Recent Developments in Corporate Finance [Hardcover]

Papers covering financial issues during the late 1970s and early 1980s including the importance of informational asymmetries and taxation.A selection of papers presented at a conference in Oxford in September 1985 concerned with significant developments in financial economics. The wide range of topics clearly reflects such themes of current interest as the importance of informational asymmetrics and of taxation.A selection of papers presented at a conference in Oxford in September 1985 concerned with significant developments in financial economics. The wide range of topics clearly reflects such themes of current interest as the importance of informational asymmetrics and of taxation.This book was originally published in 1986. During the decade preceding publication there were a number of significant developments in financial economics and major contributions made both by individuals who could be classified as conventional financial economists and by others who do not fit easily into this category - theoretical microeconomists, public and industrial economists. This volume contains a selection from the papers presented at a conference in Oxford in September 1985 which aimed to bring together a number of the leading participants in this field. The papers in the volume cover a wide range of topics - the efficiency of financial markets, new equity issues, asymmetric corporate taxation and investment, credit rationing, international investment, the foundations of banking theory - but they clearly reflect the main themes in financial economics at the time: the importance of informational asymmetries and of taxation.List of tables; List of figures; Preface; Introduction Jeremy Edwards, Julian Franks, Colin Mayer and Stephen Schaefer; Part I. Financial Markets: 1. Do we really know that financial markets are efficient? Lawrence H. Summers; Comment Richard A. Brealey; Part II. Issues in Corporate Finance: 2. Precommitment to equity financing choices in a world of asymmetric lC¢