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Why Financial Structure Matters

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  • Stiglitz, Joseph E

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  • Stiglitz, Joseph E, 1988. "Why Financial Structure Matters," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 121-126, Fall.
  • Handle: RePEc:aea:jecper:v:2:y:1988:i:4:p:121-26
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    1. B. Douglas Bernheim, 1987. "Dissaving after Retirement: Testing the Pure Life Cycle Hypothesis," NBER Chapters,in: Issues in Pension Economics, pages 237-280 National Bureau of Economic Research, Inc.
    2. Cox, Donald, 1987. "Motives for Private Income Transfers," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 508-546, June.
    3. Bernheim, B Douglas & Bagwell, Kyle, 1988. "Is Everything Neutral?," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 308-338, April.
    4. Summers, Lawrence H, 1981. "Capital Taxation and Accumulation in a Life Cycle Growth Model," American Economic Review, American Economic Association, pages 533-544.
    5. Laurence J. Kotlikoff & John B. Shoven & Avia Spivak, 1987. "Annuity Markets, Savings, and the Capital Stock," NBER Chapters,in: Issues in Pension Economics, pages 211-236 National Bureau of Economic Research, Inc.
    6. Boskin, Michael J. & Kotlikoff, Laurence J., 1985. "Public debt and United States saving: A new test of the neutrality hypothesis," Carnegie-Rochester Conference Series on Public Policy, Elsevier, pages 55-86.
    7. Paul L. Menchik, 1980. "Primogeniture, Equal Sharing, and the U.S. Distribution of Wealth," The Quarterly Journal of Economics, Oxford University Press, vol. 94(2), pages 299-316.
    8. Laurence J. Kotlikoff & John B. Shoven & Avia Spivak, 1984. "The Impact of Annuity Insurance on Savings and Inequality," NBER Working Papers 1403, National Bureau of Economic Research, Inc.
    9. J. B. Burbidge & A. L. Robb, 1985. "Evidence on Wealth-Age Profiles in Canadian Cross-Section Data," Canadian Journal of Economics, Canadian Economics Association, vol. 18(4), pages 854-875, November.
    10. Seidman, Laurence S, 1983. "Taxes in a Life Cycle Growth Model with Bequests and Inheritances," American Economic Review, American Economic Association, pages 437-441.
    11. Benjamin M. Friedman & Mark Warshawsky, 1985. "The Cost of Annuities: Implications for Saving Behavior and Bequests," NBER Working Papers 1682, National Bureau of Economic Research, Inc.
    12. Alan S. Blinder, 1973. "A Model of Inherited Wealth," The Quarterly Journal of Economics, Oxford University Press, vol. 87(4), pages 608-626.
    13. David, Martin & Menchik, Paul L, 1985. "The Effect of Social Security on Lifetime Wealth Accumulation and Bequests," Economica, London School of Economics and Political Science, vol. 52(208), pages 421-434, November.
    14. Laurence J. Kotlikoff, 1979. "Some Economic Implications of Life Span Extension," UCLA Economics Working Papers 155, UCLA Department of Economics.
    15. Eytan Sheshinski & Yoram Weiss, 1981. "Uncertainty and Optimal Social Security Systems," The Quarterly Journal of Economics, Oxford University Press, vol. 96(2), pages 189-206.
    16. Skinner, Jonathan, 1985. "The Effect of Increased Longevity on Capital Accumulation," American Economic Review, American Economic Association, pages 1143-1150.
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    19. Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics,in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324 Elsevier.
    20. Eckstein, Zvi & Eichenbaum, Martin & Peled, Dan, 1985. "Uncertain lifetimes and the welfare enhancing properties of annuity markets and social security," Journal of Public Economics, Elsevier, pages 303-326.
    21. B. Douglas Bernheim & Andrei Shleifer & Lawrence H. Summers, 1984. "Bequests as a Means of Payment," NBER Working Papers 1303, National Bureau of Economic Research, Inc.
    22. Menchik, Paul L & David, Martin, 1983. "Income Distribution, Lifetime Savings, and Bequests," American Economic Review, American Economic Association, pages 672-690.
    23. Alan J. Auerbach & Laurence J. Kotlikoff, 1984. "Simulating Alternative Social Security Responses to the Demographic Transition," NBER Working Papers 1308, National Bureau of Economic Research, Inc.
    24. Atkinson, A B, 1971. "The Distribution of Wealth and the Individual Life-cycle," Oxford Economic Papers, Oxford University Press, vol. 23(2), pages 239-254, July.
    25. Mirer, Thad W, 1979. "The Wealth-Age Relation among the Aged," American Economic Review, American Economic Association, pages 435-443.
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    Cited by:

    1. Jones, C., 1999. "Miller's Equilibrium and Uncertainty," ANU Working Papers in Economics and Econometrics 1999-373, Australian National University, College of Business and Economics, School of Economics.
    2. Mike Dempsey, 2014. "The Modigliani and Miller Propositions: The History of a Failed Foundation for Corporate Finance?," Abacus, Accounting Foundation, University of Sydney, vol. 50(3), pages 279-295, September.
    3. Simonovska, Ana & Gjosevski, Dragan & Campos, Monica, 2012. "Capital Structure And Financial Performance Of Agricultural Companies – Evidences From The Macedonian Agricultural Sector In Transition," 132nd Seminar, October 25-27, 2012, Skopje, Republic of Macedonia 139501, European Association of Agricultural Economists.
    4. Ignacio Munyo, 2004. "The Determinants of Capital Structure: Evidence from an Economy without Stock Market," Econometric Society 2004 Latin American Meetings 267, Econometric Society.
    5. Cheng Keat Tang & Masaki Mori & Seow Eng Ong & Joseph T. L. Ooi, 2016. "Debt Raising and Refinancing by Japanese REITs: Information Content in a Credit Crunch," The Journal of Real Estate Finance and Economics, Springer, vol. 53(2), pages 141-161, August.
    6. Terenzio Cozzi, 2005. "A reappraisal of Modigliani's finance theories," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 58(233-234), pages 215-235.
    7. Mishra, Ashok K. & Moss, Charles B. & Erickson, Kenneth W., 2004. "Effect Of Debt Solvency On Farmland Values: A Panel Cointegration Approach," 2004 Annual meeting, August 1-4, Denver, CO 20261, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Kalu, Timothy Ch. U., 1995. "A uniform profit margin policy and its effects on mineral producing firms The case of the oil industry," Resources Policy, Elsevier, vol. 21(1), pages 61-72, March.
    9. Sirajo Aliyu & Rosylin Mohd Yusof, 2016. "Profitability and Cost Efficiency of Islamic Banks: A Panel Analysis of Some Selected Countries," International Journal of Economics and Financial Issues, Econjournals, pages 1736-1743.
    10. Karpavičius, Sigitas, 2014. "The cost of capital and optimal financing policy in a dynamic setting," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 42-56.
    11. Holz, Carsten A., 2002. "The impact of the liability-asset ratio on profitability in China's industrial state-owned enterprises," China Economic Review, Elsevier, vol. 13(1), pages 1-26.
    12. Bosshardt, Donald I., 2003. "Capital structure, investment unanimity, and public goods: the case for social responsibility," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(2), pages 239-260.
    13. Bruce C. Greenwald & Joseph E. Stiglitz, 1991. "Information, Finance, and Markets: The Architecture of Allocative Mechanisms," NBER Working Papers 3652, National Bureau of Economic Research, Inc.
    14. Swinnen, Johan F. M. & Gow, Hamish R., 1999. "Agricultural credit problems and policies during the transition to a market economy in Central and Eastern Europe," Food Policy, Elsevier, vol. 24(1), pages 21-47, February.
    15. Ibrahimo, M.V. & Barros, C.P., 2009. "Relevance or irrelevance of capital structure?," Economic Modelling, Elsevier, vol. 26(2), pages 473-479, March.
    16. Mierzejewski, Fernando, 2008. "The Allocation of Economic Capital in Opaque Financial Conglomerates," MPRA Paper 9432, University Library of Munich, Germany.
    17. Vilasuso, Jon & Minkler, Alanson, 2001. "Agency costs, asset specificity, and the capital structure of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 44(1), pages 55-69, January.
    18. Manel Gharbi & Anis Jarboui, 2015. "Directors` board control and diversification decision in Tunisian companies," Asian Journal of Empirical Research, Asian Economic and Social Society, pages 264-273.
    19. Darush Yazdanfar & Peter Öhman, 2015. "Debt financing and firm performance: an empirical study based on Swedish data," Journal of Risk Finance, Emerald Group Publishing, vol. 16(1), pages 102-118, January.
    20. Terenzio Cozzi, 2005. "Una rivisitazione delle teorie di Modigliani sulla finanza," Moneta e Credito, Economia civile, vol. 58(230-231), pages 233-254.
    21. Marco Gallegati, 2005. "Financial constraints and the balance sheet channel: a re-interpretation," Applied Economics, Taylor & Francis Journals, vol. 37(16), pages 1925-1933.
    22. Nadeem Ahmed Sheikh & Zongjun Wang, 2011. "Determinants of capital structure: An empirical study of firms in manufacturing industry of Pakistan," Managerial Finance, Emerald Group Publishing, vol. 37(2), pages 117-133, January.
    23. Terenzio Cozzi, 2005. "A reappraisal of Modigliani's finance theories," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 58(233-234), pages 215-235.
    24. Mouzas, Stefanos, 2006. "Efficiency versus effectiveness in business networks," Journal of Business Research, Elsevier, vol. 59(10-11), pages 1124-1132, October.

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