This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Corporate Capital Structures in the United States Volume Author/Editor: Benjamin M. Friedman, ed. Volume Publisher: University of Chicago Press Volume ISBN: 0-226-26411-4 Volume URL: http://www.nber.org/books/frie85-1 Publication Date: 1985 Chapter Title: List of Contributors and Indexes Chapter Author: Benjamin M. Friedman Chapter URL: http://www.nber.org/chapters/c11427 Chapter pages in book: (p. 383 - 392) List of Contributors Alan J. Auerbach Roger H. Gordon Department of Economics Department of Economics University of Pennsylvania University of Michigan 160 McNeil Building/CR Ann Arbor, MI 48109 Philadelphia, PA 19104 Martin J. Gruber Christopher F. Baum Graduate School of Business Department of Economics New York University Boston College New York, NY 10003 Chestnut Hill, MA 02167 Patric H. Hendershott Fischer Black Hagerty Hall Goldman, Sachs and Co. 1775 College Road 85 Broad Street Ohio State University New York, NY 10004 Columbus, OH 43210 Roger D. Huang Zvi Bodie Faculty of Finance School of Management University of Florida Boston University Gainesville, FL 32611 Boston, MA 02215 Michael C. Jensen John H. Ciccolo, Jr. Graduate School Citibank, NA of Management 55 Water Street University of Rochester New York, NY 10041 Rochester, NY 14627 Benjamin M. Friedman E. Philip Jones Harvard University Graduate School of Business Department of Economics Harvard University Littauer Center 127 Soldiers Field Road Cambridge, MA 02138 Boston, MA 02163 383 384 List of Contributors Alex Kane Stewart C. Myers School of Management Sloan School of Management Boston University Massachusetts Institute 704 Commonwealth Avenue of Technology Boston, MA 02215 Cambridge, MA 02139 Michael S. Long Eric Rosenfeld Department of Finance Graduate School of Business University of Illinois Harvard University Chicago, IL 60680 Soldiers Field Road Boston, MA 02163 Robert McDonald School of Management John T. Scott Boston University Department of Economics 704 Commonwealth Avenue Dartmouth College Boston, MA 02215 Hanover, NH 03755 Ileen B. Malitz Gary Smith Department of Finance Department of Economics University of Illinois Pomona College Chicago, IL 60680 Claremont, CA 91711 Scott P. Mason A. Michael Spence Graduate School of Business Faculty of Arts and Sciences Harvard University University Hall Soldiers Field Road Harvard University Boston, MA 02163 Cambridge, MA 02138 Wayne H. Mikkelson Robert A. Taggart, Jr. College of Business School of Management Administration Boston University University of Oregon 704 Commonwealth Avenue Eugene, OR 97403 Boston, MA 02215 Franco Modigliani Jess Barry Yawitz Sloan School of Management School of Business Massachusetts Institute Washington University of Technology St. Louis, MO 63130 Cambridge, MA 02139 Author Index Auerbach, Alan J., 306, 310, 311 Gibbons, Michael R., 137, 140 Goldsmith, Raymond W., 23 Baxter, N., 325 Gordon, Roger H., 19, 55 Black, F., 239, 241, 304, 326 Grossman, S., 181 Blanchard, Olivier J., 201 Blinder, Alan S., 119, 136 Hamada, Robert R., 335 Blume, M., 181 Hasbrouck, J., 181 Bradley, Michael, 298 Hendershott, Patric H., 128,139,140,145, Brainard, William C, 83, 92, 200, 201 152 Brennan, M., 253 Holland, Daniel M., 18, 19 Hu, Sheng Cheng, 140 Carlson, John A., 140, 156 Hulten, Charles R., 302 Ciccolo, John C, Jr., 19 Cohn, Richard A., Ill, 126 Ibbotson, Roger G., 164, 175, 183 Cook, Timothy Q., 136, 152 Ingersoll, J., 239, 240, 256 Cox, J., 253 Jensen, Michael C, 30, 58, 298, 304, 325 Dann, Larry Y., 265, 297, 298 Day, N. E., 94 Kiefer, Nicholas M., 95 DeAngelo, Harry, 269, 298, 305, 338, 351 King, Mervyn A., 306 Dodd, Peter, 298 Korwar, A. N., 265, 297 Donaldson, G., 342 Kuznets, Simon, 27 Dougherty, Ann, 119, 136 Leftwich, Richard, 298 Estrella, Arturo, 203 Lindenberg, Eric B., 83 Linn, Scott C, 298 Fama, Eugene F., 136, 137, 140 Lintner, John V., 207, 220 Feldstein, Martin, 83, 203 Friedman, Benjamin M., 1, 27, 52, 83, 110 McConnell, John J., 298 Friend, I., 181 McCulloch, J. Huston, 125, 151, 152 Fuhrer, Jeffrey, 203 Majluf, N. F., 349 Malkiel, Burtin G., 19, 55 Garbade, Kenneth, 136 Markowitz, H., 169 385 386 Author Index Marsh, P., 271 Samatz, Arnold W., 27 Mason, S., 253 Scholes, M., 239, 241, 271, 304, 326 Masulis, Ronald W., 265, 269, 292, 297, Schwartz, E., 253 305,338,351 Scott, James H., 303 Meckling, William H., 30, 58, 298, 304, 325 Sharpe, William F., 220 Merton, Robert C., 169,174,176,183,187, Shiller, Robert J., 181 239, 241, 244, 304 Shilling, James D., 145 Mikkelson, Wayne H., 265, 297 Sinquefield, R. A., 164, 175, 183 Miller, Merton H., 15, 17, 29, 30, 32, 197, Smith, C, 326 265,268,272,303,304,325,338,342,350 Mishkin, Frederic S., 124, 136 Taggart, Robert A., Jr., 307 Modigliani, Franco, 29, 30, 111, 126, 197, Tobin, J., 197, 200, 201, 206 272, 303, 325 Myers, Stewart C, 18,19, 42, 53, 304, 325, Van Home, James C, 128 326, 334, 349 Van Order, Robert, 119, 136 von Furstenberg, George M., 19, 143, 157 Parkinson, M., 253 Plantes, Mary Kay, 201 Wachtel, Paul, 136 Wakeman, L. Macdonald, 298 Rice, Edward M., 298 Warner, J., 326 Robertson, James W., 302 Rosenfeld, Ahron, 297 Ross, Stephen A., 32, 83, 304 Rubenstein, M., 335 Subject Index Accelerated Cost Recovery System, 301 Business cycles. See Cycles Advertising investments, 334-35; and cash Business failures, 55 flow, 338 Business risks, 55 Agency cost model, 37, 39 Agency costs, 52-53; and corporate invest- Call announcements, 267-68, 270; anticipa- ment, 42-43 tion of, 290; relative price change at, 273; Agency theory, 30-31 unanticipated, 267, 292n.2 Asset aggregation systems, 214-18 Capital, long-term, ratio to long-term debt, Asset demands: linearity of, 207; pro- 15, 17 portional to investors' wealth, 200 Capital structure, 2; and abundance of Asset returns, 199-206, 234-35; after tax, financial resources, 371; asset risk effects, 218-19; changes over time, 218-22; sta- 335; changes in, 2; and common stock bility of, 219 prices, 265; debt, increasing importance Assets, replacement value of, 23 of, 84, 88; deviations of actual from Asset substitution, 331-34 optimal, 355-58, 361-67; and financial condition, 376-77; internally generated Balance sheet data, 69n.8; as guide to funds, 342, 348; noneconomic factors in, corporate financing patterns, 15-17 378; nonfinancial, 83; overall source of, 2; Bankruptcy, possibility of, 30 tax rates as determinants of change, 34- Bankruptcy/agency cost models, 303-4 37; theories of, 29-34; trade-off between Bankruptcy costs, 34, 42, 52-53, 55, 58, bankruptcy costs and tax savings, 30; 303-4; and capital structure, 30 trends, measurement of, 15-28 Bonds: callable coupon, 214-42, 247; Capital utilization, and Treasury bill rates, corporate, ex post monthly returns, 124- 142 28; debt issues, 247-51; index, nonexis- Cash flow: advertising correlation, 338; tence of in U.S. capital market, 190; in- deficit, 322; effect on financial leverage, formation content of past returns on, 148; 342-44, 351; research correlation, 338 long-term, as risky investment, 167; man- Common stock: price changes, and capital datory retirement of, 242; privately financing structure, 265; returns, and issued, trading in, 191; retirement of, 242 convertible securities, 266; returns, and Buildings: tax lifetime of, 302; tax rates on, tax shields, 266 302 Competitiveness, in market environment, Business, stability of, 55 358 387 388 Subject Index Consumer Price Index: contamination by local government, 52; long-term, 27,202; Nixon price controls, 136; housing costs long-term, ratio to long-term capital, 15, in, 136; housing costs in, 136 17; long-term, riskiness of, 236; ratios, Conversion premium, 292n.3; estimates of, increase in, 13-23, 69nn.lO, 11; ratios, to 290; reduction in, 277; transfer of, 270 market value, 113; short-term, 202; state, Convertible securities: calls, and share price 52 effect, 267; and common stock returns, Debt equity, stability in, 13, 69n.3 266; cross-sectional analysis of, 281-91; Debt financing: increase in, 27; postwar determinants of changes in stockholders trends in, 83; relationship to equity wealth, 267-72 financing, 27 Corporate bonds. See Bonds Debt issues, multiple, 247-51 Corporate borrowing, economic model of, Debt securities, substitutabilUy of, 209, 307-9 222, 225-26 Corporate debt: costs, 42; demand for, 30, Debt-to-value ratios, 322 70n.l6; effect of tax rate increase on, 66; Deficits, and cash flow, 322 equity as substitute for, 60; government Deflation, 119 bonds as substitute for, 41; and govern- Delaware corporations, 298 ment debt, 52, 58; institutionalization of Depreciation, 301, 302; allowances, effect market, 65; inverse relationship to fed- on equity value, 17 eral debt, 58; mandatory retirement of Diversification, incomplete welfare loss bonds, 242; post-World War II, 49, 52; from, 173-75, 183-89, 191 ratios, increase in, 19, 23; substitutions Dividends, tax deductibility of, 37 for equity, 60; supply curve, 30, 62-63, 70n.l7; taxes, effect on, 66 Earnings dilution effect, 271-72 Corporate finance: academic studies of, Earnings variance, 323 68n.l; balance sheet data in study of, 15- Economic models: bankruptcy/agency, 17; and bankruptcy costs, 55; debt and 303-4; corporate borrowing, 307-9; equity claims distinction, 197; determi- corporate liability pricing, 241-42; debt nants of, 44; and inflation, 37-40; pat- and taxes, 32; equilibrium, 214, 220; lim- terns of, increase in debt financing, ited tax shield, 305-6; partial adjustment, 71n.33; patterns of, and inflation, 48; 214, 220; portfolio, 93-95; portfolio be- secular trends in, 34-44,77; tax factors in, havior, 199-206; portfolio selection, 169- 34-37 73; pricing, for bond returns, 164; sig- Corporate investment, and agency costs, naling, 32; tax clientele, 306; tax shield, 42-43 305-6 Corporate leverage.