Handbook of corporate finance [electronic resource] : empirical corporate finance. Volume 2 / edited by B. Espen Eckbo.

Format:

Book

Contributor:

Eckbo, Bjrn Espen.

Series:

Handbooks in finance.

Handbooks in finance, 1873-1503

Language:

English

Subjects (All):

Corporations--Finance.

Corporations.

Finance.

Physical Description:

1 online resource (605 p.)

Edition:

1st ed.

Other Title:

Corporate finance

Empirical corporate finance

Place of Publication:

Amsterdam ; Boston : Elsevier/North-Holland, 2008.

Language Note:

English

System Details:

text file

Summary:

This second volume of a two-part series examines three major topics. First, it devotes five chapters to the classical issue of capital structure choice. Second, it focuses on the value-implications of major corporate investment and restructuring decisions, and then concludes by surveying the role of pay-for-performance type executive compensation contracts on managerial incentives and risk-taking behavior. In collaboration with the first volume, this handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues. The surveys

Contents:

Front Cover; Handbook of Corporate Finance; Copyright Page; Introduction to the Series; Contents of the Handbook; Preface: Empirical Corporate Finance; Table of Contents; Part 3: Dividends, Capital Structure, and Financial Distress; Chapter 10. Payout Policy; 1. Introduction; 2. The Miller and Modigliani Irrelevance Propositions; 2.1. Dividend Policy Irrelevance; 3. Dividends and Taxes; 3.1. Tests of the Brennan Model; 3.2. The Ex-Dividend Day Studies; 3.3. Ex-Day and Cross-Sectional Studies; 3.4. The Case of Citizen Utilities; 3.5. Recent Evidence on Dividends and Taxes

4. Agency Relationships and Dividend Policy4.1. The main claimholders of the firm; 4.2. Stockholder-Bondholder conflict and dividends; 4.3. Conflicts of Interest between Stockholders and other Senior Claimholders; 4.4. Ownership Versus Control and the Dividend Decision; 5. Asymmetric Information and Payout Policy; 5.1. Dividend-Signaling Models; 5.2. Dividend Smoothing and Dividend Clienteles; 5.3. Empirical Evidence on Signaling; 6. Share Repurchases; 6.1. Empirical Evidence on Share Repurchases; 7. Alternative Theories and New Stylized Facts; 8. Conclusion; References

Chapter 11. Taxes and Corporate Finance1. Introduction; 2. Taxes and Capital Structure-the U.S. Tax System; 2.1. Theory and Empirical Predictions; 2.2. Empirical Evidence on Whether the Tax Advantage of Debt Increases Firm Value; 2.3. Empirical Evidence on Whether Corporate Taxes Affect Debt vs. Equity Policy; 2.4. Empirical Evidence on Whether Personal Taxes Affect Corporate Debt vs. Equity Policy; 2.5. Beyond Debt vs. Equity; 3. Taxes and Capital Structure-International Tax Issues; 3.1. Tax Incentives and Financial Policy in Multinational Firms: Theory and Tax Rules

3.2. Empirical Evidence Related to Multinational Tax Incentives to Use Debt3.3. Other Predictions and Evidence about Multinational Tax Incentives; 4. Taxes, LBOs, Corporate Restructuring, and Organizational Form; 4.1. Theory and Predictions; 4.2. Empirical Evidence; 5. Taxes and Payout Policy; 5.1. Theory and Empirical Predictions; 5.2. Empirical Evidence on Whether Firm Value is Negatively Affected by Dividend Payments; 5.3. Evidence on Whether Ex-Day Stock Returns and Payout Policy are Affected by Investor Taxes; 6. Taxes and Compensation Policy; 6.1. Theory and Empirical Predictions

6.2. Empirical Evidence7. Taxes, Corporate Risk Management, and Earnings Management; 7.1. Theory and Empirical Predictions; 7.2. Empirical Evidence; 8. Tax Shelters; 9. Summary and Suggestions for Future Research; References; Chapter 12. Trade-Off and Pecking Order Theories of Debt; 1. Introduction; 2. Theory; 2.1. Kinds of Theories; 2.2. The Modigliani-Miller Theorem; 2.3. The Trade-Off Theory; 2.4. The Pecking Order Theory; 3. Evidence; 3.1. Financing Decisions at the Aggregate Level; 3.2. Leverage Differences between Firms; 3.3. Studies of Leverage Changes

3.4. Market Valuation of Leverage Changes

Notes:

Description based upon print version of record.

Includes bibliographical references and indexes.

ISBN:

9786612711589

9781282711587

128271158X

9780080932118

0080932118

OCLC:

808730142