Cover

Half-title

Title

Copyright

Content

List of tables

List of figures

Preface

List of contributors

Introduction

FINANCIAL MARKETS

1 Do we really know that financial markets are efficient?

I Introduction

II Defining market efficiency

III Tests of market efficiency

IV Implications and conclusions

ISSUES IN CORPORATE FINANCE

2 Precommitment to equity financing choices in a world of asymmetric information

I Introduction

II Equilibrium equity financing choices

III The precommitment decision

IV Summary and conclusions

3 Equity issues and offering dilution

I Introduction and issues

II Data

III Methodology

IV Results

V Conclusions

4 Effects of asymmetric taxation on the scale of corporate investment

I Introduction

II A model of corporate investment

III Investment decisions

IV Depreciation versus interest deductions

V Asymmetric taxation and stockholder-bondholder conflicts

VI Conclusion

BANKING

5 Credit rationing and collateral

I Introduction

II The model

III Alternative equilibrium concepts

IV Further remarks

V Conclusion

Appendices

6 Competitive banking in a simple model

I Introduction

II The model

III Equilibrium without banks

IV The bank deposit contract

V The banking game

VI Competitive equilibrium

VII Conclusions

Appendix

INTERNATIONAL FINANCE

7 A cost of capital approach to the taxation of foreign direct investment income

I Introduction

II Systems of company taxation and double taxation relief

III The financing decisions of multinational companies

IV Conclusion

8 Costs to crossborder investment and international equity market equilibrium

I Introduction

II An international capital market equilibrium model with barriers to crossborder investment

III Description of data

IV Empirical results

V Summary and conclusions

Appendices