The corporate financiers : Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen and Meckling
著者
書誌事項
The corporate financiers : Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen and Meckling
（Great minds in finance）
Palgrave Macmillan, 2015
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注記
Includes bibliographical references (p. 221-227) and index
内容説明・目次
内容説明
The Corporate Financiers is the fifth book in a
series of discussions about the great minds in the history and theory of
finance. While the series addresses the contributions of scholars in our
understanding of modern finance, this volume presents the ways in which a
corporation creates value.
More
than two centuries ago, Adam Smith explained the concept of division of labor
and the efficiencies of specialization as the mechanism in which a firm creates
value. However, corporations now find themselves outsourcing some processes to
other firms as an alternative way to create value. There must be other economic
forces at work than simply the internal efficiencies of a firm. We begin by
describing the work of a rather obscure scholar named John Burr Williams who demonstrated
in 1938 how the earnings of a firm are capitalized into corporate value through
its stock price. We then delve into the inner workings of the modern
corporation by describing the contributions of Nobel Memorial Prize winners
Ronald Coase and Oliver Williamson. More than any others, these scholars
created a renewed appreciation for our understanding of the institutional
detail of the modern corporation in reducing costs and increasing efficiency.
While
Coase and Williamson provided meaningful descriptions of the advantage of a
corporation, they did not offer prescriptions for the avenues the corporation
can create more value in an era when new technologies make outsourcing and
telecommuting increasingly possible. Michael Jensen and William Meckling
describe in greater detail the nature of the implicit contracts a corporation
employs, and recommend remedies to various problems that arise when the goals
of the corporation are not aligned with the incentives of its agents. We also
describe the further nuances to these relationships as offered by Armen Alchian
and Harold Demsetz. We treat the lives of these extraordinary individuals who
looked at a very familiar problem in a sufficiently novel light to change the
way all look at corporations ever since. That is the test of genius.
目次
1. Introduction PART I: FROM ART TO SCIENCE 2. A Fly in the Ointment 3. The Early Life of John Burr Williams 4. The Times and the Theory 5. A New Finance Paradigm 6. Legacy and Later Life PART II: IS A CORPORATION'S CAPITAL STRUCTURE IRRELEVANT? 7. The Early Years of Franco Modigliani 8. The Early Years of Merton Miller 9. The Times 10. The Great Idea 11. Applications 12. The Prize 13. The Later Years of Merton Miller 14. The Later Years of Franco Modigliani PART III: TRANSACTIONS COSTS AND THE VALUE OF A FIRM 15. The Early Life of Ronald Harold Coase 16. The Times and the Theory 17. Life and Legacy 18. The Early Life of Oliver Eaton Williamson 19. The Times and the Theory 20. Applications 21. Life and Legacy 22. Life and Legacy of Oliver Williamson PART IV: ALCHIAN AND DEMSETZ 23. Alchian and Demsetz 24. Harold Demsetz 25. The Times 26. The Great Idea 27. Applications and Extensions 28. Harold Demsetz Later in Life 29. The Later Years of Armen Alchian PART V: JENSEN AND MECKLING 30. The Early Years for Michael Cole Jensen 31. The Early Years for William Henry Meckling 32. The Times 33. The Theory 34. Applications and Extensions 35. Life and Legacy PART VI: WHAT WE HAVE LEARNED 36. Combined contributions 37. Conclusions
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