UID:
almahu_9947367777602882
Format:
1 online resource (859 p.)
Edition:
1st ed.
ISBN:
0-444-53595-0
,
1-299-15704-1
Series Statement:
Handbook of the economics of finance ; v. 2A
Content:
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). Presents coherent summaries of major finance fields, marking important advances and revisi
Note:
Description based upon print version of record.
,
2A Corporate Finance; Handbook of the Economics of Finance SET; Copyright; CONTENTS; INTRODUCTION TO THE SERIES; PREFACE; 1 Securitization*; 1. Introduction; 2. Securitization: Some Institutional Details; 2.1 Legal Structure; 2.2 Securitization Example: Credit Card Securitization via the Chase Issuance Trust; 2.3 Other Forms of Securitization; 3. Overview of the Performance of Asset-Backed Securities; 3.1 The Size and Growth of the ABS Market; 3.2 The Default and Ratings Performance of ABS; 3.3 ABS Performance in Terms of Spreads; 3.4 Performance During the Financial Crisis
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4. A Simple Model of the Securitization Decision5. The Origins of Securitization; 5.1 The Supply of Securitized Bonds; 5.2 Relative Convenience Yield and the Demand for Securitized Bonds; 5.3 Securitization and Financial Innovation; 6. Security Design and the Cost of Capital: Theory; 7. Security Design and the Cost of Capital: Evidence; 7.1 Does Securitization Lower the Cost of Capital?; 7.2 Components of the Return Differential; 7.2.1 Bankruptcy Costs; 7.2.2 Taxes; 7.2.3 Asymmetric Information; 7.2.4 Regulatory Arbitrage and Implicit Recourse; 7.2.5 Other Considerations
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8. Securitization, Regulation, and Public Policy8.1 Securitization and Financial Stability; 8.2 The Federal Reserve and Asset-Backed Securities during the Crisis; 8.3 Securitization and Monetary Policy; 8.4 The Future of Securitization; 9. Final Comments and Open Questions; References; 2 Dynamic Security Design and Corporate Financing*; 1. Introduction; 2. Informational Problems in Static Models; 2.1 Moral Hazard; 2.2 Adverse Selection; 3. Simple Securities in Dynamic Models; 4. Optimal Dynamic Security Design under Moral Hazard; 4.1 Other Models that Involve Dynamic Moral Hazard
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5. Asymmetric Information in Dynamic Settings5.1 Static Contracts in Dynamic Settings; 5.2 Optimal Dynamic Contracts with Adverse Selection; References; 3 Do Taxes Affect Corporate Decisions? A Review; 1. Introduction; 2. Taxes and Capital Structure-The US Tax System; 2.1 Theory and Empirical Predictions; 2.2 Empirical Evidence on Whether the Tax Advantage of Debt Increases Firm Value; 2.2.1 Exchange Offers; 2.2.2 Cross-Sectional Regressions; 2.2.3 Marginal Tax Benefit Functions; 2.3 Empirical Evidence on Whether Corporate Taxes Affect Debt vs. Equity Policy; 2.3.1 Static Tax Rates
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2.3.1.1 Nondebt Tax Shields (NDTS), Profitability, and the Use of Debt2.3.1.2 Statutory Tax Rates; 2.3.2 Dynamically Simulated Marginal Tax Rates; 2.3.3 Endogeneity of Corporate Tax Status; 2.3.4 Time-Series and Small-Firm Evidence of Tax Effects; 2.3.5 Economic Importance of Tax Effects on Capital Structure Decisions; 2.4 Empirical Evidence on Whether Personal Taxes Affect Corporate Debt vs. Equity Policy; 2.4.1 Market-Based Evidence on How Personal Taxes Affect Security Returns; 2.4.1.1 Tax Capitalization; 2.5 Beyond Debt vs. Equity; 2.5.1 Leasing; 2.5.2 Pensions; 2.5.3 Debt Maturity
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3. Taxes and Capital Structure-Multinational Tax Issues
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English
Additional Edition:
ISBN 0-444-53594-2
Language:
English
