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Empirical Corporate Finance

International Library of Critical Writings in Financial Economics No. 7

Edited by Michael J. Brennan
Format: Hardback
Publisher: Edward Elgar Publishing Ltd, Cheltenham, United Kingdom
Published: 28th Mar 2001
Dimensions: w 244mm h 169mm d 20mm
Weight: 4580g
ISBN-10: 185898484X
ISBN-13: 9781858984841
Barcode No: 9781858984841
Synopsis
This four-volume collection contains a comprehensive selection of over 70 modern papers in empirical corporate finance. Empirical Corporate Finance also features a new introduction by the editor which explains the basis for the selection of the articles and relates the empirical findings they report to recent developments in corporate financial theory. The volumes are arranged by subject matter, reflecting the broad stages in the life-cycle of the firm, starting with venture capital and initial public offerings, and then moving on to events that characterize corporate maturity: dividend policy, investment policy, corporate governance issues, and financing strategy. The volumes conclude with sections on takeovers and bankruptcy. A major feature of the collection is its attention to the relation between corporate financial policy and the legal and economic framework within which the corporation operates; thus evidence is provided for the importance of asset resale markets as well as product markets for the capital structure decision; the legal framework is shown to be related to financing policies in different countries; and the existence of financial institutions such as banks and leasing companies is shown to have important consequences for financial policy. A pervasive theme of the volumes is the importance of informational asymmetries and agency relationships for understanding phenomena in corporate finance. Empirical Corporate Finance will serve as a reference for professionals and MBA students who are concerned with the evidence on important issues such as initial public offerings, dividend policy, capital structure. The volumes will also serve, both as an introduction to the techniques of investigation in empirical corporate finance, and to the major substantive findings in the field for doctoral students; finally, they will be an invaluable source of reference to the most important work that has been done in each of the major areas of research.

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'... this collection makes a timely contribution to the literature on the "new" corporate finance. An additional plus of the four volumes is that they are introduced by an excellent and exhaustive introduction by Brennan, setting the scene and summarising the main conclusions of the papers... the collection ... will be extremely useful not only to finance specialists, but also to any other economist with an interest in financial economics.' -- Vania Sena, The Economic Journal 'Michael Brennan is one of the leading scholars in the field of financial economics. His new research and publications cover an enormous range of subjects, which is almost unprecedented. There are few in a better position to know what is important in finance.' -- Julian Franks, London Business School, UK