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Books > Business & Economics > Economics > Economic theory & philosophy
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The Corporate Financiers - Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen, Meckling (Paperback, 1st ed. 2015)
Loot Price: R2,992
Discovery Miles 29 920
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The Corporate Financiers - Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen, Meckling (Paperback, 1st ed. 2015)
Series: Great Minds in Finance
Expected to ship within 10 - 15 working days
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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.
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