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Recent Developments in Corporate Finance
This innovative two-volume set reprints 24 of the most influential articles on corporate finance published during the period 1996–2003. Five topics are covered: capital structure, securities issuance, payout policy, corporate governance and diversification and internal capital markets.
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Critical Acclaim
Contributors
Contents
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This innovative two-volume set reprints 24 of the most influential articles on corporate finance published during the period 1996–2003. Five topics are covered: capital structure, securities issuance, payout policy, corporate governance and diversification and internal capital markets.
The articles selected reflect two major evolutionary trends and two rather significant departures from prior work. The two trends are the integration of industrial organization theories into finance and the continued refinement of ideas related to the impact of taxation on corporate decision making. The two departures are the increased focus on law and finance and the increased willingness to adopt behavioral approaches.
This important collection offers an overview of present thinking and raises new questions in corporate finance.
The articles selected reflect two major evolutionary trends and two rather significant departures from prior work. The two trends are the integration of industrial organization theories into finance and the continued refinement of ideas related to the impact of taxation on corporate decision making. The two departures are the increased focus on law and finance and the increased willingness to adopt behavioral approaches.
This important collection offers an overview of present thinking and raises new questions in corporate finance.
Critical Acclaim
‘This book contains an excellent selection of post-1995 contributions to the corporate finance literature. It provides especially thorough coverage of the interface of law and finance, which is probably the most important new line of research in corporate finance in the last ten years. A nice, and particularly useful, touch is the inclusion of a few perhaps under-appreciated articles (most notably, J.B. Heaton’s “Managerial Optimism and Corporate Finance”) that have significant potential to help shape future research. Any serious student of corporate finance will find this collection to be a useful addition to his or her library.’
– Harry DeAngelo, University of Southern California, US
‘This carefully chosen selection of articles in corporate finance is essential reading for academics and professionals who wish to keep abreast of research in this rapidly advancing field. Jay Ritter is to be congratulated on his grasp of this burgeoning literature.’
– Michael J. Brennan, University of California, Los Angeles, US
– Harry DeAngelo, University of Southern California, US
‘This carefully chosen selection of articles in corporate finance is essential reading for academics and professionals who wish to keep abreast of research in this rapidly advancing field. Jay Ritter is to be congratulated on his grasp of this burgeoning literature.’
– Michael J. Brennan, University of California, Los Angeles, US
Contributors
24 articles, dating from 1996 to 2003
Contributors include: M. Baker, E. Fama, K. French, J. Graham, R. La Porta, F. Lopez-de-Silanes, A. Shleifer, J. Stein, R. Vishny, J. Wurgler
Contributors include: M. Baker, E. Fama, K. French, J. Graham, R. La Porta, F. Lopez-de-Silanes, A. Shleifer, J. Stein, R. Vishny, J. Wurgler
Contents
Contents:
Volume I
Acknowledgements
Foreword Richard Roll
Introduction Jay R. Ritter
PART I CAPITAL STRUCTURE
1. Jeremy C. Stein (1996), ‘Rational Capital Budgeting in an Irrational World’
2. Gregor Andrade and Steven N. Kaplan (1998), ‘How Costly Is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed’
3. John R. Graham (2000), ‘How Big Are the Tax Benefits of Debt?’
4. John R. Graham and Campbell R. Harvey (2001), ‘The Theory and Practice of Corporate Finance: Evidence from the Field’
5. J.B. Heaton (2002), ‘Managerial Optimism and Corporate Finance’
6. Malcolm Baker and Jeffrey Wurgler (2002), ‘Market Timing and Capital Structure’
PART II SECURITIES ISSUANCE
7. David Mayers (1998), ‘Why Firms Issue Convertible Bonds: The Matching of Financial and Real Investment Options’
8. Craig G. Dunbar (2000), ‘Factors Affecting Investment Bank Initial Public Offering Market Share’
9. Laurie Krigman, Wayne H. Shaw and Kent L. Womack (2001), ‘Why Do Firms Switch Underwriters?’
10. Tim Loughran and Jay R. Ritter (2002), ‘Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?’
11. Alexander P. Ljungqvist, Tim Jenkinson and William J. Wilhelm, Jr. (2003), ‘Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors’
Name Index
Volume II
Acknowledgements
An introduction by the editor to both volumes appears in Volume I
PART I PAYOUT POLICY
1. Amy K. Dittmar (2000), ‘Why Do Firms Repurchase Stock?’
2. Murali Jagannathan, Clifford P. Stephens and Michael S. Weisbach (2000), ‘Financial Flexibility and the Choice between Dividends and Stock Repurchases’
3. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (2000), ‘Agency Problems and Dividend Policies around the World’
4. Eugene F. Fama and Kenneth R. French (2001), ‘Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?’
PART II CORPORATE GOVERNANCE
5. Andrei Shleifer and Robert W. Vishny (1997), ‘A Survey of Corporate Governance’
6. Rafael La Porta, Florencio Lopez-De Silanes and Andrei Shleifer (1999), ‘Corporate Ownership Around the World’
7. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert Vishny (2000), ‘Investor Protection and Corporate Governance’
8. Stijn Claessens, Simeon Djankov and Larry H.P. Lang (2000), ‘The Separation of Ownership and Control in East Asian Corporations’
9. J. Carr Bettis, John M. Bizjak and Michael L. Lemmon (2001), ‘Managerial Ownership, Incentive Contracting, and the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders’
10. Rafael La Porta, Florencio Lopez-De-Silanes, Andrei Shleifer and Robert Vishny (2002), ‘Investor Protection and Corporate Valuation’
PART III DIVERSIFICATION AND INTERNAL CAPITAL MARKETS
11. Jeremy C. Stein (1997), ‘Internal Capital Markets and the Competition for Corporate Resources’
12. Raghuram Rajan, Henri Servaes and Luigi Zingales (2000), ‘The Cost of Diversity: The Diversification Discount and Inefficient Investment’
13. John R. Graham, Michael L. Lemmon and Jack G. Wolf (2002), ‘Does Corporate Diversification Destroy Value?’
Name Index
Volume I
Acknowledgements
Foreword Richard Roll
Introduction Jay R. Ritter
PART I CAPITAL STRUCTURE
1. Jeremy C. Stein (1996), ‘Rational Capital Budgeting in an Irrational World’
2. Gregor Andrade and Steven N. Kaplan (1998), ‘How Costly Is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed’
3. John R. Graham (2000), ‘How Big Are the Tax Benefits of Debt?’
4. John R. Graham and Campbell R. Harvey (2001), ‘The Theory and Practice of Corporate Finance: Evidence from the Field’
5. J.B. Heaton (2002), ‘Managerial Optimism and Corporate Finance’
6. Malcolm Baker and Jeffrey Wurgler (2002), ‘Market Timing and Capital Structure’
PART II SECURITIES ISSUANCE
7. David Mayers (1998), ‘Why Firms Issue Convertible Bonds: The Matching of Financial and Real Investment Options’
8. Craig G. Dunbar (2000), ‘Factors Affecting Investment Bank Initial Public Offering Market Share’
9. Laurie Krigman, Wayne H. Shaw and Kent L. Womack (2001), ‘Why Do Firms Switch Underwriters?’
10. Tim Loughran and Jay R. Ritter (2002), ‘Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?’
11. Alexander P. Ljungqvist, Tim Jenkinson and William J. Wilhelm, Jr. (2003), ‘Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors’
Name Index
Volume II
Acknowledgements
An introduction by the editor to both volumes appears in Volume I
PART I PAYOUT POLICY
1. Amy K. Dittmar (2000), ‘Why Do Firms Repurchase Stock?’
2. Murali Jagannathan, Clifford P. Stephens and Michael S. Weisbach (2000), ‘Financial Flexibility and the Choice between Dividends and Stock Repurchases’
3. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (2000), ‘Agency Problems and Dividend Policies around the World’
4. Eugene F. Fama and Kenneth R. French (2001), ‘Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?’
PART II CORPORATE GOVERNANCE
5. Andrei Shleifer and Robert W. Vishny (1997), ‘A Survey of Corporate Governance’
6. Rafael La Porta, Florencio Lopez-De Silanes and Andrei Shleifer (1999), ‘Corporate Ownership Around the World’
7. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert Vishny (2000), ‘Investor Protection and Corporate Governance’
8. Stijn Claessens, Simeon Djankov and Larry H.P. Lang (2000), ‘The Separation of Ownership and Control in East Asian Corporations’
9. J. Carr Bettis, John M. Bizjak and Michael L. Lemmon (2001), ‘Managerial Ownership, Incentive Contracting, and the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders’
10. Rafael La Porta, Florencio Lopez-De-Silanes, Andrei Shleifer and Robert Vishny (2002), ‘Investor Protection and Corporate Valuation’
PART III DIVERSIFICATION AND INTERNAL CAPITAL MARKETS
11. Jeremy C. Stein (1997), ‘Internal Capital Markets and the Competition for Corporate Resources’
12. Raghuram Rajan, Henri Servaes and Luigi Zingales (2000), ‘The Cost of Diversity: The Diversification Discount and Inefficient Investment’
13. John R. Graham, Michael L. Lemmon and Jack G. Wolf (2002), ‘Does Corporate Diversification Destroy Value?’
Name Index
