Handbook of the Economics of Finance

Introduction to the Series

Preface

VOLUME2A Corporate Finance

Chapter 1. Securitization

1 Introduction

2 Securitization: Some Institutional Details

3 Overview of the Performance of Asset-Backed Securities

4 A Simple Model of the Securitization Decision

5 The Origins of Securitization

6 Security Design and the Cost of Capital: Theory

7 Security Design and the Cost of Capital: Evidence

8 Securitization, Regulation, and Public Policy

9 Final Comments and Open Questions

References

Chapter 2. Dynamic Security Design and Corporate Financing

1 Introduction

2 Informational Problems in Static Models

3 Simple Securities in Dynamic Models

4 Optimal Dynamic Security Design under Moral Hazard

5 Asymmetric Information in Dynamic Settings

References

Chapter 3. Do Taxes Affect Corporate Decisions? A Review

1 Introduction

2 Taxes and Capital Structure—The US Tax System

3 Taxes and Capital Structure—Multinational Tax Issues

4 Taxes, LBOs, Corporate Restructuring, and Organizational Form

5 Taxes and Payout Policy

6 Taxes and Compensation Policy

7 Taxes, Corporate Risk Management, and Earnings Management

8 Tax Shelters

9 Summary and Suggestions for Future Research

References

Chapter 4. Executive Compensation: Where We Are, and How We Got There

1 Introduction

2 Where We are: A Primer on Executive Compensation

3 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 Compensation

References

Chapter 5. Behavioral Corporate Finance: An Updated Survey

1 Introduction

2 Market Timing and Catering

3 Managerial Biases

4 Behavioral Signaling

5 Some Open Questions

References

Chapter 6. Law and Finance After a Decade of Research

1 Introduction

2 Background on Legal Origins

3 Some Evidence

4 Explaining the Facts

5 Legal Origins and Culture

6. Legal Origins and Politics

7 Legal Origins and History

8 Conclusion

References

Chapter 7. Endogeneity in Empirical Corporate Finance

1 Introduction

2 The Causes and Consequences of Endogeneity

3 Instrumental Variables

4 Difference-in-Differences Estimators

5 Regression Discontinuity Design

6 Matching Methods

7 Panel Data Methods

8 Econometric Solutions to Measurement Error

9 Conclusion

References

Chapter 8. A Survey of Venture Capital Research

1 Introduction

2 Data Sources and Methodology for Empirical Research

3 Venture Capital Investments in Entrepreneurial Companies

4 The Analysis of Venture Capital Firms

5 Returns to Venture Capital Investments

6 Venture Capital and the Economy

7 Conclusion

References

Chapter 9. Entrepreneurship and the Family Firm

1 Creative Destruction and the Family Firm

2 The Succession Decision

3 Economic Development and the Family Firm

4 The Importance of Oligarchs

5 Schumpeter and Chandler, Reconciled?

References

Chapter 10. Financing in Developing Countries

1 Introduction

2 Stylized Facts About Firms in Developing Countries

3 Firms in Developing Countries—Theories and Empirical Research Issues

4 Institutions and Access to Finance in Developing Countries

5 Firm Financing in Developing Countries

6 Bank-based Versus Market-based Systems

7 Formal and Informal Systems

8 Conclusion

References

Chapter 11. Financial Intermediation, Markets, and Alternative Financial Sectors

1 Introduction

2 State of the Financial System and Firms’ Financing Channels

3 Firms’ Financing Channels: The Role of Alternative Finance

4 Comparing Traditional and Alternative Financial Sectors

5 Concluding Remarks

References

Index