Internal capital markets and the competition for corporate resources

Journal of Finance

Volumn 52, Issue 1, 1997, Pages 111-133

  Stein, Jeremy C ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0039054530     PISSN: 00221082     EISSN: None     Source Type: Journal    
DOI: 10.2307/2329558     Document Type: Article

References (36)

1. Aghion, Philippe, and Jean Tirole, 1994, Formal and real authority in organizations, Working paper, MIT and Nuffield College, Oxford.
2. Berger, Philip, and Eli Ofek, 1995, Diversification's effect on firm value, Journal of Financial Economics 37, 39-65.
3. Boyd, John H., and Edward C. Prescott, 1986, Financial intermediary-coalitions, Journal of Economic Theory 38, 211-232.
4. Comment, Robert, and Gregg A. Jarrell, 1995, Corporate focus and stock returns, Journal of Financial Economics 37, 1995, 67-87.
5. Diamond, Douglas, 1984, Financial intermediation and delegated monitoring, Review of Economic Studies 51, 393-414.
6. Donaldson, Gordon, 1984, Managing Corporate Wealth (Praeger Publishers, New York).
7. Gertner, Robert H., 1986, The organization of capital market transactions: Exclusive contracts and vertical integration under asymmetric information, Working paper, University of Chicago.
8. Gertner, Robert H., David S. Scharfstein, and Jeremy C. Stein, 1994, Internal versus external capital markets, Quarterly Journal of Economics 109, 1211-1230.
9. Green, Jerry, and Nancy Stokey, 1983, A comparison of tournaments and contests, Journal of Political Economy 91, 349-364.
10. Grossman, Sanford, and Oliver Hart, 1986, The costs and benefits of ownership: A theory of vertical and lateral integration, Journal of Political Economy 94, 691-719.
11. Harris, Milton, and Artur Raviv, 1994, Capital budgeting, incentives, and information, Working paper, University of Chicago and Northwestern University.
12. Hart, Oliver, and John Moore, 1990, Property rights and the nature of the firm, Journal of Political Economy 98, 1119-1158.
13. Hubbard, R. Glenn, and Darius Palia, 1995, A re-examination of the conglomerate merger wave in the 1960s: An internal capital markets view, Working paper, Columbia University.
14. Jensen, Michael, 1993, The modern industrial revolution, exit, and the failure of internal control systems, Journal of Finance 48, 831-880.
15. Kaplan, Steven N., and Michael S. Weisbach, 1992, The success of acquisitions: Evidence from divestitures, Journal of Finance 47, 107-138.
16. Lamont, Owen, 1997, Cash flow and investment: Evidence from internal capital markets, Journal of Finance 52, 83-109.
17. Lang, Larry H. P., Eli Ofek, and René Stulz, 1996, Leverage, investment, and firm growth, Journal of Financial Economics 40, 3-29.
18. Lang, Larry H. P., and René Stulz, 1994, Tobin's q, corporate diversification, and firm performance, Journal of Political Economy 102, 1248-1280.
19. Lazear, Edward, and Sherwin Rosen, 1981, Rank-order tournaments as optimal labor contracts, Journal of Political Economy 89, 841-864.
20. Morck, Randall, Andrei Shleifer, and Robert W. Vishny, 1990, Do managerial objectives drive bad acquisitions?, Journal of Finance 45, 31-48.
21. Mueller, Dennis C., 1987, The Corporation: Growth, Diversification, and Mergers (Harwood, Chur, Switzerland).
22. Meyer, Margaret, Paul Milgrom, and John Roberts, 1992, Organizational prospects, influence costs and ownership changes, Journal of Economics and Management Strategy 1, 9-35.
23. Myers, Stewart C., 1993, Still searching for optimal capital structure, Journal of Applied Corporate Finance 6, 4-14.
24. Nalebuff, Barry, and Joseph Stiglitz, 1983, Prices and incentives: Towards a general theory of compensation and competition, Bell Journal of Economics 14, 21-43.
25. Porter, Michael, 1987, From competitive advantage to corporate strategy, Harvard Business Review 65, 43-59.
26. Ravenscraft, David J., and Frederic M. Scherer, 1987, Mergers, Sell-offs, and Economic Efficiency (Brookings Institute, Washington, D.C.).
27. Rotemberg, Julio, and Garth Saloner, 1994, Benefits of narrow business strategies, American Economic Review 84, 1330-1349.
28. Rumelt, Richard P., 1974, Strategy, Structure, and Economic Performance (Harvard University Press, Cambridge, Mass.).
29. Sahlman, William A., 1990, The structure and governance of venture-capital organizations, Journal of Financial Economics 27, 473-521.
30. Scharfstein, David S., and Jeremy C. Stein, 1990, Herd behavior and investment, American Economic Review 80, 465-79.
31. Shin, Hyun-Han, and René M. Stulz, 1996, An analysis of the divisional investment policies of diversified firms, NBER Working paper No. 5639.
32. Shleifer, Andrei, 1985, A theory of yardstick competition, Rand Journal of Economics 16, 319-327.
33. Shleifer, Andrei, and Robert W. Vishny, 1997, A survey of corporate governance, Journal of Finance 52, 35-55.
34. Stein, Jeremy C., 1995, Internal capital markets and the competition for corporate resources, NBER Working paper No. 5101.
35. Wernerfelt, Birger, and Cynthia A. Montgmery, 1988, Tobin's q and the importance of focus in firm performance, American Economic Review 78, 246-254.
36. Williamson, Oliver E., 1975, Markets and Hierarchies: Analysis and Antitrust Implications (Collier Macmillan Publishers, Inc., New York).