Information, capital markets, and investment.

• Position: Conference

Information, Capital Markets, and Investment

The NBER held a conference on "Information, Capital Markets, and Investment" in Cambridge on May 5-6. Research Associate R. Glenn Hubbard of Columbia University organized the following program:

Bruce C. Greenwald, Bell Communications Research;

Joseph E. Stiglitz, NBER and Stanford University;

and Andrew Weiss, NBER and Boston University,

"Models of Equity and Credit Rationing"

Discussant: Mark Gertler, NBER and University of

Wisconsin

Roger E. A. Farmer, University of California at Los

Angeles, "A.I.L. Theory and the Ailing Phillips Curve:

A Contract-Based Approach to Aggregate Supply"

(NBER Working Paper No. 3115)

Discussant: R. Glenn Hubbard

William A. Brock and Blake LeBaron, University of

Wisconsin, "Liquidity Constraints in Production-Based

Asset Pricing Models" (NBER Working

Paper No. 3107)

Discussant: Bruce N. Lehmann, NBER and Columbia

University

Michael Devereux, Institute for Fiscal Studies,

London; and Fabio Schiantarelli, Boston University,

"Investment, Financial Factors, and Cash Flow:

Evidence from U.K. Panel Data" (NBER Working

Paper No. 3116)

Discussant: Jeffrey K. MacKie-Mason, NBER and

University of Michigan

Peter C. Reiss, NBER and Stanford University, "The

Economic and Financial Determinants of Oil and

Gas Exploration Activity" (NBER Working Paper

No. 3077)

Discussant: John Meyer, Harvard University

John Meyer, and John Strong, College of William and

Mary, "Free Cash Flow and Discretionary

Investment: A Residual-Funds Study of the Paper Industry"

Discussant: Steven M. Fazzarri, Washington

University

William Gale, University of California at Los Angeles,

"Information, Collateral, and Government

Intervention in Credit Markets" (NBER Working Paper

No. 3083)

Discussant: Andrew Weiss

Jeffrey K. MacKie-Mason, "Does Internal Financing

Differ from External?"

Discussant: David Scharfstein, MIT

Colin Mayer, City University, London, "Financial

Systems, Corporate Finance, and Economic

Development"

Discussant: Roger E. A. Farmer

Robert A. Korajczyk and Deborah Lucas,

Northwestern University; and Robert L. McDonald, NBER

and Northwestern University, "Stock Price and

Earnings Behavior Around the Time of Equity Issues"

Discussant: Jeremy Stein, Harvard University

Takeo Hoshi, University of California at San Diego;

Anil Kashyap, Federal Reserve Board; and David

Scharfstein, "Bank Monitoring and Investment:

Evidence from the Changing Structure of Japanese

Corporate Banking Relationships" (NBER Working

Paper No. 3079)

Discussant: James Kahn, University of Rochester

John Pound, Harvard University; and Richard J.

Zeckhauser, NBER and Harvard University, "Are Large

Shareholders Effective Monitors? An Investigation

of Share Ownership and Corporate Performance"

Discussant: Gary Gorton...