The corporate financiers: Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen and Meckling
"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....
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Basingstoke [u.a.]
Palgrave Macmillan
2015
|
| Schriftenreihe: | Great minds in finance
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Inhaltsverzeichnis |
| Zusammenfassung: | "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 |
| Beschreibung: | ...is the fifth book in a series of discussions about the great minds in the history and theory of finance |
| Beschreibung: | XIII, 230 S. graph. Darst. |
| ISBN: | 9781137341273 |
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Datensatz im Suchindex
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| adam_text |
Titel: The corporate financiers
Autor: Read, Colin
Jahr: 2015
Contents
List of Figures vii
Series Preface viii
Preamble xiii
1 Introduction 1
Section 1 From Art to Science 7
2 A Fly in the Ointment 9
3 The Early Life of John Burr Williams 13
4 The Times 24
5 The Theory - A New Finance Paradigm 31
6 Legacy and Later Life 37
Section 2 Is a Corporation's Capital Structure Irrelevant? 43
7 The Early Years of Franco Modigliani 45
8 The Early Years of Merton Miller 53
9 The Times 61
10 The Great Idea 64
11 Applications 71
12 The Prize 73
13 The Later Years of Merton Miller 75
14 The Later Years of Franco Modigliani 78
Section 3 Transactions Costs and the Value of a Firm 81
15 The Early Life of Ronald Harold Coase 85
16 The Times and the Theory 92
17 Life and Legacy 99
18 The Early Life of Oliver Eaton Williamson 104
19 The Times and the Theory 115
20 Applications 123
21 Life and Legacy of Ronald Coase 127
22 Life and Legacy of Oliver Williamson 130
Section 4 Alchian and Demsetz 135
23 Alchian and Demsetz 137
24 Harold Demsetz 142
25 The Times 148
26 The Great Idea 151
27 Applications and Extensions 157
28 Harold Demsetz Later in Life 160
29 The Later Years of Armen Alchian 165
Section 5 Jensen and Meckling 171
30 The Early Years of Michael Cole Jensen 173
31 The Early Years of William Henry Meckling 181
32 The Times 189
33 The Theory 194
34 Applications and Extensions 200
35 Life and Legacy 204
Section 6 What We Have Learned 209
36 Combined Contributions 211
37 Conclusions 215
Glossary 218
Notes 221
Index 228 |
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| record_format | marc |
| series2 | Great minds in finance |
| spelling | Read, Colin 1959- Verfasser (DE-588)138263019 aut The corporate financiers Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen and Meckling Colin Read Basingstoke [u.a.] Palgrave Macmillan 2015 XIII, 230 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Great minds in finance ...is the fifth book in a series of discussions about the great minds in the history and theory of finance "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 Miller, Merton H. 1923-2000 (DE-588)124216692 gnd rswk-swf Demsetz, Harold 1930-2019 (DE-588)138404054 gnd rswk-swf Williamson, Oliver E. 1932-2020 (DE-588)124179045 gnd rswk-swf Modigliani, Franco 1918-2003 (DE-588)121179613 gnd rswk-swf Williams, John Burr 1900-1989 (DE-588)1066894442 gnd rswk-swf Coase, R. H. 1910-2013 (DE-588)119069156 gnd rswk-swf Meckling, William H. (DE-588)170177238 gnd rswk-swf Jensen, Michael C. 1939-2024 (DE-588)170071308 gnd rswk-swf Geschichte gnd rswk-swf Wirtschaft (DE-588)4066399-1 gnd rswk-swf aCorporationsxFinance aCapitalists and financiersvBiography aEconomicsxHistory Williams, John Burr 1900-1989 (DE-588)1066894442 p Modigliani, Franco 1918-2003 (DE-588)121179613 p Miller, Merton H. 1923-2000 (DE-588)124216692 p Coase, R. H. 1910-2013 (DE-588)119069156 p Williamson, Oliver E. 1932-2020 (DE-588)124179045 p Demsetz, Harold 1930-2019 (DE-588)138404054 p Jensen, Michael C. 1939-2024 (DE-588)170071308 p Meckling, William H. (DE-588)170177238 p Wirtschaft (DE-588)4066399-1 s Geschichte z DE-604 DE-601 pdf/application http://www.gbv.de/dms/bowker/toc/9781137341273.pdf Inhaltsverzeichnis HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027914770&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Read, Colin 1959- The corporate financiers Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen and Meckling Miller, Merton H. 1923-2000 (DE-588)124216692 gnd Demsetz, Harold 1930-2019 (DE-588)138404054 gnd Williamson, Oliver E. 1932-2020 (DE-588)124179045 gnd Modigliani, Franco 1918-2003 (DE-588)121179613 gnd Williams, John Burr 1900-1989 (DE-588)1066894442 gnd Coase, R. H. 1910-2013 (DE-588)119069156 gnd Meckling, William H. (DE-588)170177238 gnd Jensen, Michael C. 1939-2024 (DE-588)170071308 gnd Wirtschaft (DE-588)4066399-1 gnd |
| subject_GND | (DE-588)124216692 (DE-588)138404054 (DE-588)124179045 (DE-588)121179613 (DE-588)1066894442 (DE-588)119069156 (DE-588)170177238 (DE-588)170071308 (DE-588)4066399-1 |
| title | The corporate financiers Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen and Meckling |
| title_auth | The corporate financiers Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen and Meckling |
| title_exact_search | The corporate financiers Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen and Meckling |
| title_full | The corporate financiers Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen and Meckling Colin Read |
| title_fullStr | The corporate financiers Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen and Meckling Colin Read |
| title_full_unstemmed | The corporate financiers Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen and Meckling Colin Read |
| title_short | The corporate financiers |
| title_sort | the corporate financiers williams modigliani miller coase williamson alchian demsetz jensen and meckling |
| title_sub | Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen and Meckling |
| topic | Miller, Merton H. 1923-2000 (DE-588)124216692 gnd Demsetz, Harold 1930-2019 (DE-588)138404054 gnd Williamson, Oliver E. 1932-2020 (DE-588)124179045 gnd Modigliani, Franco 1918-2003 (DE-588)121179613 gnd Williams, John Burr 1900-1989 (DE-588)1066894442 gnd Coase, R. H. 1910-2013 (DE-588)119069156 gnd Meckling, William H. (DE-588)170177238 gnd Jensen, Michael C. 1939-2024 (DE-588)170071308 gnd Wirtschaft (DE-588)4066399-1 gnd |
| topic_facet | Miller, Merton H. 1923-2000 Demsetz, Harold 1930-2019 Williamson, Oliver E. 1932-2020 Modigliani, Franco 1918-2003 Williams, John Burr 1900-1989 Coase, R. H. 1910-2013 Meckling, William H. Jensen, Michael C. 1939-2024 Wirtschaft |
| url | http://www.gbv.de/dms/bowker/toc/9781137341273.pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027914770&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT readcolin thecorporatefinancierswilliamsmodiglianimillercoasewilliamsonalchiandemsetzjensenandmeckling |