Handbook of the Economics of Finance

Handbook of the Economics of Finance, 1st Edition

Corporate Finance

Handbook of the Economics of Finance, 1st Edition,George M. Constantinides,Milton Harris,Rene M. Stulz,ISBN9780444535948

Constantinides   &   Harris   &   Stulz   

North Holland




235 X 191

Detailed surveys of major subjects in corporate finance and financial markets for graduate students and professors

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Key Features

  • Presents coherent summaries of major finance fields, marking important advances and revisions
  • Describes the best corporate finance research created about the 2008 financial crises
  • Exposes readers to a wide range of subjects described and analyzed by the best scholars


In the 11 articles in this first of two parts, top scholars summarize and analyze recent scholarship in corporate finance.  Covering subjects from corporate taxes to behavioral corporate finance and econometric issues, their articles reveal how specializations resonate with each other and indicate likely directions for future research. By including both established and emerging topics, Volume 2 will have the same long shelf life and high citations that characterize Volume 1 (2003).


Graduate students and professors worldwide working in all subdisciplines of economics and finance.

George M. Constantinides

Affiliations and Expertise

University of Chicago, Chicago, IL, USA

View additional works by George M. Constantinides

Milton Harris

Milt Harris is a Fellow of the Econometric Society and of the American Finance Association. He is past president of the Western Finance Association and the Society for Financial Studies.

Affiliations and Expertise

University of Chicago, Chicago, IL, USA

View additional works by Milton Harris

Rene M. Stulz

Affiliations and Expertise

The Ohio State University, Columbus, OH, USA

View additional works by Rene M. Stulz

Handbook of the Economics of Finance, 1st Edition

Introduction to the Series


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


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


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


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


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


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


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


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


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?


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


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



Quotes and reviews

"A scholarly compendium of contemporary research in Financial Economics which will be of great value not only for researchers in finance but also for researchers in many other of economics including money and banking, growth and development, international economics, public finance, and macro economics."

Edward C. Prescott, Nobel Laureate, Arizona State University

"This Handbook provides a timely and comprehensive account of the state-of-the-art of Financial Economics, including corporate finance and asset pricing, written by many of the leading names in their respective fields."

Harry M.Markowitz, Nobel Laureate, University of California, San Diego

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