Corporate Capital Structures in the United States


Corporate Capital Structures in the United States focuses on the financial side of capital formation undertaken by the United States corporate business sector, with a parallel focus on the behavior of the markets that price these claims. With the previous version tackling the second stage of a wide-ranging National Bureau of Economic Research’s effort to investigate The Changing Role of Debt and Equity in Financing U.S. Capital Formation. The current version addresses 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.

Table of Contents
1. Secular Patterns in the Financing of U.S. Corporations
2. Changes in the Balance Sheet of the U.S. Manufacturing Sector, 1926–1977
3. Debt and Equity Yields, 1926–1980
4. Inflation and the Role of Bonds in investor Portfolios
5. The Substitutability of Debt and Equity Securities
6. Contingent Claims Valuation of Corporate Liabilities: Theory and Empirical Tests
7. Capital Structure Change and Decreases in Stockholders' Wealth: A Cross-sectional Study of Convertible Security Calls
8. Real Determinants of Corporate Leverage
9. Investment Patterns and Financial Leverage
10. Capital Structure and the Corporation's Product Market Environment
List of Contributors