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Books > History > History of specific subjects > Economic history
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Equity Capital - From Ancient Partnerships to Modern Exchange Traded Funds (Hardcover)
Loot Price: R3,453
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Equity Capital - From Ancient Partnerships to Modern Exchange Traded Funds (Hardcover)
Series: Routledge International Studies in Business History
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Capitalism is historically pervasive. Despite attempts through the
centuries to suppress or control the private ownership of
commercial assets, production and trade for profit has survived
and, ultimately, flourished. Against this backdrop, accounting
provides a fundamental insight: the 'value' of physical and
intangible capital assets that are used in production is
identically equal to the sum of the debt liabilities and equity
capital that are used to finance those assets. In modern times,
this appears as the balance sheet relationship. In determining the
'value' of items on the balance sheet, equity capital appears as a
residual calculated as the difference between the 'value' of assets
and liabilities. Through the centuries, the organization of
capitalist activities has changed considerably, dramatically
impacting the methods used to value, trade and organize equity
capital. To reflect these changes, this book is divided into four
parts that roughly correspond to major historical changes in equity
capital organization. The first part of this book examines the
rudimentary commercial ventures that characterized trading for
profit from ancient times until the contributions of the medieval
scholastics that affirmed the moral value of equity capital. The
second part deals with the evolution of equity capital organization
used in seaborne trade of the medieval and Renaissance Italian city
states and in the early colonization ventures of western European
powers and ends with the emergence in the market for tradeable
equity capital shares during the 17th century. The third part
begins with the 1719-1720 Mississippi scheme and South Sea bubbles
in northern Europe and continues to cover the transition from joint
stock companies to limited liability corporations with autonomous
shares in England, America and France during the 19th century. This
part ends with a fundamental transition in the social conception of
equity capital from a concern with equity capital organization to
the problem of determining value. The final part is concerned with
the evolving valuation and management of equity capital from the
1920s to the present. This period includes the improvement
corporate accounting for publicly traded shares engendered by the
Great Depression that has facilitated the use of 'value investing'
techniques and the conflicting emergence of portfolio management
methods of modern Finance. Equity Capital is aimed at providing
material relevant for academic presentations of equity valuation
history and methods, and is targeted at researchers, academics,
students and professionals alike.
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