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1、PREFACETenyearsagoweeditedthefirstvolumeoftheHandbookoftheEconomicsofFinance,includingbothcorporatefinance(Volume1A)andfinancialmarketsandassetpricing(Volume1B).Bysummarizingthestateoftheartandpointingoutasyetunresolvedquestions,thishandbookquicklybecameoneofthemostcitedvolumesinElsevie
2、r’sHandbooksinEconomicsseries.Encouragedbytheresoundingsuccessofourfirsthandbook,wedecidedtoeditanadditionalvolumetocoverdevelopmentsinthefieldsincethefirstvolumeaswellasimportanttopicsthatwereleftoutofVolume1,againincludingbothcorporatefinance(Volume2A)andfinancialmarketsandassetpricin
3、g(Volume2B).Volume2,incombinationwithVolume1,presentsthestateoftheartinfinancesixtyyearsaftertherevolutioninmodernfinancepioneeredbyFischerBlack,EugeneFama,MichaelJensen,RobertLucas,HarryMarkowitz,RobertMerton,MertonMiller,FrancoModigliani,JohnMuth,StevenRoss,MyronScholes,WilliamSharpe,
4、tomentiononlyafew,andmorethanthirtyyearsafterthisrevolutionwaschallengedbythefieldofbehavioralfinancepioneeredbytheworkofRobertSchiller,RichardThaler,AndreiShleifer,andothers.Itcomesatatimewhenmuchofthefieldisbeingchallengedasaresultofthefinancialcrisis.Thesurveysarewrittenbyleadersinfi
5、nancialeconomics.TheyprovideacomprehensivereportondevelopmentssinceVolume1inboththeoryandempiricalresearchinfinanceatalevelthat,whilerigorous,isneverthelessaccessibletoresearchersnotintimatewiththefieldanddoctoralstudentsineconomics,finance,andrelatedfields.LikeVolume1,Volume2shouldprov
6、eaninvaluableresourcetoresearchersandanexcellentpedagogicaltoolforteachingdoctoralstudents.CORPORATEFINANCEPriortoabout1990,financialintermediariesmadeloanstobusinessesandhouseholdsandheldtheseloansuntilmaturity.Startinginthe1970s,however,intermediariesbegantoformpoolsofloansandsellsecu
7、ritiesthatareclaimstothecashflowsofthesepools.Sincethen,themarketsforsuchsecuritizedloanshavemushroomedinsizeandsharplyincreasedinsophistication.Thoughthecreditcrisisledtoadecreaseinsomeformsofsecuritization,thevalueofoutstandingsecuritizedassetsin2011exceededbyasubstantialamou
