RDP 9311: Agency Costs, Balance Sheets and the Business Cycle References
November 1993
- Download the Paper 115KB
Agrawal, Anup and Gershon Mandelker (1987), ‘Managerial Incentives and Corporate Investment and Financing Decisions’, The Journal of Finance, 42, 823–837
Bernanke, Ben (1990), ‘On the Predictive Power of Interest Rates and Interest Rate Spreads’, NBER Working Paper, No. 3486.
Bernanke, Ben and John Campbell (1988), ‘Is There a Corporate Debt Crisis?’, Brookings Papers on Economic Activity, 1, 83–125
Bernanke, Ben, John Campbell and Toni Whited (1990), ‘U.S. Corporate Leverage: Developments in 1987 and 1988’, Brookings Papers on Economic Activity, 1, 255–286
Bernanke, Ben and Mark Gertler (1987), ‘Banking and Macroeconomic Equilibrium’, Chapter 5 in W. Barnett and K. Singleton (ed.), New Approaches to Monetary Economics, New York, Cambridge University Press, 89–111.
Bernanke, Ben and Mark Gertler (1989), ‘Agency Costs, Net Worth, and Business Fluctuations’, American Economic Review, 79, 14–31
Bernanke, Ben and Mark Gertler (1990), ‘Financial Fragility and Economic Performance’, Quarterly Journal of Economics, 105, 87–114.
Bernanke, Ben and Cara Lown (1991), ‘The Credit Crunch’, Brookings Papers on Economic Activity, 2, 205–247.
Blundell-Wignall, Adrian, Philip Lowe and Alison Tarditi (1992), ‘Inflation, Indicators and Monetary Policy’, in A. Blundell-Wignall (ed.), Inflation Disinflation and Monetary Policy, Reserve Bank of Australia, Sydney, 1992.
Blundell-Wignall, Adrian and Marianne Gizycki (1992), ‘Credit Supply and Demand and the Australian Economy’, Reserve Bank of Australia Research Discussion Paper No. 9208.
Bureau of Industry Economics (1991), ‘Small Business Finance’, Submission to the Industry Commission's Inquiry into the Availability of Capital.
Calomiris, Charles and R. Glenn Hubbard (1990), ‘Firm Heterogeneity, Internal Finance and Credit Rationing’, The Economic Journal, 100, 90–104.
Davis, E. Philip (1992), Debt, Financial Fragility and Systemic Risk, Clarendon Press, Oxford.
Dempster, Peter, John Howe and Ed Lekawski (1990), ‘Trends in Corporate Debt’, EPAC Council Paper, 41, 141:206.
Diamond, Douglas (1984), ‘Financial Intermediation and Delegated Monitoring’, Review of Economic Studies, 51, 393–414.
Diamond, Douglas and Philip Dybvig (1983), ‘Bank Runs, Deposit Insurance and Liquidity’, Journal of Political Economy, 91, 401–419.
Eckstein, Oliver and Allen Sinai (1986), ‘The Mechanism of the Business Cycle in the Postwar Era’, in Robert J. Gordon (ed.), The American Business Cycle: Continuity and Change, University of Chicago Press, Chicago.
Fazzari, Steven, R. Glenn Hubbard, and Bruce Petersen (1988), ‘Financing Constraints and Corporate Investment’, Brookings Papers on Economic Activity, 1, 141–206
Fisher, Irving, (1933), Booms and Depressions, George Allen and Unwin Ltd, London.
Gale, Douglas and Martin Hellwig (1985), ‘Incentive-Compatible Debt Contracts: The One-Period Problem’, Review of Economic Studies, 52, 647–664.
Gertler, Mark (1988), ‘Financial Structure and Aggregate Economic Activity’, Journal of Money Credit and Banking, 20, 2, 559–588.
Gertler, Mark (1992), ‘Financial Capacity and Output Fluctuations in an Economy with Multi-period Financial Relationships’, Review of Economic Studies, 59, 455–472.
Gertler, Mark and Simon Gilchrist (1991), ‘Monetary Policy, Business Cycles and the Behavior of Small Business Manufacturing Firms’, NBER Working Paper, No. 3892.
Gertler, Mark, and R. Glenn Hubbard (1988), ‘Financial Factors in Business Fluctuations’, NBER Working Paper, No. 2758.
Gertler, Mark, R. Glenn Hubbard, Anil Kashyap (1991), ‘Interest Rate Spreads, Credit Constraints, and Investment Fluctuations: An Empirical Investigation’, in R. Glenn Hubbard, (ed.), Financial Markets and Financial Crisis, NBER, The University of Chicago Press.
Gilson, Stuart (1990), ‘Bankruptcy, Boards, Banks, and Blockholders, Evidence on Changes in Corporate Ownership and Control when Firms Default’, Journal of Financial Economics, 27, 355–387.
Greenwald, Bruce and Joseph Stiglitz (1993), ‘Financial Market Imperfections and Business Cycles’, The Quarterly Journal of Economics, 1, 77–144.
Greenwald, Bruce, Joseph Stiglitz and Andrew Weiss (1984), ‘Informational Imperfections in the Capital Market and Macroeconomic Fluctuations’, American Economic Review, 74, 194–199.
Grenville, Stephen (1990), ‘The Operation of Monetary Policy’, Australian Economic Review, 90, 6–16.
Hansen, Eric (1992), ‘Imperfect Capital Markets and Economic Fluctuations: A Review of Recent Theoretical Developments’, Research Discussion Paper G92/3, Reserve Bank of New Zealand.
Harris, Milton and Artur Raviv (1991), ‘The Theory of Capital Structure’, The Journal of Finance, 46, 297–355.
Jensen, Michael (1988), ‘Takeovers: Their Causes and Consequences’, Journal of Economic Perspectives, Winter, 2, 21–48.
Jensen, Michael and William Meckling, (1976), ‘Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure’, Journal of Financial Economics, 3, 305–360.
Jensen, Michael and Kevin Murphy (1990), ‘Performance Pay and Top-Management Incentives’, Journal of Political Economy, 98, 225–264.
Kashyap, Anil, Jeremy Stein and David Wilcox (1991), ‘Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance’, Federal Reserve Board, Finance and Economics Discussion Series, No. 154.
Kavanagh, John and Julie McBeth (1988), ‘Paid to Perform’, Business Review Weekly, Volume 10, Number 25, July 1, 46–53.
Levonian, Mark and Marianne Gizycki (1993), ‘A Decade of Australian Banking Risk: Evidence From Share Prices’, Reserve Bank of Australia Research Discussion Paper No. 9302.
Lowe, Philip and Thomas Rohling (1992), ‘Loan Rate Stickiness: Theory and Evidence’, Reserve Bank of Australia Research Discussion Paper No. 9206.
Lowe, Philip and Geoffrey Shuetrim (1992), ‘The Evolution of Corporate Financial Structure: 1973–1990’, Reserve Bank of Australia Research Discussion Paper No. 9216.
Macfarlane, Ian (1989), ‘Money, Credit and the Demand for Debt’, Reserve Bank of Australia Bulletin, May, 21–31.
Macfarlane, Ian (1990), ‘Credit and Debt: Part II’, Reserve Bank of Australia Bulletin, May, 27–34.
Mayer, Colin (1990), ‘Financial Systems, Corporate Finance and Economic Development’, in R. Glenn Hubbard, (ed.), Asymmetric Information, Corporate Finance, and Investment, NBER, University of Chicago Press, Chicago, 307–332.
Mills, Karen, Steven Morling, and Warren Tease (1993a), ‘Balance Sheet Restructuring and Investment’, Reserve Bank of Australia Research Discussion Paper No. 9308.
Mills, Karen, Steven Morling and Warren Tease (1993b), ‘The Influence of Financial Factors on Corporate Investment’, Reserve Bank of Australia Research, mimeo.
Modigliani, Franco and Merton Miller (1958), ‘The Cost of Capital, Corporation Finance and the Theory of Investment’, American Economic Review, 48, 261–97.
Oliner, Stephen and Glenn Rudebusch (1989), ‘Internal Finance and Investment: Testing the Role of Asymmetric Information and Agency Costs’, Board of Governors of the Federal Reserve System, Economic Activity Section Working Paper Series, No. 101.
Reserve Bank of Australia (1993), ‘Recent Developments in the Profitability and Capital Positions of Banks’, Reserve Bank of Australia Bulletin, January, 10–13.
Stevens, Glenn (1991), ‘The Rise in Private Debt in the 1980s: Why Did it Happen, and Will it Continue in the 1990s’, in The Surge in Australia's Private Debt: Causes, Consequences, Outlook:, Office of Economic Planning Advisory Council, June, 43–63.
Stiglitz, Joseph (1992), ‘Capital Markets and Economic Fluctuations in Capitalist Economies’, European Economic Review, 36, 269–306.
Stiglitz, Joseph and Andrew Weiss (1981), ‘Credit Rationing in Markets with Imperfect Information’, American Economic Review, 71, 393–410.
Stutchbury, Michael (1992), Eighties Hangover Means Slow Recovery’, Australian Financial Review, June 10, 16.
Townsend, Robert (1979), ‘Optimal Contracts and Competitive Markets with Costly State Verification’, Journal of Economic Theory, 21, 265–293.
Warshawsky, Mark (1991), ‘Is There a Corporate Debt Crisis? Another Look’, in Financial Markets and Financial Crisis, R. Glenn Hubbard, (ed.), NBER, University of Chicago Press, Chicago, 207–30.
Whited, Toni (1991), ‘Investment and Financial Asset Accumulation’, Journal of Financial Intermediation, 1, 307–334.
Whited, Toni (1992), ‘Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data’, The Journal of Finance, 47, 1425–1460.
Williamson, Stephen (1987), ‘Costly Monitoring, Loan Contracts and Equilibrium Credit Rationing’, Quarterly Journal of Economics, 102, 135–145.
Woo, Li-Anne and Helen Lange (1992), ‘Equity Raising by Australian Small Business: A Study of Access and Survival’, Research Discussion Paper, School of Banking and Finance, The University of New South Wales.