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Record Nr. |
UNINA9910968730403321 |
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Titolo |
Asymmetric information, corporate finance, and investment / / edited by R. Glenn Hubbard |
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Pubbl/distr/stampa |
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Chicago, : University of Chicago Press, 1990 |
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ISBN |
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9786612069956 |
9781282069954 |
1282069950 |
9780226355948 |
0226355942 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (ix, 343 pages) : illustrations |
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Collana |
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A National Bureau of Economic Research project report |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Corporations - Finance |
Investments - Mathematical models |
Securities |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Papers presented at an NBER conference held in Cambridge, May 5-6, 1989. |
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Nota di bibliografia |
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Includes bibliographical references and index. |
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Nota di contenuto |
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Frontmatter -- Contents -- Acknowledgments -- Introduction -- 1. Macroeconomic Models with Equity and Credit Rationing -- 2. Collateral, Rationing, and Government Intervention in Credit Markets -- 3. Do Firms Care Who Provides Their Financing? -- 4. Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships -- 5. Sustaining Investment, Discretionary Investment, and Valuation: A Residual Funds Study of the Paper Industry -- 6. Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance -- 7. Economic and Financial Determinants of Oil and Gas Exploration Activity -- 8. AIL Theory and the Ailing Phillips Curve: A Contract-Based Approach to Aggregate Supply -- 9. Liquidity Constraints in Production-Based Asset- Pricing Models -- 10. Understanding Stock Price Behavior around the TIme of Equity Issues -- 11. Investment, Financial Factors, and Cash Flow: Evidence from U.K. Panel Data -- 12. Financial Systems, Corporate Finance, and Economic Development -- |
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Contributors -- Discussants and Other Participants -- Author Index -- Subject Index |
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Sommario/riassunto |
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In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity-and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences-asymmetries-in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control. |
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