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Corporate Capital Structures in the United States

The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role of Debt and Equity in Financing U.S. Capital Formation." The first group of studies sponsored under this project, which have been published individually and summarized in a 1982 volume bearing the same title (Friedman 1982), addressed several key issues relevant to corporate sector behavior along with such other aspects of the evolving financial underpinnings of U.S. capital formation as household saving incentives, international capital flows, and government debt management. In the project’s second series of studies, presented at the National Bureau of Economic Research conference in January 1983 and published here for the first time along with commentaries from that conference, the central focus is the financial side of capital formation undertaken by the U.S. corporate business sector. At the same time, because corporations’ securities must be held, a parallel focus is on the behavior of the markets that price these claims.

Table of Contents

In Memoriam John Lintner


Corporate Capital Structure in the United States: An Introduction and Overview

Benjamin M. Friedman

1. Secular Patterns in the Financing of U.S. Corporations

Robert A. Taggart, Jr.

Comment: John Lintner

2. Changes in the Balance Sheet of the U.S. Manufacturing Sector, 1926-1977

John H. Ciccolo, Jr., and Christopher F. Baum

Comment: Franco Modigliani

3. Debt and Equity Yields, 1926-1980

Patric H. Hendershott and Roger D. Huang

Comment: Jess Barry Yawitz

4. Inflation and the Role of Bonds in Investor

Zvi Bodie, Alex Kane, and Robert McDonald

Comment: Martin J. Gruber

5. The Substitutability of Debt and Equity Securities

Benjamin M. Friedman

Comment: Gary Smith

6. Contingent Claims Valuation of Corporate Liabilities: Theory and Empirical Tests

E. Philip Jones, Scott P. Mason,

and Eric Rosenfeld

Comment: Fischer Black

7. Capital Structure Change and Decreases in Stockholders’ Wealth: A Cross-sectional Study of Convertible Security Calls

Wayne H. Mikkelson

Comment: Michael C. Jensen

8. Real Determinants of Corporate Leverage

Alan J. Auerbach

Comment: Roger H. Gordon

9. Investment Patterns and Financial Leverage

Michael S. Long and Ileen B. Malitz

Comment: Stewart C. Meyers

10. Capital Structure and the Corporation’s Product Market Environment

A. Michael Spence

Comment: John T. Scott

List of Contributors

Author Index

Subject Index

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