Book

OUP Books

New Research in Corporate Finance and Banking

"In recent years, European financial economists have been brought together, via research projects and conferences, by CEPR. These fruitful interactions have contributed to the development of financial economics in Europe, and have generated a strong flow of interesting writing � both theoretical and empirical.

One of the common questions posed by researchers in this field is why security markets have such different roles and importance relative to banks in different countries. A related issue is whether these different financial arrangements matter for the functioning of the real economy. The first section of this volume approaches these issues by focusing on the functioning of the primary equity market, or the process by which companies �go public�, which marks the transition from complete reliance on bank financing to partial reliance on security markets. The second section approaches these issues at a �systemic� level, attempting to identify the comparative advantages of banks and security markets in solving the information problems involved in financing companies. The third section explores the variety in the design of credit contracts and institutions, asking questions like: Why do some companies borrow from a single bank and others several banks? Why do some banks share information about their customers? The final section illustrates that the same informational frictions that explain the design of credit contracts and institutions can also affect real economic activity."

Citation

Pagano, M and B Biais (eds) (2002), ‘New Research in Corporate Finance and Banking‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Pagano, M and B Biais (2002), ‘Introduction: New Research in Corporate Finance and Banking‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Panetta, F, L Zingales and M Pagano (2002), ‘Why Do Companies Go Public? An Empirical Analysis‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Franks, J and M Brennan (2002), ‘Underpricing, Ownership, and Control in Initial Public Offerings of equity Securities in the UK‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Parsons, J and A Mello (2002), ‘Going Public and the Ownership Structure of the Firm‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Huang, M, P Klemperer and J Bulow (2002), ‘Toeholds and Takeovers‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Ljungqvist, A and M Habib (2002), ‘Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Thakor, A and A Boot (2002), ‘Financial System Architecture‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Thakor, A and A Boot (2002), ‘Banking Scope and Financial Innovation‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Scharfstein, D and P Bolton (2002), ‘Optimal Debt Structure and the Number of Creditors‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Pagano, M and T Jappelli (2002), ‘Information Sharing in Credit Markets‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Pagano, M and J Padilla (2002), ‘Endogenous Communication among Lenders and Entrepreneurial Incentives‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Zingales, L (2002), ‘Survival of the Fittest or the Fattest? Exit and Financing in the Trucking Industry‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0

Citation

Sussman, O and J Suarez (2002), ‘Endogenous Cycles in a Stiglitz-Weiss Economy‘, in Pagano, M and B Biais (eds), New Research in Corporate Finance and Banking, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/new-research-corporate-finance-and-banking-0