-PDF Download- Financial Market Imperfections And Corporate Decisions EBOOK

Financial Market Imperfections and Corporate Decisions

Author: Emilio Colombo

Publisher: Springer Science & Business Media

Published: 2005-09-16

Total Pages: 188

ISBN-13: 9783790815818

We would like to thank Akos Valentinyi and Mark Schaffer for their advice on various stages of this research project. We also would like to thank our col leagues at the Department of Economics of the University of Milan - Bicocca for their advice and support. This book is the result of a long term project financed by various research grants: in particular the Phare-Ace programme (Project P-96-6151-R) and a research grant from the Italian Ministry of Education under the young researchers scheme. Milan, March 2005 Emilio Colombo Luca Stanca Contents Introduction 1 Financial market imperfections and corporate decisions: theory and evidence 7 2. 1 Introduction 7 2. 2 Financial market imperfections, investment and cycles 9 2. 2. 1 The Stiglitz view 9 2. 2. 2 Agency costs and macroeconomic fluctuations 15 2. 2. 3 Assessing the differences 18 2. 2. 4 Further developments 20 2. 2. 5 Empirical evidence 22 2. 3 Financial market imperfections and corporate capital structure 24 2. 3. 1 Asymmetric information and capital structure choice . . 25 2. 3. 2 Agency costs and capital structure choice 30 2. 3. 3 Empirical evidence 32 The transformation of the Hungarian financial system 35 3. 1 Introduction 35 3. 2 Macroeconomic background 36 3. 3 Liberalisation, privatisation and financial development 44 3. 3. 1 Banking and credit 45 3. 3. 2 Equity market 48 3. 3. 3 Foreign direct investment 49 3. 4 Financial sector reform 50 3. 4.

Financial Market Imperfections and Corporate Decisions

Author: Emilio Colombo

Publisher: Springer Science & Business Media

Published: 2006-01-27

Total Pages: 179

ISBN-13: 379081671X

DOWNLOAD EBOOK →

Firms' Investment and Finance Decisions

Author: Paul Butzen

Publisher: Edward Elgar Publishing

Published: 2003-01-01

Total Pages: 354

ISBN-13: 9781781956335

DOWNLOAD EBOOK →

This book provides coherent theoretical and empirical analysis of firms’ investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed.

The Economics of Imperfect Markets

Author: Giorgio Calcagnini

Publisher: Springer Science & Business Media

Published: 2009-10-22

Total Pages: 237

ISBN-13: 3790821314

DOWNLOAD EBOOK →

This book is a collection of eleven papers concerned with the effects of market imperfections on the decision-making of economic agents and on economic policies that try to correct the inefficient market outcomes due to those imperfections. As a consequence, real and financial imperfections are related : economic decisions are simultaneously affected by imperfections present both in real and financial markets. Notwithstanding the obvious fact that market interdependence is not novel, scholar interests are typically concentrated on the specific relationship among economic decisions originating from particular imperfections. This explains why, in the case of perfect financial markets, we can speak of "the" us.

The Economics of Imperfect Markets

Author: Giorgio Calcagnini

Publisher: Physica

Published: 2012-06-13

Total Pages: 234

ISBN-13: 9783790828085

DOWNLOAD EBOOK →

This book is one of the ?nal products of a research project on the effects of market imperfectionson economic behavior and decisions. The project was put together by four Italian universities (Universita ` di Roma “Tor Vergata” and “La Sapienza” U- versita ` Cattolica del Sacro Cuore – Piacenza and the Universita ` di Urbino “Carlo Bo”) in 2005 and funded by the Italian Ministry of Higher Education and Research for the period 2006–2007. The research title of the project “Corporate governance, ?nancial systems and ?rms' performances” was indicative of its agenda: to inv- tigate the role of market imperfections and their interactions on ?rms' decisions. In 2006 (May 12) the research group held the ?rst conference at the Universita ` di Urbino where intermediate results were ?rst presented and discussed with o- standing scholars from US, UK, and Italian universities, and the European Central Bank. The book reproduces the papers presented at the Universitad ` iRoma“La Sapienza” conference (May 16–17 2008) and is organized in two parts. The ?rst one discusses imperfectionsthat are mainly related to the working of ?nancial m- kets. The second part includes contributions which focus on different topics of real market imperfections. We wish to thank Steve Nickell, Philip Vermeulen and all the participants at the Urbino and Rome conferences who made both events extremely productive with their scienti?c contributions. We are especially grateful to Bob Chirinko who p- ticipatedinbothconferencesandconstantlyencouragedustocarryoutourscienti?c project on the economics of imperfect markets.

Innovations in Investments and Corporate Finance

Author: Mark Hirschey

Publisher: Elsevier

Published: 2002-08-09

Total Pages: 224

ISBN-13: 9780762308972

DOWNLOAD EBOOK →

The valuation of Internet companies, effects of firm size in takeover studies, and long-run performance of mergers in the telecommunications industry are all seen as riddles for the Efficient Markets Hypothesis. This volume focuses on pricing puzzles in investments. It also features studies describing innovations in corporate finance.

Handbook of the Economics of Finance

Author: G. Constantinides

Publisher: Elsevier

Published: 2003-11-04

Total Pages: 698

ISBN-13: 9780444513632

DOWNLOAD EBOOK →

Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.

Irreversibility, Uncertainty, and Investment

Author: Robert S. Pindyck

Publisher: World Bank Publications

Published: 1989

Total Pages: 58

ISBN-13:

DOWNLOAD EBOOK →

Irreversible investment is especially sensitive to such risk factors as volatile exchange rates and uncertainty about tariff structures and future cash flows. If the goal of macroeconomic policy is to stimulate investment, stability and credibility may be more important than tax incentives or interest rates.

A Review of Taxes and Corporate Finance

Author: John R. Graham

Publisher: Now Publishers Inc

Published: 2006

Total Pages: 136

ISBN-13: 1933019417

DOWNLOAD EBOOK →

A Review of Taxes and Corporate Finance investigates the consequences of taxation on corporate finance focusing on how taxes affect corporate policies and firm value. A common theme is that tax rules affect corporate incentives and decisions. A second emphasis is on research that describes how taxes affect costs and benefits. A Review of Taxes and Corporate Finance explores the multiple avenues for taxes to affect corporate decisions including capital structure decisions, organizational form and restructurings, payout policy, compensation policy, risk management, and the use of tax shelters. The author provides a theoretical framework, empirical predictions, and empirical evidence for each of these areas. Each section concludes with a discussion of unanswered questions and possible avenues for future research. A Review of Taxes and Corporate Finance is valuable reading for researchers and professionals in corporate finance, corporate governance, public finance and tax policy.

Capital Structure and Corporate Financing Decisions

Author: H. Kent Baker

Publisher: John Wiley & Sons

Published: 2011-03-31

Total Pages: 504

ISBN-13: 1118022947

DOWNLOAD EBOOK →

A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.