New Research in Corporate Finance and Banking: A Reader by Bruno BiaisNew Research in Corporate Finance and Banking: A Reader by Bruno Biais

New Research in Corporate Finance and Banking: A Reader

EditorBruno Biais, Marco Pagano

Paperback | February 1, 2002

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In recent years, European financial economists have been brought together, via research projects and bubble01ces, by the Centre for Economic Policy Research (CEPR). These fruitful interactions have contributed to the development of financial economics in Europe, and have generated a strongflow of interesting writing---both theoretical and empirical---in the fields of financial markets and corporate finance.One of the common questions posed by researchers in this field is why security markets have such different roles and importance relative to banks in different countries. A related issue is whether these different financial arrangements matter for the functioning of the real economy. The firstsection of this volume approaches these issues by focusing on the functioning of the primary equity market, or the process by which companies 'go public', which marks the transition from complete reliance on bank financing to partial reliance on security markets. The second section approaches theseissues at a 'systemic' level, attempting to identify the comparative advantages of banks and security markets in solving the information problems involved in financing companies. The third section explores the variety in the design of credit contracts and institutions, asking questions like: Why dosome companies borrow from a single bank and others from several banks? Why do some banks share information about their customers? The final section illustrates that the same informational frictions that explain the design of credit contracts and institutions can also affect real economicactivity.
Bruno Biais is Professor at the Universite des Sciences Sociales, Toulouse. Marco Pagano is Professor of Economics at the University of Salerno.
Title:New Research in Corporate Finance and Banking: A ReaderFormat:PaperbackDimensions:375 pages, 9.21 × 6.14 × 0.8 inPublished:February 1, 2002Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199243247

ISBN - 13:9780199243242


Table of Contents

Bruno Biais and Marco Pagano: IntroductionI. Going Public1. Marco Pagano, Fabio Panetta, and Luigi Zingales: Why Do Companies Go Public?: An Empirical Analysis2. M. J. Brennan and J. Franks: Underpricing, Ownership, and Control in Initial Public Offerings of Equity Securities in the UK3. Antonio S. Mello and John E. Parsons: Going Public and the Ownership Structure of the Firm4. Jeremy Bulow, Ming, Huang, and Paul Klemperer: Toeholds and Takeovers5. Michel A. Habib and Alexander P. Ljungqvist: Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and EvidenceII. Financial System Architecture6. Arnoud W. A. Boot and Anjan V. Thakor: Financial System Architecture7. Arnoud W. A. Boot and Anjan V. Thakor: Banking Scope and Financial InnovationIII. Design of Credit Contracts and Institutions8. Patrick Bolton and David S. Scharfstein: Optimal Debt Structure and the Number of Creditors9. Marco Pagano and Tullio Jappelli: Information Sharing in Credit Markets10. A. Jorge Padilla and Marco Pagano: Endogenous Communication among Lenders and Entrepreneurial IncentivesIV. Credit Market Imperfections and Economic Activity11. Luigi Zingales: Survival of the Fittest or the Fattest?: Exit and Financing in the Trucking Industry12. Javier Suarez and Oren Sussman: Endogenous Cycles in a Stiglitz--Weiss Economy