"Using a single elementary model Tirole brings out with refreshing
ease an unsuspected unity and simplicity in a field that might
otherwise be perceived as dishearteningly fragmented and complex.
This masterful book will be a formidable teaching tool at the
graduate level and an essential reference for research in corporate
finance."--Marco Pagano, Professor of Economics, University of
Naples Federico II
"The field of corporate finance has developed rapidly and
extensively in the last twenty years, but those who want to teach
it face a barrier: the absence of a widely accepted textbook. Jean
Tirole's book fills that gap. Applying his celebrated analytical
and expositional skills, Tirole synthesizes and unifies the field
in a clear and accessible manner, emphasizing particularly the
connections between corporate finance and contract theory and the
role of incentives and control in firms' financial decisions. The
result is a book that will be an important resource for students
and teachers alike."--Oliver Hart, Andrew E. Furer Professor of
Economics, Harvard University
"With this book, Tirole has provided a comprehensive treatment
of modern corporate finance theory in one place with one integrated
framework. As a bonus, he also describes many of the important
empirical results in corporate finance and how they relate to the
theories. The book will be a valuable asset to students (and
professors) of corporate finance."--Steve Kaplan, Neubauer Family
Professor of Entrepreneurship and Finance, University of Chicago
Graduate School of Business
"This is a remarkable book. Theoretical work in corporate
finance over the past thirty or so years has yielded a bewildering
array ofindividual models, yet Tirole manages to give a beautifully
clear and unified treatment of the field. There is a real coherence
both within and across the chapters, and one is in many places able
to see the close connection between topics that are ordinarily
treated as being distinct. The book will no doubt be the standard
reference for researchers and students in corporate finance for
many years to come."--Jeremy C. Stein, Harvard University
"Jean Tirole, one of the preeminent economists of his
generation, has put together the first integrated treatise of
modern corporate finance theory. He succeeds in unifying the
dispersed theories on financial and ownership structure, building
on his excellence in information economics and contract theory. The
book should be required reading for any Ph.D. course in corporate
finance."--Arnoud W. A. Boot, University of Amsterdam and Centre
for Economic Policy Research
""The Theory of Corporate Finance" is a towering achievement.
Jean Tirole's vision is exhaustive, systematic and original. The
major findings of the last two decades are recast in a unified
framework, describing the multiple levels of contracting
relationships created by firms' financial decisions. The book
offers a significant number of new insights and it will have a
profound impact on our understanding of corporate
finance."--Antoine Faure-Grimaud, Professor of Finance, London
School of Economics
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