Conditional Asset-Level Risk Analysis
4 Conditioning on Macroeconomic Fundamentals5 Concluding RemarksReferences
Chapter 18. Bubbles, Financial Crises, and Systemic Risk
1 Introduction2 A Brief Historical Overview of Bubbles and Crises3 Bubbles4 Crises5 Measuring Systemic Risk6 ConclusionReferences
Chapter 19. Market Liquidity—Theory and Empirical Evidence
1 Introduction2 Theory3 Empirical Evidence4 ConclusionReferences
Chapter 20. Credit Derivatives
1 Introduction2 Risk-Neutral Default Probability Estimates3 Physical Default Probability Estimates4 Credit Default Swaps5 Collateralized Debt Obligations6 Credit Derivatives and the Crisis7 ConclusionsReferences
Chapter 21. Household Finance: An Emerging Field
1 The Rise of Household Finance2 Facts About Household Assets and Liabilities3 Household Risk Preferences and Beliefs: What Do We Know?
4 Household Portfolio Decisions, from Normative Models to Observed Behavior
5 Household Borrowing Decisions
6 ConclusionReferences
Chapter 22. The Behavior of Individual Investors
1 The Performance of Individual Investors2 Why do Individual Investors Underperform?3 The Disposition Effect: Selling Winners and Holding Losers4 Reinforcement Learning5 Attention: Chasing the Action6 Failure to Diversify7 Are Individual Investors Contrarians?8 ConclusionReferences
Chapter 23. Risk Pricing over Alternative Investment Horizons
1 Introduction2 Stochastic Discount Factor Dynamics3 Cash-Flow Pricing4 Market Restrictions5 ConclusionsReferences
Index

Content preview from Handbook of the Economics of Finance SET:Volumes 2A & 2B

Chapter 10 Financing in Developing Countries

Meghana Ayyagari^a, Asli Demirguc-Kunt^b and Vojislav Maksimovic^c

^aSchool of Business, George Washington University, Funger Hall 401, Washington D.C. 20052, USA

^bThe World Bank, 1818 H Street NW, Washington D.C. 20433, USA

^cRobert H. Smith School of Business, Van Munching Hall, University of Maryland, College Park, MD 20742, USA, ayyagari@gwu.edu

Abstract

This chapter reviews and synthesizes theoretical and empirical research on the role of finance in developing countries. First, the paper presents the stylized facts about firms in developing nations as well as the legal, financial, and broader institutional framework in which these firms operate. Next, the paper focuses on the financing choices available ...

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Handbook of the Economics of Finance SET:Volumes 2A & 2B

by George M. Constantinides, Milton Harris, Rene M. Stulz

Chapter 10